4. LISTING ARTWORKS ON OPENSEA (BITE Virtual Gallery account)
BITE Support Team will assist you in this process. It will handle the technical aspects of minting the NFTs for your artworks on OpenSea, including the uploading, pricing, and royalty settings on OpenSea on behalf of the cultural operators. It's crucial to maintain effective communication with the BITE support team throughout the process to ensure a seamless and successful listing experience. You will be provided with the weblinks for each artwork presented and minted as NFT that can be further shared (see chapter 6).
The revenue generated from selling digital artworks listed as NFTs on the BITE Virtual Gallery account will be automatically deposited directly into your provided digital wallet address. This revenue is subject to deductions, including a 2.5% fee for the OpenSea platform, a blockchain "gas fee" of approximately 1%, and a 10% fee for technical support provided by the BITE Virtual Gallery.
To list your artworks on OpenSea using the BITE Virtual Gallery account, follow the steps below:
To list your artworks on OpenSea using the BITE Virtual Gallery account, follow the steps below:
4.1. Provide your digital artworks and metadata to the BITE support team:
• Prepare your digital artworks in the required format and ensure they meet the file size limitations specified by OpenSea (maximum 100MB).
• Provide the digital artworks and their accompanying metadata, including detailed descriptions, titles, artist information, medium, dimensions, and any additional relevant information, to the BITE support team. This will enable them to upload (mint) the artworks to your OpenSea Collection.
• Organize your digital artworks within the "Collection" section of your BITE account, in coordination with the BITE support team, to ensure accurate categorization and a uniform presentation of your virtual gallery.
4.2. Collaborate with the BITE support team to set appropriate pricing:
• Provide BITE support team with your digital wallet address where you receive revenue from the sale of NFTs in the form of cryptocurrency.
• Discuss with the BITE support team the pricing strategy for your artworks based on market trends, the reputation of the artists, and the perceived value of the digital pieces. Analyze the artwork's value, demand, and market trends before deciding on the listing type. High-value or highly sought-after artworks may benefit from auctions, while artworks with a set price may attract buyers looking for immediate purchase.
• Consider the guidance provided by the BITE support team to determine competitive yet fair prices that align with the value of your artworks.
• You can choose between auction-style or fixed-price listings, allowing buyers to bid on the artwork.
- Auction-style Listings: Auctions can create excitement and drive competitive bidding. Choose this option for artworks that have high demand or unique qualities that may fetch higher prices through bidding.
- Auction-style Listings: Auctions can create excitement and drive competitive bidding. Choose this option for artworks that have high demand or unique qualities that may fetch higher prices through bidding.
4.3. Consult with the BITE support team to set royalty settings:
OpenSea enables automatic setting of royalties for each subsequent sale of an artwork in NFT format, which is executed by depositing funds into a digital wallet. The royalty fee, typically set at 10%, ensures that creators continue to benefit from subsequent sales of their artwork. These fees and percentages are automatically deducted from the final sale price, and sellers receive the remaining amount in their preferred cryptocurrency after completing the transaction.
• Engage in a discussion with the BITE support team to select appropriate royalty settings.
• The BITE support team will guide you on determining the percentage of future sales that should be allocated as royalties to the artists, ensuring they receive their deserved compensation.
