I must apologize for my ignorance as I have never owned an NFT, but my understanding is that there are transfer fees involved and I assume these NFTs are on the ERC-20 chain, correct? So my question is if there are NFT transfer fees, are those covered in the cost of the bid? Feel free to educate me if I'm misunderstanding how these NFTs would be transferred as I have admittedly never done it. Thank you.
Yes, the NFTs are on the Ethereum chain, but I think they are ERC-721 tokens, not ERC-20....
Which from my understanding is more fitting for unique items such as collectibles.
OpenSea made a great guide that you can find here:
https://opensea.io/blog/guides/non-fungible-tokens/And yes, there are transfer (or gas) fees... and will be included when NFT is transferred to new owner.
I know OpenSea makes it a little easier as you can "gift" the item to another user... still have to pay the fee, but rest is just "click and send"