It’s important to know what gas fees are if you’re buying or minting NFTs. Read on to find out more about what gas fees are and what they mean for your web3 journey.
If this is your first time buying an NFT, you might not have heard of gas fees and when you have to pay them. This is important to know as, at present, gas fees have to be paid on most transactions using the Ethereum blockchain.
Gas Fees are payments made by users of blockchain technology to compensate those who are validating your transactions. In simpler words, you pay for others to confirm any additions to a digital ledger (the blockchain).
This is necessary to keep the network safe, secure, and verifiable. Gas fees are usually paid via your crypto wallet and have to be signed off as part of the transaction. You will be notified of this and the price each time.
Depending on how busy the network of the blockchain you are using is, fees can be high or low.
When demand is high, and supply is constrained since only so many transactions can be included in a block, the price must increase.
This is why it's a good idea, if possible, to use the blockchain when it's less busy.
Some chains such as Polygon already have cheap gas fees, but they sacrifice some safety and others things for it to be cheaper. This is why RealNifty chose to be as secure as possible and use the Ethereum blockchain for transactions.
On most Ethereum marketplaces, you are likely to pay gas fees for any NFTs you buy, sell, or mint. You will be asked to confirm gas fees through your crypto wallet before any transactions are completed on the blockchain.