NFT Ethereum Gas Fees: What are they and how do I make sure I don't play myself?
- Apr 2, 2021
- 2 min read
As NFTs become more and more prevalent, the cost of minting them is skyrocketing. Here, we explain what gas fees are and how to reduce your costs.
If you have looked into minting your own NFT, you must have run into the Ethereum gas fee. While these gas fees vary from platform to platform, the inflation/deflation of this price is fully dependent on the congestion of the Ethereum blockchain and the current strength of Ethereum. In simple terms, the more people transacting on Ethereum at any given time, the higher the gas fee. How can one navigate this expense and mint their own NFTs while avoiding an absurd premium on their token? Here are our tips for minimizing your gas fees.
1. Combine your similar transactions to avoid paying a single gas fee per transaction
Many NFT marketplaces support the minting of batches or collections of NFTs within a single transaction. Likewise, some platforms, such as OpenSea allow you to pay a one-time gas fee when setting up your marketplace as opposed to having to pay a gas fee to mint each item separately. Different platforms handle gas fees differently so make sure that whenever you find yourself paying a gas fee, you know exactly what that gas fee is for.
2. GasNow to provide estimates to make sure you are not overpaying on your gas fees
If you are considering making any sort of transaction on the Ethereum blockchain at any point in your future, I recommend you head over to https://www.gasnow.org/ right now and bookmark it. The price of Ethereum and its gas fees is changing at every second. Gas Now is an essential tool for landing the best possible gas fee. With a 24/7 live updated interface, you will always know if the gas fee you are paying is a fair one.
3. Get Nerdy
There truly is no better way to save/make money in the crypto world than due diligence. It comes as no surprise that with the infancy of things like blockchain and Ethereum, new developments are being announced daily. Just simply keeping an eye on pertinent information to your industry and its relationship to crypto can help you stay ahead of the curve. We at Kauchi Audio plan to continue to bring must-know information about these new and exciting developments.
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