What are Gas fees?
“Gas” refers to the fee required to successfully conduct a transaction on Ethereum.
This fee goes directly to Ethereum miners who provide the computer power that’s necessary to verify transactions and keep the network running. Every time you bid or purchase an NFT, you’ll need to have extra ETH in your wallet so that you can pay for gas each time you mint an NFT, update a reserve price, or list a piece for auction. Sometimes gas can be expensive when the Ethereum network is congested, but developers are actively working on solutions to bring gas fees down.
Two things determine the price of gas: how quickly you want the transaction to be completed and how busy the network is at the time of your transaction. If gas prices are too high at the moment, you can wait until gas goes down in price. You can also submit your ideal price and wait until the network processes it.
Check out https://ethgasstation.info/ for the current gas prices
Pro Tip: ‘GWEI” is the base unit of Ethereum for gas. You can think of it like a cent to the AUS dollar.
Curious to learn more?
Explore more topics about the evolving NFT space with us