What is the gas fee in the NFT market? This article explains how to trade when it occurs, the fees, the mechanism, and the timing. Gas fees are something you need to be careful of when dealing with NFTs. I want to sell NFTs, but will it cost me money? We will explain how much fees will be incurred.
What is the NFT gas fee?
The NFT gas fee is a fee that occurs when using the Ethereum chain. Any medium that uses the Ethereum chain will incur a gas fee. This is not limited to NFT, but in the case of virtual currency transactions, there are cases where gas charges are incurred as well. OpenSea is very famous as a medium that generates gas costs.
Why do gas bills occur?
Why do gas fees occur for NFTs? They occur when processing using the Ethereum chain on the blockchain. When do gas fees occur? They occur when you start sending or receiving Ethereum. In addition, gas fees can also occur when issuing NFTs or when buying and selling NFTs, and the price of gas can be charged in the future.
ethereum
It is a virtual currency called Ethereum. When sending money with Ethereum, gas fees are incurred. The same applies when purchasing Ethereum and converting Ethereum to other currencies. When making a transaction, gas is paid in Ethereum, not Bitcoin. Even beginners should be careful when creating, registering, or selling NFTs on a service. Prices can sometimes rise, so market information is necessary.
NFT trading
When buying and selling NFTs, if you have your own development purpose and use the Ethereum network, you will incur gas fees. In some cases, fees are charged not only to the seller but also to the buyer, so you need to check carefully. It is also required for minor coin games. In many cases, the wallet operated by the company accepts Ethereum payments. Tokens can be traded at any time with popular brands, regardless of the time of day. Prices fluctuate, so pay attention to the market.
Issuing NFTs
Gas fees are also charged when you work on and issue an NFT yourself. Therefore, be careful not to issue NFTs at random. Individuals can easily issue NFTs, but a fee will be charged each time. It also occurs when depositing at market rates. ETH has the fastest speed in the world, so if you plan to use the content to create a collection in the future, prepare as much as possible. Be careful as the price may rise significantly. There are many exchanges that handle it.
cost of gas
In some cases, the gas fee is free, but as mentioned above, if Ethereum is involved, the gas fee will inevitably be charged. So what will the actual cost be?
Remittance from virtual currency exchange to Metamask
In order to purchase NFT, it is necessary to send virtual currency in the first place. Therefore, there are times when remittances are sent from virtual currency exchanges to Metamask. In this case, a fee of about 0.003 to 0.006 ETH tends to occur.
When purchasing NFTs
Fees may apply when you want to buy NFTs. In some cases, the gas fee is higher than the NFT itself. At this time, a gas fee of 0.005 to 0.02 ETH may occur.
At the time of NFT exhibition
Gas costs may also be incurred when listing NFTs. In this case, there is a possibility that a fee of about 0.005 to 0.02 ETH will be incurred as a fee for the gas fee.
sales commission
There is a possibility that gas costs will be incurred if the NFT work is actually sold. In general, commissions on sales are often around 2-3%. However, this fee varies depending on the marketplace, so be sure to check in advance.
NFT Marketplace
Gate.io allows you to enter the NFT marketplace and actually do business. To do so, you will need to open an account. If you want to sell your work, open an account. I also introduce it in the following article.
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