What are gas fees? Any transaction on crypto wallets, decentralized exchanges (DEXs), or centralized exchanges (CEXs), requires additional fees for the arrangement to pull through. Why do we need these fees? For a vehicle to run, it needs gas in its tank to function. Similarly, every blockchain transaction needs gas fees to make transactions successful; validators and miners get their earnings from gas fees as they contribute to creating and maintaining nodes for the blockchain network.
Gwei is a term for a minute amount of Ethereum cryptocurrency and is commonly used when discussing transaction fees on the network. One Gwei is equivalent to 0.000000001 ETH.
When the market goes up, gas fees will also go up and the same applies when the market goes down. Because of the volatility of cryptocurrency, the prices vary almost every minute.
There are usually three speeds for transactions: Slow, Fast and Faster. Slow transactions have the lowest gas fee amount but are least prioritized by validators. Its counterpart, Faster, has the most expensive gas fee amount and will be prioritized in comparison to the other speeds. There are some cases where there is a fourth option: Fastest.
Aside from ETH and MATIC, altcoins like Tezos (XTZ), Cardano (ADA) and Near (NEAR) are also used to buy and sell NFTs depending on the website and currency used for the NFT collection. Accessible websites include HEN, OBJKT, Rarible, Opensea, Paras, Magic Eden and CNFT.io for buying and selling NFTs for cheaper gas fees.
Rarible and Opensea have the option for creators to set the network into Polygon for buyers to enjoy less gas fees. XTZ can also be used on Rarible, but it is mainly used on HEN and OBJKT. Paras mainly uses NEAR. CNFT.io is solely for ADA. Having these altcoins gives other options for NFT enthusiasts to buy and sell NFTs. Magic Eden is solely for Solana (SOL) which also offers a lesser gas fee.
Articles related to the NFT marketplaces mentioned in this article can be found within BitPinas’ Learn NFT Guide Article here.
This article is published on BitPinas: NFT Gas Fees | Where to Create, Buy, and Sell NFTs For Cheap Gas Fees
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