Any creator or investor’s dream is to avoid NFT gas fees since they can go up to thousands of dollars. Each NFT marketplace and blockchain network will offer a different gas price for the transaction fees, and some of them can be unattractive for users.
There are numerous factors that define the price of an NFT gas fee and how it varies. To pay lower gas fees, it is indispensable to understand them.
This article will show you everything you need to know about them and how to reduce NFT gas fees for a better experience when selling digital assets at these marketplaces. Follow each step carefully to ensure the best price on your gas units.
This article is a segment of a more extensive piece about NFT basics.
What Are Gas Fees
Before learning how to lower the gas fees, you must understand what they are. But don’t worry. Here is a quick explanation:
The gas fees in the NFT universe are similar to those charged for credit cards and banks for transferring funds between accounts. The gas prices are paid to maintain the security of the blockchain.
For example, you pay the Ethereum network gas fee when doing operations in this currency to compensate the individuals that stake ETH and contribute to maintaining the security of the network. Values like gas limit and the transaction fee are based on different factors, like the network’s popularity.
The blockchains can use the gas fee for two different finalities:
The first one is the proof-of-work networks. In this situation, the blockchain uses the gas fee income to compensate miners who use their efforts on the blockchain.
The second type of gas fee finality is proof-of-stake. In these cases, the destination of the income is those who stake tokens from the specific blockchain.
Why Are NFT Gas Fees So High
One thing is understanding what they are and why you pay gas fees. Another thing is understanding why gas costs so much.
Two basic concepts define how high gas fees can be: supply and demand. The gas fees vary based mainly on the number of transactions being validated during the period.
If the network is experiencing an expressive amount of transactions at a time, the users are expected to have higher gas fees. Every network has a limited amount of transactions that can happen simultaneously, so the current NFT gas fees go higher to compensate for this volume.
Thanks to this, in some of the more prominent blockchains, like the Ethereum network, there is something called a priority fee. The higher the gas prices, the more priority you have in validating your operation.
How You Can Calculate NFT Gas Fees
Before you make any transaction in the NFT space, you must know what to do when calculating gas fees. It is a relatively simple process and requires only a little data.
The calculation for the gas fee is the multiplication between the gas fee limit and the sum of the base fee and the priority fee. In the end, your calculation will look like this:
Gas Fee = Gas Limit x (Base Fee + Priority Fee)
Most of this information is easily accessible and can be found with quick research. Each fee will vary depending on the network, so the Ethereum Gas Fees are unique and can not be applied to other blockchain.
How to Lower Gas Fee
After understanding gas fees, it is time to see the different types of methods you can use to reduce gas prices when bidding on an NFT or uploading one. Notice that some of these methods might not work in all blockchains or marketplaces available.
Before using any method, it is essential to calculate the values to save money. Here are some tips for paying less NFT gas prices:
Avoid the Ethereum Network
It is no surprise that Ethereum is the most famous blockchain when it comes to NFTs. But a high number of transactions also mean network congestion that leads to high gas fees.
The consequence of that is that the Ethereum gas fee is one of the highest among the blockchains. If you do any transactions in this blockchain, you’ll more likely spend a high amount on your pending transactions.
The most common solution for those who want to avoid high gas fees is choosing an alternative blockchain for the operations. This decision will depend on the marketplace you’re working with and the asset you are trying to buy.
Do Lazy Minting
If you are a creator having problems with how much gas fees cost, there is a simple solution that can save your life. Some marketplaces allow you to do something called lazy minting.
You won’t be paying less gas fee, but you technically don’t have to pay it for finishing the asset upload. In the lazy minting, your NFT gas fee will be deducted from your total sale amount once the asset is sold.
This way, you don’t need to pay for the upload. But the gas price is paid at the end of the operation.
It is a common practice, and some of the biggest NFT marketplaces allow this kind of operation. If you’re planning to do this and avoid the high NFT gas fees, we highly recommend using Rarible or OpenSea.
Notice that you usually can’t choose the blockchain used when doing lazy minting. Each marketplace will have a different one for this process.
Wait for Low Network Demand
If you really need or want to use a specific blockchain and its transaction fee is currently high, you can wait for low-demand periods. Gas fees don’t magically decrease, but you can wait for the best time to do your operations.
Every operation, from smart contract formulation to NFT selling, counts as network demand, and this volume can be easily tracked. Once you notice it is lower than usual, you can make your operations without expensive gas fees or at least lower gas expenses.
Notice that although many websites feature graphics with predictions about when the base fee will be lower, it is not something certain and precise. The best way is always to look and wait for the right opportunity.
Set Your Own Gas Limit
You can also choose your own gas price for an operation. It is important to clarify that requesting a specific gas fee for an operation does not guarantee that the blockchain will accept it.
You must choose a fair price for the blockchain to validate transactions. Otherwise, if you set an unreal gas limit, you might not get your operation approved, and you can lose money.
Remember to choose the correct gas limits considering the average price. It is one of the easiest ways to avoid a higher gas fee, and it also helps other creators and investors by lowering the average price to mint gas tokens, for example.
Layer-2 blockchains are also great for lower NFT gas fee numbers. These networks, also called side chains, usually have a significantly lower cost and have their smart contracts and operations processed way faster.
This is thanks primarily to the network demand. Since there is a smaller number of NFT marketplaces using them, they can provide a lower gas limit and also process the requests way quicker.
One of the most famous layer-2 blockchain technology is Polygon. The network used by OpenSea is one of the users-favorite when it comes to cheaper NFT gas fees.
Utilize Gas Tokens
Another great way of getting lower fees for upcoming transactions is by using gas tokens for the process. Every time you remove storage variables on the blockchain, you also earn ETH tokens.
You can then mint these tokens when the fees are low. Every time you do an operation on the Ethereum blockchain, you can redeem tokens for Ether.
By redeeming this Ether, you can use it to cover the gas spent. Based on the number of Ether tokens you have, you can even completely eliminate the gas fee of a transaction.
You can collect ETH tokens by visiting gastoken.io. It is a safe platform that allows you to easily mint these tokens.
Best Marketplaces for NFT Operations
More than paying the lowest NFT gas fees possible, you must choose quality marketplaces for buying your digital assets. We will show you the best options available.
These marketplaces are not just the safest options, with tons of features that protect your account and digital wallet, but they also offer numerous options for cheaper gas fees.
OpenSea is currently the biggest NFT market in the world, and there is a reason for that. The platform has many different options when minting an asset or paying its gas fee.
If you are looking for a layer-2 blockchain, the website offers Polygon as an option for your operations. Moreover, you’ll find different options for paying the gas fee of the same transaction, giving the user even more options.
If you like visually appealing collections and unique NFTs, Rarible is the best place for you. Rarible is one of the pioneers when it comes to lazy minting for NFT transactions.
Its creation console also features tons of tools that help with complex transactions and their NFT gas fees. It is one of the most used marketplaces, and it supports numerous blockchains to ensure that you will find one with fees that fit your budget.
Rarible also has a support section to help understand gas fees and other NFT creation and trading aspects. It is an excellent marketplace for both beginners and professionals.
If you are looking for cheaper NFTs, Mintable is the perfect place to find some interesting collections. The website has a user-friendly interface that allows customers to quickly find what they are looking for.
Moreover, Mintable has numerous safety features that will ensure nothing happens with either your digital wallet data or the NFTs stored in it. You can read more about these features on Mintable website.
Mintable offers a wide variety of blockchains to use and wallets to connect. You will definitely find something that fits your expectations.
Time to Get Rid of High Gas Fees
If you are new to the NFT world, it is normal to be shocked by the values that some gas fees may have. This happens even to more experienced creators and investors.
Thankfully, there are numerous ways to get lower NFT gas fee values. From the blockchain you use to the priority of your operation, everything will impact this final value.
Following each of the steps mentioned above and sticking to trustworthy marketplaces is the key to success and spending less money for minting assets. Remember only to do procedures that you know and are sure of.
Now that you know everything you need, it is time to start looking for your next NFT project. Follow the correct procedures, and you will notice an enormous decrease in gas fees.