What we have to be careful about in the future of NFT is the gas price. I want to sell NFT, but will it cost money? I will let you know how much the fees will be.
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 does NFT gas cost occur? It happens when using the Ethereum chain. As to when the gas fee will occur, it will occur when sending or receiving Ethereum. In addition, gas costs may be incurred at the timing of issuing NFTs and when buying and selling NFTs.
Ethereum virtual currency. When sending money with Ethereum, there is a gas fee. When purchasing Ethereum, the same mechanism will occur when exchanging Ethereum for other currencies.
If you use the Ethereum network to buy and sell NFTs, you will incur a gas fee. In some cases, not only the seller but also the buyer will be charged a fee, so it is necessary to check carefully.
A gas fee is also charged when issuing an NFT. Therefore, please note that NFTs should not be issued at random. NFTs can be easily issued by individuals, but a fee will be charged each time.
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.
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.
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.