FREQUENTLY ASKED QUESTIONS
Get to know some of the key factors in buying/selling NFTS
There’s a lot of new jargon to learn when it comes to NFTS, plus some important factors to be aware of. Below are some need-to-know answers to common questions.
What are gas fees?
This is the charge you need to pay on the Ethereum blockchain to perform a function, in this case creating an NFT. Gas fees are measured in gwei, and these can go up and down depending on how heavy the use is. On average you’ll be charged 0.0042 ETH per transaction. You can find lower fees early in the morning, between 1am and 3am (UTC) or late at night, between 9pm and 11pm (UTC).
Can I avoid gas fees?
Yes, some NFT marketplaces are offering gas-free minting. This essentially places the gas fee on the buyer not the creator, so it will show in the sale (think VAT). There are some blockchains that have none or lower fees, such as Polygon on Opensea, or Immutable X on Mintable. Before minting or buying, look into the fees and which blockchain is being used.
What is minting?
Minting is the term given to creating your NFT on a blockchain, usually Ethereum. This records the data in a public ledger that is unchangeable and tamper-proof, and can follow and track the NFT across further sales. Minting costs a fee, but some marketplaces are getting creative as to how, for whom and when fees are charged.