What are gas fees?

Gas fees are similar to “transaction fees” in the Ethereum blockchain.

When you perform a transaction, such as transferring cryptocurrency to another wallet or purchasing an NFT, you must have enough ETH in your wallet to account for the gas fee associated with the transaction (e.g. An NFT may show a price of 0.5ETH and rise to 0.6ETH with the gas fee).

eth gas fees

Keep in mind that gas prices fluctuate due to network congestion. Before confirming a transaction, it is recommended to consult websites like https://ethgasstation.info You can take advantage of price fluctuations to benefit from lower transaction fees.

On OpenSea, there are three different types of gas fees: one-time, recurring and no fee.

One Time Fee: To be paid only once

  • The first time you sell an NFT on OpenSea, you will be required to pay a registration or account initialization fee before you can begin your journey on their platform. After paying this fee, you will be allowed to trade between your wallet and OpenSea, as well as transfer NFTs when a sale takes place.
  • The first time you use a crypto-currency, you will be charged a transaction approval fee.
  • The first time you make an auction, you will also have to pay a one-time fee to approve the WETH for trading.
  • Contract Approval: If the NFT you are reaching has been minted by a custom NFT contract, you will have to pay an approval fee to authorize the trades.

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Recurring fees: To be paid with each transaction

This fee occurs every time you:
– Accept an offer
– Transfer an NFT
– Buy an NFT
– Delete a listed NFT
– Cancel an offer
– Convert cryptocurrencies
– Freeze your metadata. This means that your item will be stored safely forever. It is during this automatically performed process that you lock and store your object permanently on a decentralized file storage system, which allows data such as object name, media, description, properties, levels, and statistics to be visible to others.

ethereum

 

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