What are gas fees?

1 min read

You'll hear a lot of people talk about gas fees once you enter the NFT space. Gas is the term used for the amount of ETH - the most used cryptocurrency in Ethereum's ecosystem - that the network needs to let a user communicate with the network.

These fees are being used to compensate the Ethereum miners for the energy that is needed to verify the transaction. With this process, there is an extra layer of protection created for the Ethereum network, it ensures that users with malicious intent will be less motivated to compromise Ethereum in any way. This is one of the reasons why the Ethereum network is regarded as one of the safest networks out there.

The gas fees vary from time to time and they're determined through the following process:

When there is a lot of transactions happening on the Ethereum network, the gas fees go up. When the network is busy, miners can choose to ignore to validate certain transactions to lower the fees. This structure can lead to very high gas fees when the Ethereum network is busy.

This means it's always a good idea to check the gas fees before you buy an NFT. They can vary greatly from one time to another and tend to have high volatility. If you can avoid buying when gas is high, you may be able to save a lot, but be careful that someone else doesn't snatch up the NFT you wanted! Here you can find more information on current fees: https://ethereumprice.org/gas/

You can also join our discord to stay up to date on the gas fees, on the right sidebar there is a bot displayed with the current ETH gas fees. We're also very happy to help you answer any other questions regarding gas fees and other cryptocurrency-related questions.