During your course of gathering knowledge about cryptocurrencies, Ethereum, and NFTs, you must have come in contact with the term “Gas fee“. These topics are a rabbit hole in themselves and there is no stopping once you get going. But have you got the exact idea about what “gas fee” is and why it is an integral part of NFT minting? Unfortunately, this term has been a headache for NFT minters worldwide and people are looking for a remedy. Let’s have a quick look at what “gas fee” is and how this can be omitted from your NFT mining process.
What are gas fees?
If you have a car or vehicle, you probably are aware that you need to fill it up with fuel to keep it running. In other words, this fuel, (gas, petrol, diesel, etc.) is the cost that you have to bear to enjoy the facility of driving your car or vehicle. In the case of cryptocurrencies, the transactional fees that users pay for minting their smart contracts into the blockchain are known as “Gas fees”. The value of the fee changes according to the demand rate of that specific cryptocurrency in the market. It also depends on how fast you are willing to mint your NFTs, i.e. the speed of the minting process. The faster you want, the higher you have to pay to the NFT marketplaces and crypto networks.
Why Ethereum gas fees are so expensive?
As we mentioned before, the higher the demand and popularity, the higher is the gas fee. Ethereum is one of the most popular blockchain networks that people use for NFT minting and crypto transactions. The graph provided below shows how Ethereum gas fees have fluctuated over the course of 3 years.
Now that you know what gas fees are, you are probably thinking if there is a way to mint NFTs without paying high gas fees. Guess what, there is!!
How can you mint NFTs without paying high gas fees?
Follow through the suggestions provided below to know the various tips and tricks of lowering gas fees:
Wait out the minting process
As for the first step of NFT minting without paying high gas fees, you have to understand that gas fees are hugely dependant on how busy the network is. The higher number of people wanting their transactions to be processed, the faster the blockchain network has to work. Therefore, busy times equals high gas fees. This is exactly why Ethereum gas fees are touching the skies as everyone nowadays wants their NFTs to be minted through the Ethereum blockchain. So the first tip that we would give is to wait out your NFT minting process.
Adjust your software settings
Obviously, the option of waiting out isn’t always available as it is better to mint as fast as you can when the prices become high. In such cases, you do have to pay the gas fees for faster minting but you can still save a little bit by adjusting your software settings.
Here, by “software”, we mean the marketplace where you want your NFT to be listed. It doesn’t really matter which platform or marketplace you choose as all of them work more or less the same way.
Before creating your item or NFT, you need to
- Openup your Metamask wallet
- Go to Account and then Settings
- Click on the Advanced tab
- Set your Advanced gas controls and Customised transaction nonce to ON.
After all the above steps are followed, click on Create Item. During the file upload interval, a Metamask tab should appear again. Once it appears, you need to
- Click on the Edit button above your Gas Fees section.
- Choose from the Slow, Average, and Fast options according to your preference. The slower process will require the least amount of gas fees.
You can also enter your gas fees amount manually but setting it too low can result in the transaction failing as miners rarely pick up low gas transactions.
The final recommendation from us would be to just have a bit of patience and wait out the process. Yes, we know it is a bit lengthy but that is the only way you can get your NFTs minted by paying low gas fees.
We at NFTically are available 24/7 to answer our customer’s inquiries so that they can solely focus on the creative aspect of their NFTs. Join us today to build your personal white-labeled NFT marketplace, and start earning through your NFTs.
Encrypting the ownership of a digital object performs with an NFT Collection. Many spend dollars on buying digital art NFTs. Digital asset NFT combines the ownership of a digital object with the ability to transfer…
- November 17, 2021
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