Introduction to Gas Fees
The Ethereum network requires anyone who wants to sell or buy NFTs for the first time to pay two types of commissions.
These fees are necessary to interact with the Ethereum network, enable your wallet, sell and buy virtual assets.
The price of the two types of commissions is not fixed but you can do everything possible to lower it.
All commissions must be paid in Ether, so this means that the price depends on the value of the cryptocurrency against a dollar or what your local currency is.
The #NFT minting and the two commissions are transactions on the #Ethereum Blockchain which require processing power to complete.
It becomes necessary to pay a gas commission to compensate the energy required to process these transactions.
Prices can be checked on Etherscan, so you can find days when they are lower than others.
One Time fees and Recurring fees
Specifically, the two types of commissions to be paid to operate on Sgozz app, are the One-time fees and the Recurring fees.
If this is the first time you interact with Ethereum and want to make operations, it is necessary to pay the One-time fee, necessary to grant particular permissions for your wallet to interact with Seaport.
Seaport is a new Web 3.0 marketplace protocol that will help buyers and sellers with these trasactions, and in particular users can use their existing NFTs to purchase other NFTs.
So, in your first transaction there will be this One-time fee, but then you can operate on Ethereum, paying only the Recurring Fees for those specific operations.
For what regarding the #WETHs, it's the same speech of Ethereum, that the first time you access the WETH, you need to pay the One-time fee.
It is necessary to pay an access fee to that #Token, so that the wallet can access the WETH smart contract in your #wallet.
One-time fees have a higher price than Recurring fees, but this can be lowered with some tricks like:
Making these transactions at particular times such as late at night and early in the morning;
Check the prices of gas tariffs on Etherscan.
Here a view of avarenge ethereum gas prices per hour
On the contrary, in the Sgozz app Recurring fees must be paid every time we want to make one of these operations:
Accept an offer;
Transfer or gift an NFT to someone;
Buy an NFT;
Send Ethereum to another wallet;
Creation of a new Marker;
The “Booster” function.
Operations that do not require the payment of a gas fee
There are some operations that are gas fees free:
NFTs Creation on OpenSea which you can also see on the Sgozz platform;
Account and Wallet initialization;
Create NFT collections on OpenSea that you can also see on the Sgozz app;
Sell your NFT at a fixed price or with an auction;
Modify the Markers and NFTs connected to it;
Set different NFT Wallpapers and NFTs as your user profile picture.
Enter the world of NFTs and make your first sale on the SgozzVerse. #eXtendedYourLife!
DOWNLOAD SGOZZ NOW!
DOWNLOAD SGOZZ NOW!
Related articles:
Previous article - "How-use-nfts-in-the-sgozz Ecosystem"
Next article - "Buy & Sell NFTs"