Without Gas Fee: Is It Possible?
NFTs (Non-Fungible Tokens), like currency, are the future. The NFT world is filled with different things for sale. You’ve got artworks, collectibles, fashion pieces, memes, and many more.
You can practically transform anything to NFT for profit. So you’d be surprised to find any sort of NFT collection out there.
If you’ve got $0 on your crypto wallet address, how on earth will you be able to move forward with your transactions?
Gas Fees/Smart Contracts: What Are They?
When we speak of gas fees, we don’t mean your traditional diesel and gasoline. Because in the crypto-currency world, they mean something entirely different.
To make it a little easier to understand, consider gas fees the amount you pay for every transaction you make on the Ethereum blockchain.
You’re pretty much paying for the energy being consumed by each transaction you’re making on the Ethereum network.
Think of it as a service fee on top of your bill! It’s something close to that.
When you look at the overall picture, gas fees don’t appear to be an issue. It’s just a transaction fee, after all.
Well, that’s where most people are wrong. Ethereum gas fees can get pretty pricey, especially if you’re not that particular with what you’re paying for.
Just imagine, an NFT market can charge you for almost ALL the transactions you do!
Starting from the moment you create an NFT, opening your account, listing an item, selling them, and many more. Some would even require you to pay gas fees that are WAY more expensive than what you need to create NFTs.
If you’re not careful, your NFT wallet will end up with a $0 remaining balance.
How Much Do NFT Gas Fees Cost?
Unfortunately, the price of gas fees constantly fluctuates depending on the demand on the Ethereum blockchain.
The more transactions in the market during a specific period, the higher and costly the gas fee gets. File sizes may even be an issue for some!
Some people are wise enough to avoid the peak moments so that they don’t have to pay a higher gas rate.
How to Lower the Costs of NFT Gas Price?
Technically, YOU can’t lower gas prices. The trick is always to wait things out before you do anything else.
We’ve listed a few tips to help you lower your gas expenses.
#1 Minting NFTs
There’s nothing wrong with minting NFTs. After all, you’re just being smart about the whole thing and receiving great sales!
One of our biggest recommendations is to constantly monitor the network and wait until fewer people try to make a transaction.
Like what we’ve mentioned earlier, more transactions equals higher prices! So consider this as a trade-off you’d have to pay.
If you want to make your first listing during the peak seasons, or if you’re trading or purchasing something during those times, expect to spend a little more.
If you’re not in a rush to create your first NFT listing, you can outsmart the system and wait until the minting process dies down a little.
Read more: How To Mint An NFT
#2 Choose a Good NFT Marketplace
Another tip we recommend is looking for a marketplace that relatively charges low transaction fees.
They’re comparably lower than other marketplaces but certainly are still worth something.
The only good thing about these places is that you get to create or upload your listing and even transfer or buy NFT during the peak seasons, with a slightly “discounted” transaction fee.
Besides that, the process is pretty much the same! You create your own NFTs, sell NFTs, pay gas, and more!
Read more: Best NFT Art Marketplace
Are There NFT Marketplaces With No Gas Fees?
If you’re starting with $0 cryptocurrency in your wallet, consider yourself lucky because several options are available for you.
Currently, there are three places where you can put your digital asset for sale without having to pay anything just yet: the Polygon Blockchain Opensea, Mintable Marketplace, and Immutable X.
If you’re someone who loves creating or trading art or even selling your own art, OpenSea is one of the best places to go.
- It is home to many artworks, and many users have sold some of their most unique pieces there, regardless of the file size.
- Consider this a good option if you plan to purchase art or post your art.
- They even have a mobile app you could check out for more account convenience!
- However, do note that there’s nothing such as gas-free because OpenSea will still charge you later. Or at least when you finally have the money to start paying gas. This is what you call lazy minting.
For a time, Mintable has been one of the best platforms for a zero gas fee.
- However, some users report experiencing some challenges with the site performance.
- Notwithstanding this fact, the Mintable marketplace is still up and running for anyone looking for free gas.
Finally, Immutable X is also a great marketplace that lets you continue with your transactions without paying gas fees yet.
- You can complete the whole process from creating NFT, listing them, among others, without getting charged yet.
- Once you accept the exchange, you can trade your digital assets without compromising private keys and intellectual property issues.
We’re sure you’re excited to make money out of your NFTs. But sometimes, because of how expensive the gas fee could get, you can’t help but feel frustrated.
Our recommendation: Wait for things to die down in the market before you start to sell or buy NFTs.
You can even end up going through the whole process without paying the gas fee just yet! It is possible.
We hope you enjoyed this article! If you have any questions, feel free to drop them in the comments.