The cost of minting a Non-Fungible Token (NFT) is usually high. You might also spend more when transferring the ownership after putting it up for sale at any of the NFT marketplaces. Getting low gas fees is every NFT enthusiast’s desire but is it really possible to attain?
The high cost of NFT transactions is largely attributed to the basis of the NFT marketplaces on the Ethereum blockchain, which is currently attracting huge transaction costs.
That notwithstanding, there are some platforms where you can buy, sell and transfer your NFTs without having to empty your Ethereum wallet. In this article, you will learn more about these platforms and the structure of their gas fees.
OpenSea is the leading NFT marketplace, both by trading volume and number of digital assets on the platform. It is also one of the online marketplaces where Non-Fungible Tokens (NFTs) can be bought and sold without spending much on gas fees.
OpenSea Gas Fee Structure Before Now
Before now, OpenSea had one of the lowest gas fees. At the time, the NFT marketplace was said to charge only 2.5% of the transaction fee. This gas fee is to be paid by the NFT sellers. On their part, the buyers of the wide range of NFTs listed on the platform would only have to pay the standard fees.
Cross-Blockchain Support: OpenSea’s Inroad to Gas-Free NFT Transactions
OpenSea now operates on a gas-free structure, meaning that a majority of the transactions on the marketplace wouldn’t be charged. This came into view following the cross-blockchain support, after OpenSea migrated to the Polygon blockchain.
The background knowledge is that the Polygon blockchain is a fierce competitor to the Ethereum blockchain, especially in the areas of scalability and transaction fees.
Through the cross-blockchain support, OpenSea now accepts the Polygon cryptocurrency ($MATIC). It is now a thriving NFT ecosystem that allows creators or NFT minters to “fully earn their way into crypto for the first time.” The buyers, on their part, wouldn’t have to pay any fees to OpenSea before buying any of the NFT collections listed on its marketplace.
Rarible is an NFT marketplace dedicated to creators who want to list rare media and sports collections. The other categories of NFTs on the marketplace are:
- Digital art
One of the major elements of the low gas fee structure on Rarible is the multi-blockchain support. Unlike some other NFT marketplaces that use only the Ethereum blockchain; Rarible supports three. You can choose from any of the Ethereum, Flow, or Tezos blockchain networks.
The Ethereum blockchain is mostly used for minting Non-Fungible Tokens (NFTs), but this is at the expense of high gas fees and excessive carbon footprints.
This is why the Flow blockchain network is sometimes used to reduce carbon footprints. This is possible because of the blockchain’s Proof-of-Stake (PoS) consensus mechanism that cuts down on carbon footprints. The Flow blockchain network also reduces gas fees via the “Lazy Minting” feature, which allows NFT creators to pay lesser fees.
According to CoinTelegraph, Rarible introduced what it called the “Zero-Cost NFT Minting Feature.” This feature is culled from the “Lazy Minting” feature on the Flow blockchain. With it, “NFTs wouldn’t be minted at the point of creation, but only minted at the moment of purchase.” What this means is that the creators wouldn’t pay. Rather, the buyers of those NFT collections would pay the gas/transaction fees when they purchase any of the collections.
3. Worldwide Asset eXchange (WAX)
WAX is a global marketplace for anything NFT. It allows creators to list different kinds of NFT collections, ranging from games and Decentralized Applications (DApps). The marketplace has also gained mainstream adoption, as is evident with the patronage from popular brands like Funko, Atari, and Sony.
The gas fee structure is not clear, but WAX is said to charge up to 2% of the transaction fee for NFT collections bought on its secondary marketplaces.
There is no denying that millions of NFT enthusiasts are not yet fully aware of how the whole concept works. This is why Mintable was launched to serve the purpose. On Mintable, beginners or newbies to NFT minting can leverage the platform to create and list their Non-Fungible Tokens (NFTs) for sale.
Mintable supports multiple blockchain networks, notable among which are Ethereum, Immutable X, and Zilliqa.
Wide Range of NFT Categories
Rest assured that you can find several NFT collections listed on Mintable. Some of the popular NFT categories on its marketplace are:
- Digital art
Gas Fee Structure
Mintable appears to have different gas fee structures. For example, creators may not be charged when minting NFTs but transaction fees apply for NFT trades on the platform.
However, the transaction fees could be as high as 5% when paying with either a credit or debit card.
That notwithstanding, you may be able to enjoy lower gas fees if you choose the Immutable X blockchain network over the Ethereum blockchain network.
Nifty Gateway is acclaimed to be the “best NFT marketplace for rare NFT drops.” This is owing to the listing of limited NFTs, as well as digital assets that are high-end. But that is just the tip of the iceberg of what you get when trading NFTs on the Nifty Gateway marketplace.
NFT Gas Fees on Nifty Gateway
The transaction or gas fees payable when trading on Nifty Gateway is quite impressive. This is because of the new feature called “Wallet-to-Wallet.” With this feature, Nifty Gateway’s users may enjoy up to a 75% reduction in their Ethereum gas fee charges.
But how does the feature work? The Wallet-to-Wallet feature works by facilitating NFT transactions from one wallet to the other. This way, Nifty Gateway looks to implement some on-chain transaction sequences, after which the transaction would be completed outside the Ethereum blockchain network. That way, the transaction speed will be higher while the gas fees will be lowered.
Conclusion: NFT Gas Fees aren’t Entirely Costly
Several NFT marketplaces are seeing the need to be more creative in an ever-increasing NFT market. The reduction of gas fees (charges paid for transacting on the Ethereum blockchain) has become a priority. With OpenSea leading the pack with gas-free transactions, others have followed suit by either reducing gas fees or introducing alternative blockchain networks to help do that.