Can I Sell NFTs with Less or no Gas Fees? With the daily developments we see daily, it is safe to say the possibilities in cryptocurrencies are endless. On a daily basis, there is news of yet another NFT that has been created. There is also constant news of a new NFT selling for a huge amount of money. Everyone is hoping to create a token or at least make a fortune from buying, minting or selling NFTs. Truly creating NFTs is a great way to create sustainable wealth, but there are also some challenges to be faced.
Though you can create a token by turning an item you own into a collectable. However, selling the created tokens requires some gas fees. Ignorant Creators may not carry out proper research before developing an NFT without understanding the concept of gas fees. In this article, you’ll learn about NFTs, gas fees, and the best platforms to sell your NFTs with little or no gas fees.
NFTs
NFT is an acronym for Non-fungible tokens. These are items created to represent an object. The item could be a painting, artwork, picture, or meme. There are no limitations to what can be converted into an NFT. But, you need to be sure of the ownership. Each token is unique, so you can’t find two that are the same. A creator has complete ownership of every token, so it is impossible for it to be duplicated or altered.
When an NFT is created, you need to find a blockchain that can interact, which isn’t free. Blockchains such as Ethereum and Binance smart chain require a gas fee for interactions.
What is a Gas Fee?
Before a user can transact on any trading platform, they must pay for the processing and validating of these transactions on the blockchains. The gas fee is not static but will vary based on factors such as the time of the day and the currency used in trading. The major currencies for trading on NFT platforms are Wax, Flow and Ether. Many creators are not aware of the required fees, so they think they can just add their tokens to a blockchain without any charges. Even some new users assume they can mint, buy and sell tokens without any payments.
Think of a gas fee as the quantity of fuel needed to complete a transaction on a blockchain. Before any transaction is completed, you must pay a fee. You can pay in Ether, flow or wax, depending on the trading platform. The amount of gas fee required for every interaction on the blockchain will differ based on the platform and the kind of transaction.
Selling Your NFTs
There are different marketplace available for users to buy, sell and mint NFTs. One thoroughly research before deciding on the platform one should want to use. Almost all NFT marketplaces ( Solana, Opensea, Known Origin, Raible, SuperRare, Nifty Getaway, Foundation, Mintable, AtomicMarket, AsyncArt ) charge a particular amount known as a gas fee. This fee is needed for transactions conducted on a blockchain. It can be a struggle to find a marketplace that does not charge gas fees, but these platforms exist through few.
Which marketplace requires no gas fees?
The majority of the marketplaces need you to have ethereum to mint, buy or sell your NFT. Mintable Marketplace and the Polygon Network on Opensea allow you to list your NFTs with 0 ethereum in your wallet. Before you can trade on any of this marketplace, you need a crypto wallet that will hold your cryptocurrency with which you’d trade on a marketplace. Metamask crypto wallet is a great option, and it is compatible with Open sea, the largest NFT marketplace currently.
Other than Metamask, there are different digital wallets you can choose from. Different marketplaces accept different wallets. You just need to check the options available to you and which marketplace best suits your needs. Do not assume that a platform doesn’t require gas fees for interaction with the blockchain.
Closing Thoughts on where to Sell NFTs with Less or no Gas Fees
Contrary to what some NFT creators think, almost every transaction done on the ethereum blockchain requires a fee, and this is called a “gas fee”.
Some platforms may demand a fee for every transaction- from listing an NFT for sale to buying, to sell, and more.
Some marketplaces only require you to pay to list your NFTs, and after that, you can transact with even 0 ethereum in your crypto wallet.
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Nnamdi Adibe is a native English writer and can write about many things. With his writing skills, he can provide well-researched content.
Nnamdi Adibe is a prolific writer at gblogo.com. He is interested in bringing you perspectives on financial liberation, fun, and investment from the rare vantage point of experience.
He provides insights on fintech, crypto and digital assets, and sustainable finance and investments and promotes a transparent, secure, and quality digital financial future for everyone.
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