GAS / Transaction Fees

What are Transaction / Gas Fees?

Since the ETH blockchain is decentralized, this relies on miners mining the blocks to complete transactions. These transactions are mined on a basis of who is willing to pay the most transaction fees first. Afterwards, any lower transaction fee transactions are usually solved the slowest and can be completed in upwards of 10-30 minutes.

Miners automatically choose to mine blocks with the highest transaction fees first. You will see where this comes into play further in this guide.

The Importance of GAS

GAS is what the transaction fees are called in the crypto world. These gas fees fluctuate based on the amount of traffic on the ETH network at any given time. For example if the network is really busy and you have a transaction that has to be put through urgently, you will intentionally increase your GAS fee you are willing to pay, in order to have the convenience of a quick transaction.

Why GAS matters when purchasing limited NFTs.

Limited NFTs are often sold in batches of 1000, 500 or even less. These NFTs can be extremely in demand and thus alot of stress is put onto the ETH blockchain to handle the transactions.

When limited drops occur the sites arent able to tell how many people are trying to transact with their smart contract (nft). This is where GAS wars come in, someone who has enough ETH can afford to pay a higher gas fee in order to have their transaction pushed through the quickest on the blockchain and get the NFT before you .

If you are unable to pay a high price for gas and go with a slower GAS fee, theres a chance the NFT sells out before you are able to get your transaction goes through.

This is where failed transactions come into play. If you have a transaction pending on the blockchain, it's pretty difficult to cancel this, and you pay a cancellations fee. If your transaction fails because theres no more NFTs for you to purchase, then you forfeit your GAS fee.

High risk, but high reward is what this is. If you have the funds to pay a higher GAS fee then you can almost guarantee your NFT every single time. However if you dont have the funds to pay for higher gas fees then you may be left with nothing and take a loss on your GAS for that transaction.

Adjusting your Transaction GAS Fees

For hyped / limited drops, it is important that you are aware of the GAS fees at the time of the release. Users who are looking to purchase the NFT will intentionally 3-5x the gas fee a the time to have a greater chance at purchasing the NFT.

Through metamask you are able to edit your gas fee before completing your purchase.

• Once you are prompted by Metamask to mint your NFT you will be able to edit the gas price accordingly. You can select the presets like fast, regular or slot to push through the transaction quicker, however this may not always be enough.

• You can view the GASNOW page for realtime gas prices, or see our GAS MONITOR in the group for the current gas pricing.

• You will need to edithe GWEI price 3x-5x to have a higher chance at securing your limited NFTs.

• The metamask extension is slow at updating, so their presets may be off by quite alot.