Buy NFTs Without Paying Gas Fees

Buy NFTs Without Paying Gas Fees

If you're new to the NFT and crypto space, buying your first NFT, or non-fungible token, can be a daunting (and rather confusing) experience. This is especially true when it comes to paying gas fees. Regardless of the NFT value itself, transactions can quickly become very expensive thanks to ever-rising gas prices on the Ethereum network, the blockchain used in most NFT marketplaces.

So then, what are NFT gas fees? Why are they necessary? More importantly, are there ways to buy NFTs without paying gas fees?

We’re answering these questions and more! In this guide, we’ll discuss everything you need to know about NFT gas fees, why they matter, how much gas fees cost, when they are required for transactions, and where you can buy NFTs without paying gas fees.

What Are Gas Fees For NFTs?

Before we can look at if it’s possible to buy NFTs without paying gas fees, let’s take a look at what they are. “Gas fee” is the term used to refer to costs that users have to pay to compensate for the computational power required to process blockchain transactions. They are similar to the service fees you pay for swiping your credit card or transferring money to various bank accounts.

The denomination used for gas fees, called gwei, are minuscule fractions of the native token of the Ethereum network: ether. One unit of gwei is equal to one-billionth of an ether (0.000000001 ETH).

The prices for gas fees can fluctuate dramatically depending on how complex a transaction is, how much computational energy it requires, and the amount of congestion on the Ethereum network. This means you should expect higher gas fees at peak periods when there is an excess of traffic on the network.

Why Do Gas Fees Matter For NFTs?

Gas fees are essentially crypto processing fees. These fees are meant as compensation for how the Ethereum network and blockchain technology is powered. If you buy and sell NFTs (or tokenize any digital asset on the blockchain), you will need to pay for gas to cover the transaction.

Minting an NFT is the process of uploading digital files which are stored on the blockchain as digital assets to create a digital token. To do this, you will be charged gas fees. Gas fees compensate the miners for utilizing resource-intensive computers to execute, record, and store your transaction on the blockchain.

Besides covering the cost of making blockchain transactions, gas fees also help to prevent scammers from hacking or spamming networks with fake transactions, as each transaction costs ether (ETH).

Are Gas Fees For NFTs Expensive?

Most NFTs are deployed on the Ethereum blockchain, which currently has some of the highest gas fees. Depending on the type of transaction and demand on the network at the time, thes eNFT gas fees can range anywhere from $5 all the way up to $500+.

How Are NFT Gas Fees Determined?

Simply put, NFT gas prices are influenced by the supply and demand between miners on the blockchain. The formula for Ethereum blockchain gas price is Gas units (limit) x (Base fee + Tip). This can also be calculated as 21,000 x (100 + 10) = 2,310,000 gwei, or 0.00231 ETH.

If the demand for transactions is high, it requires more miners and more computational energy to complete the complex algorithms. This drives the cost of NFT gas fees up for that transaction.

Another factor to consider is your gas limit. Gas limits refer to the maximum price of gas you are willing to pay for a single transaction. Higher gas limits usually result in your transaction having priority over other users who set lower gas limits.

Setting your gas limit ensures that you have more control over the transaction fees. The more patience you have for the transaction waiting to be processed at a lower limit, the less you will likely end up paying for gas fees.

Can You Buy NFTs Without Paying Gas Fees?

Now that you’ve got an understanding of NFT gas prices, how they’re determined, and ways to control how much you’re willing to pay, one last question remains: Is there a way to avoid high gas fees or buy NFTs without paying gas fees at all?

In reality, all transactions on the Ethereum network require gas fees. However, if you purchase NFTs through unique platforms like UCOLLEX, you may be able to avoid them. This is because UCOLLEX stands out from other NFT marketplaces, allowing you to buy NFTs with a credit card; no crypto required! This method for an NFT transaction helps you effectively bypass gas fees by not transacting on the Ethereum blockchain.

Almost every major NFT platform requires buyers and sellers to have a crypto wallet (like a MetaMask wallet) and pay gas for any transactions. UCOLLEX offers an excellent alternative, making the NFT world more easily accessible to people on a global scale.

When Do You Pay Gas Fees For NFTs?

If NFT gas fees for NFTs cover computational power on the Ethereum blockchain, when do you pay them? Which transactions count?

Purchasing On an NFT Marketplace

Buying NFT artworks or digital collectibles on a marketplace like OpenSea (currently the largest NFT marketplace and the largest generator of gas fees), Rarible, and other platforms require users to pay gas fees. These gas prices are independent of the NFT price but rather directly related to the traffic and the supply and demand on the Ethereum blockchain.

When you place an order for NFT, or even if you cancel the order, you will have to pay the gas fee. When the order is completed and the sale goes through, a gas fee is needed to move the cryptocurrency (ether) from your digital wallet to the NFT seller's wallet.

Gas costs can vary from marketplace to marketplace, so make sure you read the fine print before making transactions to be fully aware of the NFT gas fees you’ll be responsible for.

Transferring an NFT 

There are also gas fees involved in selling your NFTs. Sometimes new sellers are unaware of these fees on their end, which could eat into the profit potential for a sale.

This said, transferring NFTs to another user's wallet usually has lower gas fees than minting an NFT. Additionally, when you resell or flip NFTs, a portion of the funds received are sent to the digital artists based on the royalties stated in the attached smart contract. Here again, the transfer of crypto to the creator also involves gas fees.

Gasless NFTs On UCOLLEX

Whether you're ready to buy your first piece of digital artwork, wanting to get in on the next exciting NFT drop, or looking to add to your unique NFT collection, UCOLLEX makes it possible for anyone to buy gasless NFTs with their unique payment offering. This can be a major consideration for those looking to dive into the world of NFTs.

As you’ve learned, every transaction on the blockchain requires gas fees to be paid. While there are exceptions, like the UCOLLEX platform allowing you to buy NFTs using a credit card, it’s important to be aware of the current factors affecting gas fees when you go to purchase. Starting earlier in the day or later at night when there may be less traffic is one method for avoiding elevated NFT gas fees, but do some exploring to see how to pay as little as possible for your transaction.

Show at ucollex

Show at ucollex

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