Why is Mintable charging such high gas fees? We don’t, and here’s why.

Gas fees are a crucial aspect of blockchain technology and, by extension, the world of NFTs. This article clarifies what they are, where they go, and how they impact your transactions, while also highlighting solutions like Mintable’s innovative gasless minting feature.

Gas — Keeps the blockchain going

To understand why gas fees are so high and volatile, we must first understand how blockchain technology works fundamentally.

Gas fees are payments required to execute transactions on a blockchain network like Ethereum. Think of them as the cost of using the blockchain’s infrastructure. These fees compensate the network for the computational power needed to validate and record your transaction. It’s important to understand that these fees are not collected by NFT marketplaces themselves, such as Mintable.

The Role of Miners and Nodes

Blockchain operates on a decentralized network of computers called nodes. These nodes, maintained by “miners” (on Proof-of-Work blockchains), validate transactions and secure the network. Miners receive gas fees as compensation for contributing their computing power and maintaining the integrity of the blockchain.

Why was yesterday’s gas fees $100 and $10 today?

Gas fees are dynamic, meaning they change based on the level of activity on the blockchain network. When the network is busy, with many transactions occurring simultaneously, there is higher demand for processing power, and thus, gas fees increase. Miners prioritize transactions with higher fees, leading to a bidding war for inclusion in the next block. The complexity of the transaction also influences gas costs; more complex smart contract interactions require more computational resources, resulting in higher gas fees.

Mintable’s Gasless Minting: A Game Changer

Mintable offers a significant advantage to NFT creators with its “gasless minting” feature. This innovative approach allows users to create NFTs on the Ethereum blockchain without paying upfront gas fees.

How Does Gasless Minting on Mintable Work?

Instead of the creator directly submitting a transaction to the blockchain to mint their NFT, Mintable handles the initial gas costs. When you use the gasless minting option on Mintable, you essentially sign a message, and Mintable takes care of the blockchain transaction for the initial minting. This significantly lowers the barrier to entry for new creators and eliminates the worry of fluctuating gas prices.

Key Benefits of Mintable’s Gasless Minting:

• No Upfront Costs: Creators can mint their NFTs without needing to hold Ethereum specifically for gas fees.
• Reduced Friction: The minting process becomes simpler and more accessible, especially for those new to the crypto space.
• Focus on Creation: Artists and creators can focus on their work without being concerned about the technicalities and costs of blockchain transactions.
• Real NFTs on Ethereum: Despite the “gasless” aspect for the minter, the resulting NFTs are still genuine ERC-721 tokens on the Ethereum mainnet.

Strategies for Managing Gas Fees (Beyond Gasless Minting)

While Mintable’s gasless minting addresses the initial creation cost, understanding general strategies for managing gas fees for other types of transactions (like buying, selling, or transferring NFTs) is still beneficial:

Understand Gas Limits and Prices: When making transactions, you’ll often encounter terms like “gas limit” and “gas price” (measured in Gwei). The gas limit is the maximum amount of gas you’re willing to pay for the transaction, and the gas price is the cost per unit of gas. Wallets usually suggest a standard gas price, but you can sometimes adjust it (at your own risk; setting it too low might cause the transaction to be delayed or fail).

Time your transactions: Monitor network activity and consider executing transactions during off-peak hours (e.g., late at night or early mornings in major time zones) when gas fees are typically lower. You can use blockchain explorers or gas tracking websites to get an idea of current gas prices and network congestion.

Gas fees are a fundamental part of blockchain networks, compensating the infrastructure that supports NFT transactions. While they can fluctuate based on network demand, platforms like Mintable are innovating with features like gasless minting to make NFT creation more accessible. By understanding gas fees and exploring available solutions, you can navigate the NFT ecosystem more effectively.