When minting NFTs, there are five ways to save money on gas fees
A global digital asset market has emerged as a result of the expansion of NFTs and decentralized financing. We all know that blockchains are a technique to bypass intermediaries by using open databases.
Last year was a watershed moment for NFT adoption. This is due in part to the widespread use of play-to-earn games and the sale of primary and secondary NFT artwork. In 2022, blockchain technology is expected to gain traction in the retail sector. Furthermore, scalability concerns with blockchains and high gas fees on Ethereum have generated friction. Interacting with the NFT world has become more difficult.
The most widely used blockchain network is Ethereum. Congestion is the primary cause of high gas prices on the Ethereum network. Users must pay miners to have their transactions processed quickly and placed ahead of the queue. As a result, everyone’s fees are going up. We should see a decreasing trend in prices after Ethereum switches to the proof-of-stake model.
Until then, there are a number of strategies to avoid paying high blockchain gas fees. We can focus our attention on the factors that influence the verification of new transactions. When minting NFT artwork, the following section illustrates some of the most popular techniques to save money on petrol.
Layer-2 Sidechains and Blockchain Networks can be used.
Axie Infinity, the most popular play-to-earn game, comes to mind. The fact that the Ronin sidechain had to be built before the game could take off is unknown. Many consumers would have been unable to afford the exorbitant gas fees if the Axie team had relied on Ethereum. As a result, user activity and total value locked in the network would have been reduced. Polygon Technology (formerly Matic Network), Arbitrum, and Optimism are currently the most popular layer-2 sidechains and networks.
Before you start NFT minting, make sure you check the prices.
Make sure you check the ETH chart or the Polygon chart before making a transaction to purchase or sell NFTs. Users should have a good notion of what their gas costs will be in the following few hours. You can also look at the forecasts for the coming week or month.
After that, use resources like the ETH gas station to figure out how much it would cost in fiat cash. As a result, we can schedule NFT submissions for days or times when network congestion is low. This strategy is quite useful when you have a good understanding of the NFT project’s plans. For example, the day and hour when your favorite or preferred NFT will be released. This allows you to avoid rush hours for an NFT transaction that you believe can be delayed a bit longer.
Look for an NFT tool that employs Lazy Minting.
This is how an NFT marketplace defers the gas fees to the buyers rather than the creators is known as lazy minting. This is a useful characteristic since it allows the market to reach its full potential, especially for the Ethereum network, which handles the majority of the liquid NFT trades. Users will also need to learn about the fees associated with accessing the marketplace as well as secondary sales commissions.
Use a variety of blockchain networks.
The NFT asset market is rapidly growing. Transactions and user activity will grow beyond the Ethereum blockchain in the next years. Developers, decentralized applications, and users are flocking to alternative blockchains, including Solana, Avalanche, Cosmos, Tezos, and others.
Second, alternative chains use consensus procedures that do not rely on proof-of-work, which is the primary cause of Ethereum’s high gas prices. Gas prices are a fraction of what other chains charge for transactions. You can look for NFT projects and teams on various blockchains, thereby increasing the number of good projects you can see. Your knowledge of the NFT space will eventually aid you in spotting the best ones.
Also, read – Three common misunderstandings concerning the Ethereum Merge
Make the necessary adjustments to your settings.
Today, we have an abundance of applications and technologies at our disposal. Their default settings aren’t always appropriate for our needs. This implies we’ll have to tweak the settings to fit our gas bill budgets. In order to decide the standard settings, apps take into account the user’s device specs. Most of the time, they use a flat fee basis for gas. Allow gas fees to be customized per transaction under the advanced tab of wallet settings. As a result, customers will see a new window that shows each transaction’s gas fees.
We can expect this year will be the last year of high gas fees if current trends continue, apart from the slow phase-out of proof-of-work on Ethereum.