Top 4 Ways To Save Gas Costs While Buying NFT – Gadgets To Use

NFT represents one of the new developments in web 3.0. The most popular NFTs are based on the Ethereum blockchain. The gas fee is the amount one has to pay when they make a transaction on the Ethereum blockchain to validate their purchase. The gas fee is usually high and that has become a nuisance for investors. So here we will explain why there is such a high gas fee and how one can save gas costs when buying NFT.

Related article | Create and sell your own NFT in 3 easy steps

Why is the gas fee on Ethereum so high?

Ethereum is the largest blockchain hosting various DeFi services and apps. This makes the Ethereum blockchain crowded and overcrowded. Ethereum blockchain also has a limitation of processing only 15 transactions per second, which is slow and uses a proof-of-work method to validate transactions that use many resources.

Moreover, people famously use Ethereum to mint and buy NFTs, which leads to even more traffic in the network. All these factors result in very high gas costs that can sometimes be as high as the transaction itself. This gas fee is used to compensate the people who use their computer resources to validate your transactions, known as Miners.

When a popular NFT is minted, people will rush to buy it, which can cause severe congestion, leading to high gas rates. Gas costs in Ethereum are calculated in Gwei, a sub-currency of Ether, just like Paise to Rupees or Cent to Dollar. Its value is tied to Ethereum. Let’s learn a few methods on how to save gas costs while buying NFT.

How To Save Gas Costs While Buying NFTPlan ahead with gas trackers and charts

If you know when the NFT you’re looking for will be struck and you want to avoid sudden gas charges, it’s better to plan ahead. There are charts and live gas trackers that can help you during peak hours. You can even predict an estimated period and how much gas you will have to pay during that time and how much time it will take to validate your order.

Wait for the high prices

If you are not in a rush, the best time to buy NFT is after work hours or on weekends, when traffic is at its lowest. The chart we discussed above also shows the price of gas on the weekend, which is quite low compared to weekdays.

Another thing you can do is cut gas bills if you don’t mind waiting a few minutes or even hours. Wallets like MetaMask allow you to customize and pay the fees according to your preference which we have discussed here. Very low gas costs will mean that a transition on the blockchain will take hours to be validated. You can look up a gas cost calculator to see your estimated wait time.

Opt for NFTs on other blockchains

Ethereum is not the only Blockchain hosting NFTs and many new and faster blockchains have adopted NFT as well. Solana is a blockchain with its own NFT platform called Solanart. You can buy their NFT which also increases in value and gas costs are extremely low. Binance and WazirX are exchanges that are also NFT immersed and host NFT using their own tokens for minimal to no gas fees.

Related article | Top 3 Ways to Buy and Sell NFT in India

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