Gas fees are transaction fees on Ethereum. Coinstore NFT Marketplace does not charge these fees and will not be able to refund them.
In this article, we'll explain what miners are and explore why gas fees are needed. We'll also go over the two categories of gas fees you'll encounter on Coinstore NFT Market Place (one-time fees and recurring fees).
Let’s have a better insight!
What are gas fees on Ethereum?
Just like Bitcoin, Ethereum uses a so-called Proof-of-Work mining model. In proof-of-work, miners are decentralized computers using their computing power to process and verify transactions. On Ethereum, new transactions are added to the “block” every 15 seconds. Miners are a built-in mechanism on the Ethereum blockchain and are rewarded with ETH.
When you pay gas fees, the payment only guarantees your transaction to be processed. It does not guarantee that the transaction will succeed.
This is because gas prices on Ethereum fluctuate dramatically. If there is a high level of activity on Ethereum - for example, a popular NFT collection is being released - gas prices will rise due to network congestion. In this case, the original gas fee you paid may no longer be high enough for miners to process and confirm the transaction.
When will Coinstore NFT Marketplace require Gas fees?
When you send cryptocurrencies to another wallet or buy NFT on Coinstore NFT Marketplace, you’ll need enough ETH in your wallet to pay gas fees.
There will be two types of ETH gas fees on Coinstore NFT Marketplace.
- One-time fees
- Recurring fees
One-time Fees
There will be a one-time fee when using Ethereum for the first time. These transactions are required to grant certain permissions for your wallet to interact with Seaport.
#1 Account Registration Fee
You will need to pay the account initializing fee before selling it on Ethereum if you’ve never sold any NFT on Coinstore NFT Marketplace.
Account initializing fee may vary, depending on Ethereum network congestion. It’s slightly higher than your typical Ethereum transactions because you grant Coinstore NFT Marketplace the access to interact with your wallet and allow Coinstore NFT Market Place to visit NFT items when sales take place.
Recurring Fees
You will pay gas fees on Ethereum when:
- Accepting an offer
- Transferring(or gifting) NFT to someone
- Buying NFT
- Canceling NFT on sale
Avoid failed transactions
There are two common errors users might encounter when transactions fail.
1) Dropped and Replaced: this means the transaction was dropped and replaced by a new one. For more information, please check this resource.
2) Out of gas: this occurs when the gas limit of your transaction was set too low.
Since Ethereum implemented the EIP-1559 upgrade in August 2021, default gas limit settings for transactions are automatically calibrated on crypto wallets like MetaMask. Changing these gas limit settings may increase the chances of a failed transaction.
Before confirming a transaction, please make sure to check websites like ETH Gas Station.