Gas Fees

⛽ Gas Fees

Gas is the fee paid for executing transactions on the Ethereum blockchain. Think of it like a machine needs fuel in order to keep it running.

Want to move ETH between different addresses? That transaction requires gas. Want to mint some NFTs? That requires gas too. What about exchanging ETH for different tokens? You guessed it, more gas!

Why is There a Gas Fee?

Processing transactions on Ethereum network requires computational power and gas is the fee paid to miners for providing that computational power.

Gas fees also help keep the Ethereum network secure. Attaching cost to every transaction prevents spamming or accidental infinity loops.

When purchasing or minting an NFT on OpenSea, it’s important that you choose the proper gas speed (transaction speed) to ensure that the transaction goes through. For NFTs, always select the Medium speed at the very least, or choose High, for your best chance at buying/minting your NFT successfully. Choose Low, and you risk losing your gas fee and the transaction will likely fail.

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Overview of Gas Fees [17:44-21:57]

How to Identify Gas Fees in Metamask [22:27-24:10]

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