“Gas” refers to the fee required to successfully conduct any transaction on Ethereum. The fee goes directly to Ethereum miners who provide the computer power that's necessary to verify transactions and keep the network running; Foundation does not receive a percentage.

You’ll need to have some ETH in your wallet so that you can pay for gas each time you mint an NFT, update a reserve price, list a piece for auction, or create any transaction on Ethereum.

Sometimes gas can be expensive when the Ethereum network is congested, but developers are actively working on solutions to bring gas fees down. Two things determine the price of gas: how quickly you want the transaction to be completed and how busy the network is at the time of your transaction.

If gas prices are too high at the moment, you can wait until gas goes down in price. You can also submit your ideal price and wait until the network processes it. Check out https://ethgasstation.info/ for the current gas prices (Pro Tip: ‘GWEI” is the base unit of Ethereum for gas. You can think of it like a penny to the US dollar).

Here’s more information about gas fees:

  • Gas can get expensive when the Ethereum network is experiencing a high volume of transactions. For each new block added to the Ethereum blockchain, there is limited space for how many transactions can be included. Due to supply and demand, miners are incentivized to accept transactions at higher gas fees. If gas fees are high, this does not mean that the Ethereum network is broken, it’s just a function of how it currently works.

  • You always have the choice to accept to pay a high gas fee or not. When your wallet prompts you to pay for gas, you are presented with three options to accept the transaction at the price and speed you want. Paying the lowest gas price means your transaction will take the longest time to complete—and may get dropped.

  • If you would like your transaction to be completed quicker, you can pay an additional gas fee to speed it up. In your wallet, once you’ve submitted a transaction, click the button that says “Speed Up.” This will let you re-submit the same transaction for a higher fee, to be processed quicker.

Did this answer your question?