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Marketplace fees

What is Foundation’s marketplace fee? 

5% for all sales on the primary and secondary market.

 

What does the marketplace fees go towards?

Fees go towards the development and maintenance of the marketplace.

 

 

Gas fees

What is a gas fee?

Gas refers to the fee required to successfully conduct a transaction on Ethereum. Gas fees go directly to Ethereum miners who provide the computer power that's necessary to verify transactions and keep the network running.

 

Do gas fees go to Foundation?

No, gas fees do not go to Foundation.

 

How do I know which actions require a gas fee?

Anytime you interact with the blockchain, a gas fee will be required. Deploying a smart contract, minting an NFT, listing an NFT for auction, bidding in an auction, and settling an auction all happen on-chain and will require a gas fee to complete. All actions are recorded on the blockchain to preserve the utmost provenance for creators and collectors.

 

What should I do if gas is expensive?

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 gasprice.io 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).

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