NFT Marketplaces Fees and Steps to Calculate Them

  • Non Fungible Tokens have unique value, and they differ from each other. To ensure the security and uniqueness of the NFTs, They are built with blockchain technology. Blockchain Networks charge some costs for their support, and those costs are known as gas fees or ghost fees.

    Each blockchain network have set their own gas fees for the NFT marketplaces, and This article will give detailed information about the gas fees of some major blockchain networks such as,

    • Ethereum blockchain
    • Binance
    • Tron

    Ethereum Blockchain - Gas fees

    Gas used for making transactions in the ethereum blockchain may differ based on the complexity of the translation; it varies from 21,000, which is normal, to 1,000,000 gas for complex transactions.
    1 ETH = 1* 10^9 (1,000,000,000) gwei
    Considering gwei value as 5 and gas price can calculated by
    5*21,000 = 105,000 gwei (0.000105ETH).

    Tron blockchain costs very minimal fees, and users can freeze the TRX to avail of zero transaction fees. Trans transaction fees are calculated by considering bandwidth and Energy and multiplying it times with fixed price.

    Binance blockchain
    Binance smart chain also uses the gas fees method where gas fees may differ based on the transaction time, but BSC process faster than Ethereum; thus, the gas charge for 21,000 gas is 0.3$, where ethereum cost 2.46$

    Other charges
    There are some other charges like

    • Wallet charges
    • Exchange rate

    They were charged for using the appropriate services. For example, wallet charges may differ on cross-chain interchanging and same chain trading.

    Wrap Up
    I hope you got some idea about fees charged for certain services. So before making any transaction or buying any NFT from the marketplaces, make sure you check what blockchain they are built with and how they charge for the services. Enjoy trading.

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