NFTs With Low Gas Fees

NFTs With Low Gas Fees

As the world explored the blockchain industry, non-fungible tokens (NFTs) started to gain popularity in 2021. As Bitcoin maintains its leadership on the blockchain, retail investors keep looking for the next cryptocurrency to explode or the savviest niche to explore. 

From altcoins to Initial Coin Offerings (ICOs) in 2017 and Decentralized Finance (DeFi) in 2020, investor interests piqued at various opportunities. And in 2021, the minting and trading of NFTs took over like a swift gold rush. The fundamentals of NFTs prove that they may last for a long time. However, with uncertainties bound on the blockchain, many are looking to mint and trade on platforms with low gas fees to tread carefully and get the most out of their investments.

What are NFTs?

NFTs are unique digital assets or collectibles having unique metadata on the blockchain. Art, music, videos, tweets, digital lands, and anything else can become an NFT and be traded as ownership tokens. The concept of scarcity creates public interest as NFTs create the value investors may place on them. NFTs also have utilities that are often offered, increasing their value in the marketplace. In 2021, the market value of this new industry climbed over $40 billion.

Where Can I Buy and Sell NFTs?

Analogous to traditional marketplaces offline where traders and buyers meet to exchange goods and services, NFT marketplaces are digital platforms for storing, trading, displaying, and minting (or creating) NFTs. Several NFT marketplaces exist, many of which are built for specific niches and others focused on general collectibles. The most popular is Opensea, which hosts every type of NFT, including pictures, sports collectibles, and music.

Many NFT marketplaces are developed on the Ethereum blockchain, including popular Opensea, Rarible, Nifty Gateway, and SuperRare. However, Ethereum is very expensive to use today due to the high rate of gas fees charged to users, robbing many of the ability to make low-value transactions with ease. Because of this, users are looking towards other options for fluid transactions to get their money's worth.


What Are Gas Fees?