​​NFT Gas fees: How to calculate it like a pro In today’s Cry | NFT NEWS

​​NFT Gas fees: How to calculate it like a pro

In today’s Crypto Knight column we discuss what NFT gas fees are, how to calculate them and why they are needed at all.

Exorbitant Gas fees
For newbie NFT artists, gas fees could be a matter of concern, because dealing with Ethereum networks can be expensive.
NFTs don’t necessarily sell for millions of dollars. Most of them sell for a few hundred dollars, and many may not be sold at all. So, for all the digital creators who pay gas fees for minting their NFT artwork, they may lose more money rather than making a profit. It is not easy to predict what you’ll be paying for gas, since the price keeps on fluctuating.
Calculating Gas fees
There are several factors that should be taken into consideration for calculating gas fees. Starting from the complexity of the transaction, price of the crypto asset and the number of people transacting on the blockchain.
The unit of gas on the Ethereum network is GWEI. One GWEI is worth one-millionth of Ether or 0.000000001 ETH. And the minimum amount of gas required to process a transaction is 21,000.
Imagine a cargo transport truck service, transporting goods from point A to B. The heavier the goods, the more time it will take, since more fuel will be consumed. Also, if the routes are congested because of other cargo drivers, the truck will consume more fuel, due to the wait-time. In similar fashion, gas fee prices fluctuate depending on the complexity and the traffic on the blockchain network.