Gas fees are a big point of discussion here in the NFT space due to constant gas price fluctuation and the potential monetary accommodations you have to make when buying, selling, or trading NFTs in general.
Below, we'd like to answer some basic questions about how and when gas fee's are incurred on the Nifty Gateway platform.
Collectors will NOT be liable for gas fees when:
- Purchasing natively-listed NFTs with a card or account balance
- Explained: Under the Nifty Gateway custodial system, NFTs are held within our Omnibus wallet (more info here). This means that traditional listings will not move on-chain when purchased and instead, reallocate ownership to the buyer.
- Minting an NFT
- Explained: Although gas is incurred during the minting of NFTs, Nifty Gateway covers this 100%, at no cost to the collector.
- Listing an NFT for sale from your Nifty collection (non-W2W)
- Explained: If the NFT is held within your Nifty collection, you will not have to pay gas fees to approve the token for sale.
- Making a global offer on a collection
Collectors will be liable for gas fees when:
- Purchasing NFTs Wallet-2-Wallet
- Explained: The gas estimation will be displayed below the listing price.
- Purchasing cross-listed NFTs from OpenSea
- Explained: The associated gas fees (for purchase/send txns on-chain) are automatically included in the listing price.
- Purchasing an NFT with Prepaid ETH
- Listing an NFT for sale via Wallet-2-Wallet
- Withdrawing Prepaid ETH
- Withdrawing an NFT(options include: Google Pay, Apple Pay, along with your traditional payment methods)
- Depositing NFTs into Nifty Gateway
You can track live gas rates, as well as, fee estimates for different transaction types here - https://etherscan.io/gastracker
We hope this was of help, and happy collecting!