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Ethereum Gas (Fees) - Part 1

  • Writer: Soul4Space
    Soul4Space
  • Jul 21, 2023
  • 3 min read

Updated: Sep 26, 2023

Introduction


In this part of our series, we'll delve into 2 important aspects of Ethereum "gas fee" transactions and transaction priority and how to set them in MetaMask. This information is especially crucial when buying NFTs (Non-Fungible Tokens) where transaction speed and reliability are key.

 


Section 1: What is Ethereum Gas?

  1. Just as fuel is required to run a car, gas is needed to run an application on Ethereum.

  2. Everything on the Ethereum network, including transactions, costs some gas.

  3. Gas in Ethereum has a market price determined by the demand for network resources.

  4. The amount of gas you need depends on the size of the contract you're executing and the speed at which you want it executed. You pay less gas for slower execution and more for faster execution.


  • Expert Tip: Check the current average gas fee prices and expected wait times using tools such as Etherscan's gas tracker or ETH Gas Station.


Section 2: How to set Transaction Priority in MetaMask

  1. Transaction priority determines the desirability of your transaction for miners, which affects how fast it will be included in a block.

  2. High-priority transactions are faster and more reliable, while low-priority transactions might not go through at all if the network is busy.

  3. MetaMask makes a speed and fee recommendation for you based on network conditions, offering a balance of cost and reliability.

  4. For better assurance of a faster transaction, you can choose a high-priority transaction.


  • Expert Tip: Always consider the network congestion and the importance of your transaction before setting the priority.

 


Section 3: Expert Insights and Tips

  1. Use advanced settings if you want more control over your transaction fees. This involves adjusting the base fee, priority fee and gas limit.

  2. Utilise blockchain visualisers like TXStreet.com to observe transaction flow in real time and understand how gas price influences transaction speed.

  3. Paying a higher gas fee for larger payments or NFT purchases can be beneficial to ensure the transaction is completed in a timely manner.


  • Soul4Space Tip: When buying an NFT, a high or medium priority might be beneficial for ensuring your purchase goes through quickly. A low priority might result in your transaction being outpaced by others, potentially causing you to miss out on the purchase.


Section 4: Making Offers on NFT Platforms and Soul4Space Tips:

  1. Platforms such as Foundation.app and Opensea.io are popular marketplaces for purchasing and trading NFTs. These platforms mainly operate using Ethereum (ETH) for transactions.

  2. When making an offer on an NFT, such as Soul4Space, you will need to pay in ETH on Foundation.app.

  3. For transactions on Opensea.io, it's important to know that if you choose to pay with USDC, you'll still need to have some ETH in your wallet. This is because ETH is needed to pay for the gas fees associated with your transaction.


Tip 1: Reserve Ethereum for Gas Fees

  1. When initiating any transaction involving Soul4Space NFTs, ensure you reserve an additional amount in Ethereum (ETH) to cover the gas fees.

  2. As a general guideline, set aside approximately 5% of the total value of your first transaction in ETH.

  3. This amount should typically cover the gas fees for your transaction and in some cases, might even be enough for a second transaction.

  4. For multiple purchases during our tour, you may need to reserve a higher amount.

  5. This strategy ensures that your transaction is processed without interruption due to insufficient gas fees.

Tip 2: Consider Using Wrapped ETH

  1. In some cases, you might find it beneficial to swap ETH for Wrapped ETH (WETH). This is because WETH is often more compatible with the smart contracts used in NFT transactions.

  2. If you're unsure about how to do this, don't worry. We'll guide you through the process in a future blog post.

  3. You can usually complete this swap for free within the OpenSea.io platform, a popular marketplace for buying and selling NFTs.


  • Remember: As you explore the world of NFTs, always take into account the transaction fees (gas fees) involved and ensure you have sufficient ETH in your wallet to cover these fees.


Conclusion


Navigating the NFT space, making offers and successfully completing transactions involves understanding Ethereum gas and how to set transaction priorities in MetaMask. Keep these points in mind, particularly when dealing with Soul4Space NFTs, to ensure smooth and successful transactions.

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