What Are Gas Fees?
Calls to the blockchain are essential when dealing with NFTs. These calls require heavy processing power and energy, thus they incur a gas fee to compensate.
Any action that involves sending a transaction to the Binance Smart Chain will incur a gas fee. Here is a list of such actions:
- Buying a fixed price sale
- Creating a fixed price sale
- Cancelling a fixed price sale
- Bidding on an auction
- Creating an auction
- Creating a collection
- Minting an NFT
- Accepting a bid after an auction ends
For more details on each of these actions, please visit their individual page in the guide.
When someone buys your NFT, they will be interacting with the Binance Smart Chain and pay gas fees in BNB.
BNB (BEP-20) is the native token on the Binance Smart Chain, so make sure you have BNB in your wallet as well in case you want to buy NFT from other creators on the market.
In the case of an NFT buyer, they will have to take into account the gas fees as well as the NFT artwork price before buying it.
Reminder:
Before sending the request on the block chain, you will be asked to Confirm on your wallet, and an Estimated gas fee will be provided at this stage. You are recommended to maintain the BNB balance in your wallet to be at least 50% more than the estimated fee. This would prevent the chance of transaction failed due to run out of gas fee. For example, if the estimated gas fee is BNB0.001, you are recommended to have at least BNB0.0015 in the wallet at the point when you confirm the transaction.