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Oxalus Insights

Where To Buy NFTs With Low Gas Fees

Guides Nov 22 2022
[OX] 110_where to buy nft with low gas fee

In your journey to explore the world of NFT, you must have understood well about gas fees. It works as the fuel that powers your transactions and interactions on the blockchain network. Besides, its value also depends on the demand and capacity of the network. You can learn more about gas fees in our previous article.

Although gas fees have always existed in this market, it has always been a concern for most NFT users. In the article below, let’s consider blockchains that offer low gas fees.

3 Places To Buy NFTs With Low Gas Fees

If you are familiar with Ethereum then you probably know that this is the most expensive network with gas fees on the market. Because making a profit is the main goal of most investors, it is important to keep costs down. Therefore, we will look at three alternatives where you can buy or mint NFT with a low gas fee.

BNB Smart Chain

BNB Smart Chain (BSC) is a network developed by leading crypto exchange Binance. Although it is compatible Ethereum virtual machine architecture, its cost is much cheaper than Ethereum blockchain. BSC can reach a maximum of 300 transactions per second, and the average gas cost is only about 20 to 30 cents per transaction. These numbers are not stellar but much better than Ethereum. Because it is backed by a huge ecosystem, many platforms which help you buy, sell or mint NFT on the BSC network, such as BinanceNFT.

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Polygon

Polygon (MATIC) is the real Ethereum alternative in the face of escalating gas prices. It is a Layer 2 protocol built on Ethereum, meaning it has all of the features of Ethereum and can process more than 65,000 transactions per second on a single side chain while charging cheaper gas fees (approximately 50 cents per transaction) than the Ethereum network. Additionally, you can access most of the Polygon collections on the leading NFT marketplace Opensea.

Solana

Solana is a decentralized blockchain that enables scalable, user-friendly dapps all around the world. It employs a proof-of-stake algorithm to provide ultra-fast transactions at extremely cheap transaction costs. Solana has a network of over a thousand validators that can process up to 50,000 transactions per second at a gas cost of $0.00025 per transaction. As Magic Eden is Solana’s most prominent NFT marketplace, you can find almost NFT collections on Solana here.

Why Do Gas Fees Matter For NFTs?

Of course, the cost of buying or minting your NFT always includes gas fees. If you don’t pay attention to the gas fee, it’s value may surprise you. The average gas fee of the Ethereum network is $10 – $15 per transaction, but at peak hours it can reach hundreds of dollars. While the fees of other blockchains are cheaper, you still need to consider the time to make transactions if you don’t want to lose a lot more money than usual.

Can You Buy NFTs Without Paying Gas Fees?

The answer is “no”. Because gas fees are part of the blockchain, it is also characteristic of the NFT market. Currently, there is no way you can avoid this fee. However, you can reduce its burden in many ways such as choosing blockchains with low gas fees or using platforms that offer gas fee savings.

Gasless NFTs On Oxalus NFT Aggregator

If you are still wondering how to reduce gas fees when buying NFT, you can try our latest product, Oxalus NFT Aggregator. This is a leading NFT platform on BNB Chain that offers gas savings of up to 88% by pooling multiple NFT transactions in a single payment. So this is the place that is suitable for Web3 users, not only NFT traders but also newbies. You can access the Oxalus NFT Aggregator to enjoy 2000+ collections with low gas fees.


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