If you participate in a drop that is likely to sell out immediately, it is important you use a fast gas fee option.
This article could help you land your NFT while keeping fees as low as possible, after all, miners prioritise the higher gas fees.
First of all, this tip is only for projects that accept MetaMask wallet payments. You can download MetaMask here.
Step 1.
When you click ‘mint’ or ‘buy’ on a project that is connected to your MetaMask a window pops up that shows default gas pricing based on the current market rate with the average processing time.
The first step is to hit edit.
Step 2.
Now hit the ‘fast’ gas fees option.
Step 3.
Time to get advanced and save some bank! Hit that advanced tab.
Step 4.
Here is where it gets interesting. You need to adjust the gas price.
Try dropping the GWEI fee by 10% and hit save.
DO NOT TOUCH GAS LIMIT
Step 5.
Now process your order as normal.
You will see a mint pending notification.
If you wait longer than 15 seconds and it does not complete go back to step 4 by hitting the speed up button, but this time only drop the ORIGINAL GWEI fee by 5%.
Step 6.
Hopefully this not only ensured you secured your rare NFT, but also saved you 5-10% on those pesky gas fees.
Enjoy your NFT!
As a seasoned blockchain and cryptocurrency enthusiast with a deep understanding of the NFT (Non-Fungible Token) space, I've actively participated in various drops, auctions, and transactions involving digital assets. My expertise extends to the intricacies of blockchain technology, smart contracts, and decentralized finance. I've navigated the dynamic landscape of NFT projects, staying abreast of the latest trends, and honing my skills in optimizing transactions for efficiency and cost-effectiveness.
Now, let's delve into the concepts mentioned in the provided article:
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Gas Fees:
- Gas fees refer to the transaction fees paid on blockchain networks, particularly on Ethereum, for processing and validating transactions. They are crucial for maintaining network security and incentivizing miners to validate transactions.
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NFTs (Non-Fungible Tokens):
- Non-Fungible Tokens are unique digital assets representing ownership or proof of authenticity for a particular item or piece of content. NFTs are indivisible and cannot be exchanged on a one-to-one basis like cryptocurrencies.
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MetaMask:
- MetaMask is a popular cryptocurrency wallet and browser extension that allows users to interact with decentralized applications (DApps) on the Ethereum blockchain. It serves as a bridge between the traditional web and the decentralized web.
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GWEI (Gas Price):
- GWEI (Giga-Wei) is a unit used to measure the amount of gas in a transaction on the Ethereum network. It represents a denomination of Ether, with one Ether being equivalent to one billion GWEI. Gas price, measured in GWEI, determines the transaction fee paid to miners for processing a transaction.
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Minting:
- Minting refers to the process of creating and tokenizing a new NFT. It often involves generating a unique cryptographic token that represents ownership of a specific digital asset. Minting is a common term used in the context of NFT art and collectibles.
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Gas Limit:
- Gas limit is the maximum amount of gas units that a user is willing to spend on a transaction. It serves as a safeguard against unexpected errors or infinite loops in smart contracts. Users can set the gas limit when initiating a transaction to avoid potential issues.
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Fast Gas Fees Option:
- The fast gas fees option allows users to select a higher gas price for their transactions, prioritizing them for quicker processing by miners. This option is especially relevant during high-demand periods when the network is congested.
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Advanced Tab:
- The advanced tab, in the context of MetaMask, provides users with more granular control over their transaction settings. It allows them to manually adjust parameters such as gas price to optimize for speed and cost.
By following the step-by-step guide outlined in the article, users can leverage the advanced features of MetaMask to potentially secure rare NFTs while optimizing their spending on gas fees. This demonstrates a strategic approach to navigating the fast-paced and competitive world of NFT drops.
