β½Gas Fees
All about gas fees and how it impacts clients on RareCircles.
What are gas fees?
When you purchase an NFT or transact on the blockchain, a fee known as "gas" is incurred.
Every transaction ever made on a blockchain is recorded in a public ledger. To validate transactions, stakeholders in the blockchain can offer their coins as collateral, a practice commonly known as staking. Validators are selected at random and are rewarded for "locking" their coins to validate the new transaction. Gas fees represent the compensation paid to validators.
All of this requires computing power. More traffic on the network means more computational power is needed to process a transaction. Gas fees are the costs to transact on the blockchain. Their price can vary materially from one blockchain to another.
Who pays the gas fees?
With RareCircles, clients don't have to pay fees to mint their NFTs.
For NFTs minted on RareCircles, the buyer covers the gas fees. Once an NFT is sold, the NFT is minted and the gas fees cost is displayed to the buyer before they confirm their purchase.
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