Accepting Bids & Gas fees

Hey guys

Just wanted some clarity. I’m listing a few bits between 0.05 and 0.1 ETH but it seems completely pointless to accept bids in that region as the miners fee is $60?? Of a $90 bid it’s pointless. Even when gas is ‘low’ is still that price.
Is this the current state of things or am I doing something wrong?

Any help would be great!

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Hello,

The gas price may vary, but currently, the process of minting a piece is approximately 80/90 $
You’re not doing anything wrong, it’s the ETH rate that fixes these prices and it’s going slightly up recently.

I’m talking about accepting the bid! It costs to mint and then costs to take the bid aswell. Just seems almost impossible to turn a profit with moderately priced NFTs.

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Yes the transaction goes as well as it’s costs gas fee. And as I, said, as the ETh goes up, the gas fee goes up as weel. That’s why it’s hard to accept bids. However, you must try to think in ETH instead of converting in dollars. It seems more legitimate to build a community which buy your work and increasing prices of your NFT slowly.

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Alright thanks for your help! Appreciate it

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You’re welcome :blush:

Do you also have to pay a gas fee when you sell an item for the asking price?
Or only when you accept a bid?

I guess you also pay a gas fee ! Gas fee is used for every transaction wheter you buy or sell anything (or even transfer).

hi how are you???

I’m trying to mint my first NFt but it says gas fee is $1000,00.

I knew it would be extensive but that expensive???

Is that right or am I missing something???

thanks

Hi don’t choose erc-1155
Let “rari” selected

this is my first minting process so i wanna be sure it goes smooth!! thanks for you help!!!

I was thinking about minting it on ERC721 cause I’ve read that it has more value than RARI???

Is that ok to mint in RARI??? Should I carry on with RARI this time???

I want it to be valueable and I’m researching the best way to mint!!!
thanks for your help

Rari is Erc 721
Sorry on my phone

Are gas fees cheaper for the seller if somebody purchases your NFT at the asking price vs the seller accepting a lower bid?

No it’s the same price but the one who pays change.

Sorry, on my phone

oh I thought both the buyer and the seller pay gas fees on a sale?

No no. If you sell your NFT, the buyer pay the gas fee, but if you accept a bid, you pay the gas fee.
Beware! Some people will bid on low prices NFt higher than the proposed selling price so as to influence you. The trap is that in this case, YOU pay the gas fee :wink:


My NFT here and my profile here
I always follow for follow, even on instagram where you can see my other pieces and my painting process.

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Should i pay gas fees or first mint on lazy mint??? What’s the difference???

Just gathering more info…

Gotcha. So best case is seller selling NFT at the asking price, and best case for buyer is when seller accepts their bid and covers the gas fees.

However in case where buyer offers above the asking price i think if it is muuch higher than it could be worth it for the seller to accept and cover the gas fees, although im sure the buyer would have calculated the perfect price to offer above the asking price to minimize their gas fees and snag a deal.

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Does the price of my NFT reflects the gas fee price???

Thanks, this is helpful! :slight_smile:

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