Gas Fees Calculation

Hi guys, my name is Matteo and I’m an italian visual artist, I’m new to NFTs and Rarible but I’m not that new to the crypto world. Therefore I’m having some issues at understanding the gas fees applied for creating a token… I tried calculating manually the fees like this:
-I’ve searched online and found a lot of gas price indicator sites, I chose the average price at that moment in GWEI
-I multiplied the value by 21000 and converted it in ETH (this way I found a value that I call “A”)
-I then went on Rarible and tried to create a token, the first fee was about 2.5 times A.
-I didn’t go on so I don’t know the second fee…
Now, the question is, even supposing they wanted a really fast transaction and so used an higher quantity of gas, how is it possible the result is more than twice the expected result? I’m sure I’m missing something… (Rarible additional fees? How much are they? Where can I find indications about them?)
Thank you in advance for your help, if there is anything unclear just ask!
Thank you so much,
Matteo

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At least you were careful enough to check first before paying.
I also tried to do my first NFT yday and had a bad experience on Rarible.

The payment section shows a Part 1 fee, which i paid, not knowing that there is a Part 2 fee! The Part 2 fee was so much higher and it didn’t make sense… so i refreshed the page and the page went straight to homepage.

I thought no worries as most ecommerce sites i used always save your incompleted listings. But my ‘ITEMS’ page showed nothing and the Part 1 fees were already deducted and gone. So my listing was not saved, no NFT loaded, money gone.

I’m still waiting for support to reply to my email. But i read that most people don’t get any response.

I am a crypto hopeful and this Rarible isn;t doing the crypto potential any justice.
There are so many great payment and ecommerce sites to model after, and yet they chose to set up a payment system where you pay part1 first, without knowing how much part 2 is gonna cost. And if you decide not to go ahead after seeing that Part 2 fees are too high, the Part 1 fee is already paid and gone.

This must be the worst kind of ecommerce site. I feel that it is designed to trap users and keep earning from the Part 1 fees.

More people need to know about how Rarible works.

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Hopefully this isn’t the case. I also lost Eth trying to mint my second piece. If I don’t get my art work up I think I might abandon this site. Sucks because I don’t even have social media. I never shared my work with anyone. I wanted to share with this community. I pray in the name of Vitalik that this is not some scam just to squeeze Eth out of us.

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the transaction fees are insane.

charge me $11 in fees just to “authorize” my account to sell … then $53 transaction fee to sell? How does anyone make money here?

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I might be wrong but as I understand it this part 1 is really a one time thing, part 2 being the regular fee you’ll actually pay for every piece you post for sale. The current price is crazy high because it is directly related to gas for the ETH transaction to take place, but that also means it oscillates a lot. You can always check the current minting price at https://tools.gravityenterprises.co.za/#/Cost

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Hi. I read on another post that the Approval fee is one-time fee.
However, i went back to set up the same listing again, and it still requires the Part 1 (Approval fee).

Therefore, the approval fee is chargeable for every single attempt to create a new listing.

I see… You didn"t go through with your first attempt, right? I mean, if you don’t have your first piece minted yet, maybe that’s why you’re still being charged the second time because technically it’s still the first one. It sucks, I know. I minted my first piece last week, but being the dumbass I am I forgot something critical and had to do it again. It doesn’t matter that it was the same piece. $60 wasted. But the first time fee was really gone.

You could try posting on OpenSea instead of Rarible, at least for now. You will be charged the same thing on your first piece, but every piece after that won’t be charged a cent until someone buys it.

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And you also get gas fees to aprove a sale, so count on that too.
I can’t get around it… gas is too damn high, you can’t sell an artwork without spending less than 0.1ETH. At least from my experience.

Hello, artists! This crazy commission is killing me… Has anyone received answers from support on this issue? Or is Rarible a platform for the elite only and all the other artists are just a tool for pumping out money? Maybe Rarible is a scum? I think the crypto world is a territory of freedom and equal opportunities. Or am I wrong? What do you think about this?

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Every NFT marketplace has the same problem, it’s all constrained by gas fees. There’s not much we can do except wait for prices to drop while more viable solutions are implemented.

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Yes I think eventually all the fees will drop in the near future after the EIC 1559 is implemented in June. For now it’s more expensive to showcase and sell your work but that makes it slightly more exclusive because by then, there will be load more artists selling NFTs and that will dilute every other artists except the ones that will be established. So it’s your choice if you choose to wait for NFT creation fees to drop or not.