Lets understand the concept of gas fees first, Gas fees are payments that users have to make to compensate for the computation energy required to process transactions on the Ethereum blockchain. In simple words gas fees is the fees used by the nft platform to create buy or sell NFTs. This is very much like the processing fees credit cards may charge for transferring money to various accounts or for paying bills.
Ethereum implements something called the proof of work algorithm. In this blockchain, validators who use special algorithms to solve cryptographic problems. Finding a successful solution to this problem enables sets of transactions to be processed and added to the blockchain.
So for that purpose miners who are able to solve the puzzles get compensated for their effort as a lot of computation power is expended in solving the complex puzzles. This incentive makes them provide continued support to transactions.
just like to run your car you need fuel. same way for processing transactions on Ethereum you need gas. Now imagine you are taking food from your home and getting it to a friend in a car. If there is less traffic, the amount of fuel that you will be using will be less. But if there is a lot of traffic, then the amount of gas that you will burn while stuck in the traffic jam will be much higher even than the cost of food. The distance remains the same as in the earlier case. NFT gas prices can be viewed in a similar manner. The gas fee is a fee that the user must pay to offset the computing energy used by the network, which is required to process a transaction on the Ethereum blockchain.
As someone new to the NFT space, you might be wondering why a gas fee is needed for NFT minting?
Gas will ensure that someone using the blockchain cannot send spam. So, the network will enforce a rule so that individuals cannot use computing power arbitrarily. It is an efficient way to maintain network security.
The small artists cannot afford to pay a gas fees which is higher than the NFT they are selling, also the high gas fee gave a lot of collectors pause on buying NFTs. so we were introduced to the polygon blockchain.With the Polygon chain (a layer-2 blockchain), you can mint and buy NFT at zero gas fee. Dont get mistaken, You are still transacting using the ETH currency, it’s just that the money is deposited into another blockchain. The 2 blockchains are pretty much like 2 separate banks. Ethereum is a bank that charges high transaction fees, while Polygon is like a bank that does not charge transaction fees.
if Michael minted the art in the Polygon chain, he would not have to pay gas while minting, I also would not need to pay gas when buying.
Novuszilla has done a great job in making Polygon feasible process. One can start with relatively low friction.
Novuszilla.com has come up with polygon and binance blockchain. even if you choose to mint through BSC youll have to pay a very minimal gas fees. With no or less gas fee, artists can mint more art and collectors can buy more art. A win-win situation.
How to register with novuszilla?
Get started with effortless cryptocurrency which connects you with metaverse. We have been hearing this word ‘metaverse’ alot lately.
Yeah you heard it all right- metaverse is the new future. Something we could just think of in our dreams, a complete virtual world. Which will make you visit any place virtually just while sitting home. Novus coin integrates you with such a place. Let’s know how to get hands over these exclusive coins
- Search the website ‘Novuszilla.com’
- Website will open up, on the top right corner you’ll see icon of three lines.
- Press that icon, click on the register option.
- A page would appear where you have to login but as you haven’t registered, click on ‘create an account’ highlighted in red colour, below login.
- Enter your details. For eg. Name, email, phone number.
- Enter the otp.
- Get your Kyc done by attaching your identity documents and bank details.
- Now google authentication appears, you have the option to skip it.
- Metamask page shows up, you have the option to skip this.
- You’re successfully registered and you can continue to enjoy all the metaverse integrated facilities provided to the novuszilla family.