Gas

NFT Glossary Deep Dive: Gas Wars

NFT Glossary Deep Dive: Gas Wars

Ellen Britt for CNT #NFT Gas wars is the term given to the skirmishes that happen when too many people try to mint the same project all at once within a small time window.  Of course, the validators prioritize people who pay more for gas, which naturally leads to a bidding war. Prices are then driven ever higher as people try to get ahead of the line. Whales Have The Advantage The average person gets priced out of the action fairly quickly as gas prices rise higher and higher, but whales (meaning those with deep pockets) will not be affected…
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NFT Glossary Deep Dive: Gwei

NFT Glossary Deep Dive: Gwei

Ellen Britt for CNT #NFT We recently took a look at gas and gas fees and what those mean for both NFT creators and buyers. One of the terms we mentioned was gwei, the smallest base unit of Ether. Let’s explore gwei a bit more deeply. The Ethereum platform’s native currency is ether (ETH) but gas prices will often be expressed in Gwei. Each Gwei is equal to 0.000000001 ETH (10-9 ETH). This makes it easier for both buyers and sellers to talk about price. If your gas costs 1 Gwei, that’s a lot easier than saying or writing out…
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NFT Glossary Deep Dive: Gas / Gas Fees

NFT Glossary Deep Dive: Gas / Gas Fees

Ellen Britt for CNT #NFT Just like you pay for gas to fuel your car, you will need to pay for gas in terms of a gas fee to run the blockchain. These fees, which are required in order to process your transactions on the blockchain, pay for the energy required to complete those transactions. One of the differences between the Ethereum platform, which powers the NFT space, and other cryptocurrencies such as Bitcoin, is that the gas fees are used by miners to process transactions. The currency used by the Ethereum platform is ether (ETH) but the gas prices…
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