What is an NFT?
An NFT is also known as a Non-Fungible Token. These are one of a kind Tokens that represent a unique asset, such as ‘digital art’. They can be sold in Auctions or have Fixed Price ListingsAuctions, similar to how sites such as eBay operate. This allows Collectors to bid on or purchase an NFT, unlocking new avenues for Creators to monetize their work.
What is Minting?
Minting an NFT refers to the process of turning a digital file into a crypto collectible or digital asset on the Ethereum blockchain. The digital item or file is stored in this decentralized database or distributed ledger forever, and it is impossible to edit or, modify.
What is a Gas fee?
Gas fees are the cost of interacting with the Ethereum Blockchain, they are not fees created or collected by Vault in any way.
Why is Gas so expensive?
Gas can get expensive when the Ethereum network is experiencing a high volume of transactions. For each new block added to the Ethereum blockchain, there is limited space for how many transactions can be included. Due to supply and demand, miners are incentivized to accept transactions at higher gas fees. If gas fees are high, this does not mean that the Ethereum network is broken, it’s just a function of how it currently works.
Why do Gas fees fluctuate?
It’s difficult and complicated to determine how gas fees fluctuate, the main reason is based on the amount of traffic on the Ethereum Blockchain.
Do I have to accept the Gas fee?
You always have the choice to accept to pay a high gas fee or not. When your wallet prompts you to pay for gas, you are presented with three options to accept the transaction at the price and speed you want. Paying the lowest gas price means your transaction will take the longest time to complete—and may get dropped.
If you would like your transaction to be completed quicker, you can pay an additional gas fee to speed it up. In your wallet, once you’ve submitted a transaction, click the button that says “Speed Up.” This will let you re-submit the same transaction for a higher fee, to be processed quicker.