New users investing in NFT need to pay attention to additional conversion fees

New users investing in NFT need to pay attention to additional conversion fees

15/3/2021

In the past few months, digital assets known as non-funkible tokens (NFTs) have become more popular and popular-celebrities, artists, and investors created by selling these NFTs Tens of millions of dollars in income.

But NFT investment is largely uncharted territory. Although some NFT sellers have made millions of dollars, not everyone is so lucky. This process may include large fees that the sellers participating for the first time may not be aware of, and this will greatly reduce profits and even lead to losses.

The main cryptocurrencies used on the NFT trading platform include ETH, WAX, and FLOW. On most NFT trading platforms, users are responsible for paying for the computational energy required to process and verify transactions on the blockchain. Gas fees will fluctuate according to specific time points. Many mainstream websites charge users gas fees for minting tokens, as well as fees for selling and buying tokens. Most platforms also require digital wallets, so users must consider the conversion fees between different forms of ETH.

"The cost of NFT can be confusing, especially for new users." Robert Martin said.

"(Gas fees) may bring risks to new users," Martin told Insider, "new users need to get more education before entering this field."


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