Arrington Capital-backed RedStone has launched Bitcoin staking oracles to enhance DeFi platforms by providing real-time data on staked Bitcoin and liquid staking tokens (LSTs). 

The SPX index was down by 0.96%, with utilities, communication services, and consumer discretionary sectors leading the declines. Investors are now looking ahead to further economic data and Federal Reserve commentary to guide the outlook for interest rates. Coindesk Indices, an index measuring broader cryptocurrency market performance was down by 2.23%, with Bitcoin and Ether rising by 1.14% and by 0.10%, respectively in the past 24 hours.

Today's top performer is SAGA, which surged 8.7% following dKloud's partnership with Saga to streamline blockchain deployment and enhance Web3 scalability.

Saga (SAGA), founded in 2021, is a Layer 1 blockchain protocol that allows developers to create customized chains for their applications, providing shared security and scaling solutions. 

, known for their app-specific blockchain provisioning technology. By combining Saga's Chainlet technology with dKloud's tools—DevPack, LaunchPack, and KloudDeploy—they aim to simplify blockchain deployment and enhance web3 scalability, enabling developers to launch dedicated blockchains more efficiently.

Check Out the Latest Prices, Charts, and Data of 

Arrington Capital-backed RedStone has launched Bitcoin staking oracles to enhance DeFi platforms by providing real-time data on staked Bitcoin and liquid staking tokens (LSTs). These oracles will support platforms like Ethereum, Avalanche, and Polygon, allowing Bitcoin holders to stake their assets in DeFi. RedStone raised $15 million in July to expand its data services, which also monitor LST issuance and calculate their net asset value. The company plans to integrate with more platforms like pumpBTC and Solv and expand support for Arbitrum, Base, and BNB Chain.

Yesterday, in the BTC Spot ETF data, total inflows amount to $137.3 million, with $nil million from GBTC and $137.3 million from non-GBTC sources.

OpenLayer is a decentralized data layer platform designed to enhance AI development by ensuring data quality, integration, and privacy. Backed by A16z and Geometry, OpenLayer has launched a 

 allowing users to earn points for airdrops by downloading a browser extension. To participate in the airdrop, users must download the extension, connect their Metamask wallet, enter an invite code, link their Coinbase and Twitter accounts, and click on an egg four times to earn points. Users are encouraged to repeat this daily to accumulate more points.

Beginner

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RedStone Launches Bitcoin Staking Oracles to Enhance DeFi Platforms with Real-Time Data

Pencils Protocol (DAPP) is a DeFi platform that offers users yield farming, vault strategies and on-chain auctions for blockchain native assets and RWAs.

Compared to traditional financial (TradFi) institutions, 

 (DeFi) protocols offer a plethora of benefits to users. Scalability, flexibility, access democratization and transparency are among the key advantages of trading and investing 

 rather than through banks and other TradFi entities. 

However, along with its benefits, the DeFi industry’s many associated issues have put the brakes on its wider adoption. One such area is compliance with 

 (AML) requirements. Privacy of customer transactions is another area where DeFi protocols may struggle due to the public nature of blockchain platforms. To complicate things even more, AML regulations and transaction privacy are often onerous to optimize at the same time.

Pencils Protocol (DAPP), a leading DeFi application on the 

 Layer 2 network, has adopted a number of measures to ensure that AML requirements, transaction privacy, scalability and flexibility of on-chain operations are all maintained simultaneously in a system commonly referred to as permissioned DeFi. This provides a holistic solution whereby users can enjoy both the perks of DeFi — such as efficiency, transparency and autonomy — and the benefits of TradFi, namely security and compliance. The protocol acts as a comprehensive DeFi solution that creates secure and flexible trading opportunities with products such as auctions, yield aggregator services, farming vaults, restaking and more.

Having started out in early 2024 under the name PenPad (PDD), the project rebranded to Pencils Protocol in May 2024 and launched its native token in September. Despite being one of the newest DeFi protocols in the Scroll ecosystem, Pencils Protocol has already grown to become the network's largest DeFi app (as of Oct 8, 2024), with a 

 chain that offers a wide range of DeFi products, including auctions, 

 platform, the protocol features a high degree of scalability, cost efficiency, cross-chain interoperability and integration with the 

The protocol offers flexible and innovative DeFi products while maintaining a Permissioned DeFi infrastructure through a combination of mechanisms, such as a system of identity verification called Proof of Humanity, 

The project was launched in February 2024 as PenPad (PDD) before rebranding to Pencils Protocol in May 2024. Pencils Protocol’s native token — inventively and attractively named DAPP — debuted in September 2024.

Pencils Protocol relies on Scroll's ZK technology to offer transaction scalability, security, privacy and cross-chain interoperability with Ethereum. Scroll operates a ZK-based 

 (EVM)–compatible rollup platform that makes it easy for Pencils to offer a highly efficient and secure trading environment that features a variety of assets popular within the Ethereum ecosystem.

While Pencils Protocol offers a wide variety of DeFi products, the platform's three main products are auctions, yield farming, and vaults designed to run predetermined strategies. This last product type offers a variety of advanced strategies, enhanced 

 and various on-chain synthetics. Pencils Protocol extensively uses Ethereum's 

Other DeFi products on Pencils Protocols include various liquid staking and restaking opportunities via Scroll's native gateway. Additionally, in July 2024, the project team announced an upcoming crypto lending feature to be integrated into the product line.

Pencils. a community rewards points system that the protocol actively leverages, is considered central enough to operations to be rebranded under the protocol’s name. Users can earn Pencils in two primary ways: staking and participating in the project's marketing initiatives.

A major way to earn Pencils points is by using the protocol's staking service. For every 1,000 

 equivalent staked, users can expect one Pencils point per day. Contributing to the protocol's marketing campaigns and overall growth is another way to stock up on these points. For example, anyone who contributes to the ecosystem development as an influencer, brand ambassador or business partner earns Pencils points.

Pencils points offer a variety of benefits and exclusive access features:

Pencils Vaults are tokenized vaults designed to optimize yields through deposit staking and LP staking. Their deposited assets are used for yield farming, and are reinvested through multiple platforms via predetermined yield strategies. Users can invest in these vaults using 

 from the Pencils Protocol Vaults Pool. 

Vaults support leveraged trading and offer users great flexibility and customization when it comes to setting their preferred leverage levels. To further increase yields, users can draw on the vaults to borrow additional funds to invest. The interest they pay on these borrowed funds is used to reward those participating in Pencils Protocol's yield farming.

Yield farming and leveraged yield aggregation services are also among the key products on Pencils Protocol. These products allow DeFi traders to maximize asset utilization and benefit from competitive yields. Farming yields are funded mainly through the interest paid by borrowers on the protocol, as noted above. The following types of assets are supported for farming on Pencils Protocol:

The protocol will also support Scroll's native cryptocurrency upon its launch. In addition to yields, the farming products on the protocol also provide rewards in Pencils points.

Pencils Protocol also offers auction services for various assets, such as blockchain-native assets and tokenized 

 (RWAs). It's an all-inclusive auction platform on which both digital and physical assets in tokenized form can be listed and traded. Users can benefit from these auctions by snapping up assets at discounted rates. As of early October 2024, Auctions products available on the protocol are limited, with the project mainly focused on its Vaults and Farming offers.

However, it's likely that auction services will also catch up in the future, as clearly indicated by the protocol’s positioning of Auctions as one of the essential products in its communications.

What Is the Pencils Protocol Token (DAPP)?

Pencils Protocol's native crypto token, DAPP, is used extensively throughout the platform for the following functions:

The DAPP token’s launch in late September 2024 was accompanied by an airdrop campaign that allocated 3 million DAPP to eligible users. Two-thirds of this amount will be distributed based on users' Pencils points holdings, while the remaining 1 million is reserved to reward active participation in the protocol's activities.

DAPP’s total supply is 100 million. The chart below shows the token's supply distribution shares.

The DAPP token is available on Bybit as a Spot pair (

). Additionally, you can take part in a campaign dedicated to the token to grab a share of the 

. Valid through Oct 11, 2024, this campaign rewards new Bybit users who deposit at least 125 DAPP, 

 deposit 100 USDT and trade 100 USDT worth of DAPP in their first Spot trade. Existing users can also earn DAPP rewards by trading at least 1,000 USDT worth of DAPP on Bybit’s Spot market.

As of today (Oct 8, 2024), the DAPP token is trading at $0.2163, which is 79.5% lower than its all-time high of $1.06 on Sep 27, 2024, and 2.3% higher than its all-time low of $0.212, recorded earlier today.

Long-term price forecasts for DAPP are generally bullish. DigitalCoinPrice 

 of $0.65 in 2025 and $1.88 in 2030, while CoinCodex 

 to rise to a high of $1 in 2025 and to decline slightly to a potential high of $0.84869 in 2030.

With its focus on innovative farming and vault products, Pencils Protocol is emerging as a next-gen decentralized platform for active DeFi users. In addition to its core products, staking and restaking opportunities are also available on the platform. Once the protocol begins offering a richer variety of auction opportunities, it will certainly qualify for the title of a comprehensive DeFi solution. If yield optimization, advanced strategies and/or access to discounted assets are up your alley, Pencils Protocol might be well worth checking out.

Intermediate

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Pencils Protocol (DAPP): One-Stop DeFi Powered by Scroll

GOATS is a Telegram-based gaming platform that offers a variety of mini games, such as flipping a coin, rolling dice and spinning a wheel. Learn more here.

Lately, the collaboration between the Telegram messaging app and the 

 Telegram game provides a great example of how a development team can use 

 to create engaging new games. What makes this project stand out from all the other Telegram games on the meme coin market? Keep reading to learn why 

 offers even more investment opportunities than some already successful games on Telegram.

 is a Telegram-based gaming platform that offers a variety of mini games that involve activities such as flipping a coin, rolling dice and spinning a wheel. Unlike many other Telegram games, 

 provides concrete rewards. Users play these games to obtain tokens from both the 

 platform and other crypto networks such as TON.

 aims to entertain users while offering more utility than other Telegram mini games. The typical Telegram game involves users earning in-game currency that they can later use to qualify for rewards from a crypto airdrop. 

’ creators wanted a more streamlined process, so the currency distributed in the game is the actual cryptocurrency that the game provides. 

 also recognizes that many users desire crypto assets with bigger name recognition, and endeavors to capture their attention by offering more giveaways of other tokens.

’ team hopes that these additional features will allow them to achieve their primary goals of internet popularity and high prices on the meme coin market. The project isn't just called 

 because of its animal-themed meme coins. It's also named after the slang phrase "G.O.A.T.", which stands for "greatest of all time." 

 aspires to live up to this name and become the greatest Telegram game of all time.

 uses a combination of three different types of technology to offer its users a variety of fun games. The 

 Telegram game is run through the Telegram messaging app's bot. This automated system sends messages to and from users, so 

 can run its service directly from the Telegram app. 

 also uses a software-based interface to make things easier for users, and a blockchain-based ledger to keep track of transactions. This ensures that 

 plays like a standard game while delivering the security of a blockchain project.

, they receive access to a variety of types of gameplay. Unlike most other Telegram games, 

 doesn't stick to a standard clicker mechanic that distributes crypto assets. Instead, it incorporates mechanics from a variety of casino games. Depending upon the game you select, you can experience features such as:

 is built on the TON blockchain. People can use it for various in-game transactions, and meme coin enthusiasts can also trade it on exchanges outside the system. Like 

. This large supply could lead to an impressive total market capitalization of more than $750 million, even if 

 tokens sell for a fairly low price. Currently, there’s no information available regarding other aspects of 

’ tokenomics. Its development team hasn’t released information on token distribution, or announced whether they’ll be locking or 

 has managed to capture a lot of attention due to the TON and 

 giveaways that it’s used to reward early supporters. These notable events have allowed the game to attract many users, both before and after its airdrop. Since its launch in July of 2024, 

 has experienced rapid growth and acquired millions of players. As of Oct 6, 2024, 17.5 million monthly players participate in 

 games. The ecosystem also has 8 million active community members and 

 was being discussed more on social media in the days leading up to its 

 meme coin manages to experience some significant price jumps, the project has the potential to keep acquiring new fans.

 points is that you need to participate in the game to get free tokens. However, this game has more going on in it than most other Telegram games, so crypto enthusiasts who want to maximize earnings need to play carefully. Here are some tips for earning as many tokens as you can:

 first token airdrop took place on Sep 15, 2024. The initial airdrop was set up to distribute tokens to all of the active 

 community members. Participants simply needed a 

 has also continued to run airdrops for every new person who signs up for the 

 ecosystem. All verified users are automatically distributed a set amount of 

 tokens, based on the age of their Telegram account. The airdrop also provides additional rewards for frequent users, early investors and Telegram Premium members. 

 has the potential to be a rewarding crypto. Its high total market cap could easily place it onto lists of top meme coins, which will attract a lot of attention. Furthermore, the project's crypto asset giveaways have been received with a lot of goodwill from the crypto world. Once the 

 token is listed on more exchanges, some crypto enthusiasts predict it 

However, keep in mind that there’s a lot of competition from other animal-themed meme coins on Telegram. If 

 can’t capitalize on its popularity with early supporters, it might be difficult for it to achieve rapid growth. Meme coins are fairly volatile, and their prices vary a lot depending upon how popular they are. If you want to minimize risk, you’ll need to exercise caution, maintain a diverse portfolio and 

 Telegram game has had a strong start, not only rewarding early supporters with instant 

 token airdrops but also attracting attention with its TON and SOL giveaways. The project is now transitioning from token giveaways to token listings, so the next stage will be a crucial one for 

. Watch closely in case this meme coin takes off.

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GOATS (GOATS): The G.O.A.T. Telegram Meme Coin to Watch

Sky is a decentralized finance platform that evolved from MakerDAO (DAI). Learn how the new platform works in this article.

Sky, formerly known as MakerDAO, is redefining 

 (DeFi) with a significant transformation of its ecosystem. By introducing new features and upgraded tokens, Sky aims to enhance accessibility and drive the next era of DeFi adoption.

This article explores Sky, its history and the reasons behind the rebranding from MakerDAO. We'll also examine how the platform works, its key features, road map and new tokens, and evaluate whether SKY is a good investment in the evolving DeFi space.

 is a decentralized finance platform that evolved from MakerDAO (DAI). As the new front-end application for the Sky Protocol ecosystem, it offers an upgraded 

 system, native token rewards and a more accessible governance structure to drive the next era of DeFi adoption.

Users of Sky can interact with the protocol's features in the following ways:

Sky's roots trace back to MakerDAO, one of the pioneering projects in the DeFi space. Founded by Rune Christensen, MakerDAO introduced the concept of a decentralized 

 (DAI) backed by cryptocurrency collateral. The project gained significant traction and became a cornerstone of the DeFi ecosystem.

As the DeFi landscape evolved, the team behind MakerDAO recognized the need for further innovation and improvement. This vision led to developing the "Endgame" plan, a comprehensive strategy to enhance the protocol's capabilities and ensure its long-term sustainability.

The rebranding from MakerDAO to Sky is part of the broader Endgame strategy. According to the project's FAQ, the rebranding serves to:

Transitioning to Sky represents more than a name change — it's a fundamental shift in the project's approach to 

 (DeFi). By retaining the core principles of MakerDAO while introducing new features and a more intuitive user experience, Sky aims to bridge the gap between traditional finance and the world of DeFi.

Some of the key objectives of Sky include:

Sky operates on principles similar to its predecessor, MakerDAO, but with enhanced features and mechanisms.

Sky offers a range of innovative features designed to enhance user experience and provide new opportunities in the DeFi space.

Sky enables users to trade popular cryptocurrencies for ecosystem tokens using 

 and noncustodial pools. Users can exchange 

 and SKY for USDS, and vice versa. The platform utilizes smart contracts powered by CoW Swap to ensure efficient and secure transactions without relying on centralized entities.

Users can access Sky Token Rewards (STRs) by supplying USDS to the Sky Token Rewards module. This noncustodial feature allows participants to earn SKY 

 over time, with no minimum USDS amount required.

The reward rate fluctuates based on the token issuance rate, market price and the user's proportional supply in the pool. Subject to governance approval, users may also receive future rewards in the form of various Sky Star tokens.

The Sky Savings Rate is an evolution of the former DAI Savings Rate. It allows USDS holders to earn additional USDS over time by supplying their tokens to the SSR module. This noncustodial feature requires no minimum supply amount, and offers flexible withdrawals. The SSR is a variable rate determined by Sky ecosystem governance through decentralized on-chain voting.

Users can supply SKY tokens to the Activation module to accumulate Activation Token Rewards as USDS or various Sky Star tokens. SKY supplied to Activation doesn’t support delegation or voting, and users can activate or deactivate their SKY anytime without restrictions or fees.

Sealed Activation will enable users to seal their SKY or MKR governance tokens in order to accumulate higher Activation Token Rewards than with simple Activation. Users can delegate their voting power while their tokens are sealed. Unsealing incurs an Exit Fee, which increases over time and is set by Sky ecosystem governance.

SkyLink is an upcoming feature designed to connect Ethereum-based tokens and features to support 

 (L2) networks. This integration aims to enhance users' ability to manage their digital assets more efficiently by providing access to lower-cost platforms, which is especially beneficial for those deterred by high Ethereum 

Sky Stars are independent decentralized projects within the Sky ecosystem. Each Star operates with its own governance token, treasury and decision-making processes. Sky Stars serve as engines of scalability and innovation, enabling focused, fast-moving development and expansion.

, is already a top DeFi lending platform with over $2.5 billion in 

The Sky Atlas is the comprehensive set of rules governing the Sky ecosystem. It's a living document that evolves through improvement proposals and decentralized voting until governance determines no further modifications are necessary. The Atlas ensures that governance is shared among a diversified community aligned with the ecosystem's goals.

The Sky road map highlights recent achievements, and outlines ambitious plans for continued innovation in the DeFi space.

Sky Protocol’s road map emphasizes its commitment to decentralized expansion, continuous innovation and cross-chain 

. As the ecosystem grows, each new Sky Star is expected to develop its own road map — creating multiple threads of parallel, decentralized innovation and growth.

Sky introduces two tokens to offer enhanced functionality and opportunities for users.

SKY is the rebranded and upgraded version of the MKR token. It serves as the governance token for the entire Sky ecosystem.

USDS is the upgraded version of the DAI stablecoin.

Users can upgrade their tokens through the Sky platform. The process is voluntary, and legacy DAI and MKR tokens will continue to exist within the renamed Sky Protocol.

Following are the key aspects of SKY’s tokenomics.

The initial distribution of SKY is directly tied to existing MKR tokens:

It's important to note that some features, including Sky Token Rewards and the Sky Savings Rate, may be restricted in certain jurisdictions, including the U.S. and U.K.

, with analysts predicting SKY’s price to reach $0.0854 by the end of 2024, $0.4186 by 2028 and $0.9205 by 2030.

As SKY is a newly introduced token following the rebranding, specific price predictions are speculative and should be cautiously approached. Investors should conduct thorough research and consider the high volatility of cryptocurrency markets before making investment decisions.

Investing in SKY involves weighing potential benefits against inherent risks.

Before investing in SKY, investors should 

 and possibly consult financial advisors.

Sky builds upon MakerDAO's legacy to introduce a more accessible, innovative and decentralized platform. With its ambitious road map and plans for expansion across multiple blockchains, Sky is well-positioned to continue pushing the boundaries of DeFi.

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Sky (SKY): Supercharged Upgrade of MakerDAO & DAI

Bybit Learn

Minting NFTs require gas fees to incentivize miners who validate and add transactions to the blockchain. But how does the fee impact NFT buyers & sellers? Learn more here.

 (NFTs) and crypto collectibles peaked considerably following the sale of a digital image collage entitled "Everydays: The First 5000 Days" at Christie's, the famous auction house, for a record-breaking $69.3 million. The NFT, created by Mike Winkelmann, a digital artist popularly known as Beeple, set a new record for a digital-only artwork and became the third most expensive artwork by a living artist to be sold at an auction. 

The ensuing popularity of NFTs attracted flocks of creators and artists who see blockchain-based technology as a means of monetizing their talents. Of course, the NFT market quickly proliferated, and thousands of digital files exchanged hands daily. Nevertheless, buying, selling and transferring NFTs typically comes with a transaction cost — namely, gas fees. 

If you’d like to trade NFTs, you may wonder what NFT gas fees are and why they’re necessary. This article will help you understand how NFT gas fees work, why fees are required, and how to calculate them. 

 is the charge that users pay to transact on the Ethereum blockchain. Gas is used to compensate miners for the computing energy and resources expended to validate transactions and to include them in the blockchain. In other words, gas fees are a reflection of the amount of computational power required to record a transaction on the Ethereum blockchain network.

, which are minute fractions of Ether (ETH), the native token of the Ethereum network. A unit of gwei is equivalent to one billionth of Ether — that is, 1 nanoether, or 0.000000001 ETH.

Gas prices fluctuate, depending on the complexity of a transaction and traffic on the network. Naturally, a transaction requiring more computational power will demand higher fees. Also, transacting during peak periods with plenty of traffic on the Ethereum network will attract heftier fees.

Gas fees can be compared to a cargo transport truck service, where the goods are transactions. The heavier the goods transported from point A to B, the more fuel or gas will be expended. At the same time, if the road is congested, the trucks also use up more fuel to get to their destination. The truck service will also prioritize moving the goods of customers who are willing to pay more than the base price.

Artists and creators know that dealing with NFTs on the Ethereum network can be expensive due to gas fees. But they understand that NFT gas fees are the price to pay to create, sell and buy NFTs. Of course, this has a significant impact on NFT creators and artists. So, what do gas fees mean for artists?

Contrary to popular belief, NFTs don't always sell for six figures. Most sell moderately, for a few hundred dollars, and many may not be sold at all. Considering that you have to pay gas fees to create and sell your NFT, you may lose money rather than make a profit. To make matters worse, it's not easy to predict what you'll be paying for gas since the price keeps changing.

High gas prices mean artists may find it challenging to profitably create and sell their work profitably. To make their artwork-related NFTs more affordable when gas prices spike, some artists may attempt to reduce the overall price of the artwork to compensate for the cost of gas. This, however, presents a new challenge, as buyers may perceive the work to be of less value — since they have to decide if it's worth spending a larger percentage of the total cost on gas fees. 

Gas prices are unrelated to the absolute value of the digital asset, and in some cases may outstrip the price of the assets put up for sale. This is especially difficult for new and upcoming artists who haven’t yet established name recognition for themselves.

Essentially, an artist without a solid enough reputation might find it difficult to sell their art when they overcharge to attract higher prices. 

Minting an NFT describes the process of converting digital files into digital assets stored on the blockchain. Like every other transaction on the Ethereum blockchain, minting an NFT requires resource-intensive computations from miners. Gas fees were conceived of as a way to compensate miners for helping to record your transaction on the blockchain (and, in this case, mint the NFT). 

For the artist, minting the NFT is relatively easy, a bit like uploading a video onto YouTube. Once you’ve uploaded the file, you have to approve the gas fee, which will come from your digital wallet. When you’ve paid the fee, the minting process will start.

Because gas fees aren’t directly related to the value of the NFT, sellers and buyers of digital art can lose money on a transaction. In other words, your costs could exceed what you get — or pay — for the NFT.

Why Does Minting an NFT Require Gas Fees?

Minting is the act of creating an NFT on a blockchain. Because blockchains are decentralized networks not owned by a central authority, they’re maintained by miners who mint NFTs. Miners use their own computing power, and in return they expect a payment to cover their time and resources. 

Gas fees help keep the blockchain running by incentivizing the miners who validate and add user transactions to the blockchain. Since they get paid for the work, miners will strive to make more in gas fees, thereby increasing the network's security. Greater incentive means that miners are more willing to expend resources validating transactions to secure the blockchain. This also optimizes transaction speed, since more computational resources will be dedicated to mining operations.

The costs for minting an NFT fall under the following categories:

Prices differ from blockchain to blockchain. There are even price differences between transactions on a single blockchain. These fees are dependent on several factors, including the amount of data used, the speed of the transaction and the time of day. 

The cost to mint an NFT ranges widely. When converted to fiat, the cost can vary from $1 up to $500 or more. Creators can choose from several NFT marketplaces, with each platform charging different fees. 

Ethereum has become more expensive in recent years, a victim of its own popularity. The network has limited capacity, and the more people who use the platform, the more crowded it becomes. Since the gas fee depends on supply and demand, costs have climbed. 

Currently, the Ethereum gas fee is made up of a 

. The base fee is burned and the tip is paid to the miner. 

Total transaction fee = Gas Units (Limit) × (Base Fee + Tip)

With a gas limit of 21,000, base fee of 100 gwei and a tip of 20 gwei, the total fee is 2,520,000 gwei, or 0.00252 ETH. This would be equivalent to around $7.49 (at $2,971.81 for one ETH).

Minting NFTs on Ethereum can be expensive. NFT minting gas fees fluctuate due to demand on the network and the current price of ETH. The gas fees peak during periods of high demand as users compete to get their transactions added to blocks. Aside from the gas fee, some NFT marketplaces also charge a small fee for listing and transaction fees which are a percentage of the cost of the traded NFT. 

Historically, costs for minting an NFT have even reached $500

NFT marketplaces such as Rarible and OpenSea offer artists the option of 

, which allows you to put off minting (adding) your NFT to the blockchain until someone buys it. Lazy minting lowers the barriers to entry for creators. This is especially useful for artists new to the field, since they don’t yet know how well their works will sell. 

Using lazy minting, the artist can defer payment to the time of sale. The gas fee is deducted on the same transaction as the sale, and the buyer typically pays the gas fees instead of the seller or creator. Otherwise, you can choose regular minting, which means that you'll pay gas fees every time someone wants to buy your token.

There is no lazy minting option on the Solana blockchain, but the gas fees are a lot less expensive than Ethereum’s.

Though Ethereum is the most popular of the blockchains, it’s not the only one that mints and stores NFTs. There are others, including 

Solana has grown in popularity, and could even 

 as the leading blockchain network. It’s currently the second-largest blockchain by transaction volume behind Ethereum. 

Unlike Ethereum, fees don’t typically increase because of network congestion. Fees on Solana are also significantly lower than those on Ethereum. 

Creators incur three blockchain transactions when minting an NFT on Solana. There are two approval transactions and another for listing the NFT. Each transaction on Solana costs around 0.00045 SOL, which was around $.04 at the beginning of March 2022. 

The gas fee is independent of the price of an NFT. Pricing for an NFT is related to supply and demand, dependent on what the buyer is willing to pay for the asset. 

This is why an artist can lose money when minting an NFT. If the gas fees are high and the digital artwork doesn’t sell well, the creator could take a loss. 

The Sending and Selling of NFTs Require Gas Fees

There are fees involved in selling NFTs, which can include transaction fees and gas fees.

New sellers are often unaware of the costs, so they sometimes end up losing money. Transferring NFTs should be cheaper than minting them. Costs vary by marketplace, so it’s important to check before transacting. At the moment, OpenSea is the single largest generator of gas fees.

Gas fees change throughout the day. The actual gas fee is determined by supply and demand and is set by miners. 

The gas fee that you pay will depend on transaction complexity, the price of related cryptocurrencies, and the amount of traffic on the network. 

The minimum transaction fee is 21,000 GWEI. Since one GWEI is a billionth of an ETH, the least you can expect to pay is 0.0021 ETH. Multiply that by the current price of ETH to get the minimum transaction cost.

Smart contracts and NFTs will cost a lot more than the minimum of 21,000 GWEI. This is due to their complexity and the amount of computational power needed to transact. NFT transactions are much faster when you’re willing to pay higher gas fees. However, when the network is busy, the gas fees are bid up as users attempt to expedite their transactions. 

NFT Gas Fee: What It Is & How to Calculate It

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