Can You Sell an NFT Without Gas Fee – Save Big on Gas Fees

If you are trading NFTs on the Ethereum blockchain network, you will know how expensive gas fees can be.

Gas fees have reduced significantly since the highs of November 2021 to March 2022, but with an average gas fee of $25 per transaction as of the Summer of 2022, there is always a desire to reduce this lower, and even to zero if possible.

The new OpenSea tool allows anyone to mint an NFT for free, it’s not possible to then sell that NFT to anyone else without a gas fee.

Selling NFTs on Solana and Polygon costs only a few cents, so almost free. Those on the Ethereum network are not as fortunate.

It isn’t possible to sell an NFT without a gas fee on the blockchain. This can be as low as $5 if the sale is made during a low demand period. This can help reduce gas fees by 80%. Gas fees are free if the JPEG is sent to a buyer to mint on OpenSea, and pay by wire transfer, this though is very high risk.

There is one possible option of selling an NFT without paying a gas fee.

This option has many drawbacks, and is very high risk, so it may be worth just paying the gas fee and using a low peak period, but I will explain how.

How to sell an NFT without gas fees

There is one way to sell an NFT without gas fees, but it comes at high risk, future uncertainty and is probably not worth the savings made.

The only possible way is to send the JPEG, or which format the digital image is in, to the buyer after they have wired you payment in cash or via crypto.

The buyer would then, using the OpenSea NFT Minting Tool, mint and create the NFT for free. The NFT will then be within the buyer’s wallet and no gas fee is payable.

It sounds a great option until the caveats are understood.

The buyer and seller need to trust each other. The buyer will be paying money for a JPEG they hope to receive. If the seller releases the digital image before payment is received, the buyer may use it to mint anyway.

This creates uncertainty and risk.

The other challenge, and probably biggest risk for the buyer, is the authentication. The NFT will never show it was minted from you as the creator. That lack of audit trail could prove enough of a red flag for potential buyers in the future who may question is validity and it’s worth as an NFT.

Also, if the buyer tries to sell the NFT in the future gas fees will be payable to list the NFT for sale.

If though you have an NFT you wish to sell, and were not the creator, then it is not possible to sell the NFT without any gas fees whatsoever.

The reason for this is any NFT sale requires validation. This validation has to be performed by someone for a fee.

It is this fee that safeguards the blockchain network and pays for the services of the Workers on the Ethereum blockchain, or the Stakers on the Solana or Polygon blockchains

They validate every transaction by solving a complex algorithm which takes processing power.

How to reduce the cost of gas fees

If it is all but impossible to sell an NFT without paying any gas fees, how can you heavily reduce the fee cost?

Here are some of the ways to do just that:

Sell NFTs during low demand periods

Selling an NFT during a high demand peak period could cost you up to 5 times as much in gas fee than a low demand period.

The price of gas fee is based on supply and demand. The higher the demand for transaction validation the higher the price of gas fees.

The Ethereum blockchain, as an example, can only process a few transactions per second. Unlike the Solana and Polygon networks that can process thousands.

When demand is high, miners can pick and choose which transactions they validate and those who pay the most in gas fees are picked to be processed first.

When buying an NFT it is possible to choose low, medium, or high priority. The higher the priority the higher the gas fees. Buyers outbid each other by setting the gas price they are willing to pay at a higher rate than the person before, and this is how the price increases.

When demand settles down, and there isn’t so much competition, the price will naturally drop – as miners (the supply) then have to fight over the transactions remaining, and prices naturally reduce.

Peak times are usually, but not limited to, 17:00 to 23:00 EST.

Between 02:00 and 07:00 EST is usually the cheapest, but prices fluctuate by the minute.

Sell Solana NFTs

If you are concerned over NFT gas fees it probably means you are using the Ethereum network.

The Solana blockchain network, on the other hand, has incredibly low gas fees and a tiny fraction of the eye watering charges Ethereum does.

Solana gas fees are usually a couple of cents, compared to Ethereum – which had an average of $118 gas fees per transaction in 2021. This though has reduced to to $25 per transaction in 2022.

Changing tactics and trading Solana NFTs means never having to worry about gas fees again, as selling 100 NFTs may only cost around $1!

Sell multiple NFTs as a Bundle

If Solana isn’t an option, or all the NFT projects you want to buy in to or have bought in to, are on the Ethereum network you could sell NFTs as a bundle.

They have to be part of the same collection, but the gas fee to buy bundle NFTs is less than buying them individually – all other conditions being equal.

It is worth noting that the seller will only pay gas fees to sell one NFT in the collection, the first NFT put up for sale. All other NFTs in the same collection can be listed for free.

The buyer pays the transaction fees if the NFT sells UNLESS the seller accepts a bid for the NFT, then seller pays the gas fees.

This is often a mis-understood point and the seller doesn’t always realize or notice they paid the gas fees if they accept a bid on their NFT for sale.

What are gas fees and why are they so high?

Ethereum gas Fees

Gas fees are the transaction fees payable for making any type of validation on the blockchain.

This could be by mint, buy, sale or transfer. Each action requires a validation, and each validation is charged a gas fee.

Gas fees were introduced to protect the network. To prevent bots and spam attacks bringing the network down.

If a scammer had to pay $118 for each attack, and it would take a million simultaneous attacks to seriously affect the network, it would cost $118m to do so!

Although the base gas price for each transactions is relatively low, the price of gas is variable. This means the price is based on a supply and demand principle.

The higher the demand, the higher the fees, as the miners or stakers can choose the traders willing to pay the most in gas fees. This is where demand (NFT buyers) is higher than supply (Blockchain miners).

Buyers can outbid each other to pay a higher gas price to jump in priority queue and secure popular NFTs during a mint and gain an advantage over everyone else.

On the fear of missing out (FOMO) other NFT buyers will up the price they are willing to pay for gas fee, especially when panic and fear of missing out an NFT in the collection sets in!

The other reason gas fees are high on the Ethereum network is that this particular blockchain can only process a handle of transactions a second. Solana can process thousands.

This means when demand is high, and of course supply is low due to the volume that can be processed, prices can rocket.

Ethereum is rolling out Ethereum 2.0, moving from Proof of Work to Proof of Stake, like Solana.

What this does though to the overall gas price is still up for debate and we are waiting to see.

Selling an NFT without gas fee – In Conclusion

Although selling an NFT without gas fee is possible, it isn’t advised.

The risks heavily outweigh the benefits. The best options to reduce overall gas fees are to either trade during low demand times or moving over to trade in Solana or Polygon network minted NFTs where gas fees are low enough not to be an issue or factor.

Screenshot an NFT

Previous Post

Can You Screenshot an NFT – How to and Why Do It

Next Post

How to Giveaway an NFT – Best Ways to Run Giveaway Promotions

NFT Giveaway