Today we’d like to share a number of changes we’ve made and will continue to make, to our creator management system. When we first launched MakersPlace, one of our primary goals was to build the easiest-to-use platform for artists to create and sell rare digital art. As you’re aware, creating and selling rare digital artworks requires interaction with a blockchain system. However, working with a blockchain requires a number of major technical hurdles to overcome, which include: managing digital wallets and managing “gas fees” associated with the blockchain.
What are Gas Fees?
MakersPlace runs on the Ethereum blockchain, which can be thought of as a global computer, operated by many individual computers across the world. To help run the blockchain, each interaction with it requires a small transaction fee to compensate the operators of Ethereum — This is the Gas Fee.
When the Ethereum blockchain gets busy, the transaction fee increases based on supply and demand.
You can find all the fees that MakersPlace has paid in your account manager.
A required price to pay
Although MakersPlace is entirely free to use for creators, each action that engages with the blockchain is something that will cost you to perform. This includes:
- Minting an artwork
- Sending an artwork
- Submitting a bid with an ETH wallet
- Setting, or changing the price of an artwork
- Burning an artwork (sending to our burn wallet)
The scale of these payments varies, with some being more costly than others. It is important to note that MakersPlace does not pay for any of these fees.
It’s important to note that, even after speeding up a transaction, it can still take a few minutes to process on the blockchain.
Our New Smart Contract
After many conversations and receiving feedback from the community, we’re excited to introduce a number of new features to help increase autonomy for artists, while managing gas fees in a sustainable manor. With our new smart contract, gas fees for these most popular actions will be significantly decreased.
Learn more about this innovation right here.
Exploring Additional Options
Since starting MakersPlace almost 3 years ago, we’ve been blown away by the increasing excitement to create and collect rare digital art. We understand that there have been difficult times as our platform adapts to a highly congested blockchain – Thank you for your patience and feedback during this time, and for being part of our community!
Get in Touch
If you’re a digital creator, you can learn more about MakersPlace here.
Ready to start your rare digital art collection? Join here.