When we first launched MakersPlace, our primary goal was to build the easiest-to-use platform for artists to create and sell rare digital art on blockchain.
However, working with a blockchain requires some technical hurdles to overcome, which include: managing digital wallets and managing “gas fees” associated with the blockchain.
We are constantly improving these processes on our site and providing our creators with the most seamless experience possible.
🎨 The artwork featured in this article’s header is “Gas War” by DAEMON
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 this global computer (i.e., the Ethereum blockchain), each interaction with Ethereum requires a small transaction fee to compensate the individual computers that make up the Ethereum blockchain. These transaction fees are what are known as “gas fees.”
When the Ethereum blockchain gets busy, the transaction fee increases based on supply and demand. This is not unlike Uber’s surge pricing.
You can find all the fees that MakersPlace has paid in your account manager.
The Cost of Doing Business
Although MakersPlace is entirely free to use for creators, each interaction you have with the Ethereum blockchain will cost a gas fee paid to the participating computers. 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. The load placed on the Ethereum blockchain likewise affects the pricing — if a high number of transactions are happening at one time, the gas price will surge.
It is important to note that MakersPlace does not pay for any of these fees, nor do any of these fees go to MakersPlace. These fees are paid out to the Ethereum blockchain network.
It’s important to note that, even after paying gas to complete 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 several new features to help increase autonomy for artists while managing gas fees in a sustainable manner.
With our new smart contract, gas fees for these most popular actions will be significantly decreased.
Learn more about updates to our smart contract right here.
How To: Pay Gas To Publish an Artwork
Paying gas to publish/mint an artwork is easy. Follow the steps below to get your artwork live.
- In your Creator Account, go to Upload Creation in the top right corner of your browser.
- After carefully reviewing all details on the Creation Upload page, hit “Publish.” Remember, once you publish your work on the blockchain, the only way to make changes is by burning and re-publishing. You can always save your upload and come back later to be sure all details are correct.
- Once you hit publish, you will be redirected to the creation page, and a pop-up with an option to pay gas will automatically appear. You can pay this gas fee with either your ETH wallet or credit card.
- If paying with an ETH wallet: Make sure the wallet extension is downloaded on your browser, you are logged into the correct wallet, it is connected, and that you have enough funds to cover the gas fee.
- If paying with a credit card: You will be asked to input your credit card info or if you have made purchases on MakersPlace already with that card, the information will be saved and pulled up automatically.
- If for any reason, you want to pay the gas fee and mint your artwork at a later time, you can return to the page by going to Manage Store and clicking on the specific creation. The option to pay your gas fee should pop up automatically.
- If, for any reason, you do not see a pop-up, you can also click “Complete Payment to Publish Creation.”
A good measure that gives freedom to artists.
Gas 30c Fee $120?