4 ms·

So how exactly is the "gas money" calculated? I was led to believe it was expensive because putting all that data into the blockchain costed a significant amoun

So how exactly is the "gas money" calculated? I was led to believe it was expensive because putting all that data into the blockchain costed a significant amount. Asking because, wanting to verify whether NFTs were really a scam or scheme instead of just following heated Twitter arguments, I looked into uploading my own NFT. Gas money for a single image was $250--estimated earnings for an NFT are in the low dollars for most people, so it certainly wasn't worth it for me. I told a friend how insane the price was and went back to attempt the process once more a few minutes later to get a screenshot showing him I wasn't lying--gas money for the same image was suddenly over $800. I can't think of any reasonable way to justify such costs if it's just encoding a few bytes of text and not an actual image, so now I'm doubly suspicious of how these costs are actually calculated. It reminds me of countless other schemes where you put in a bunch of initial cash to "start your own business", then spend the rest of your days desperately trying to find buyers.

Fckd 5y ago
Of course its a scam. all are fuelled by cheap printing press
folli 5y ago
(just speaking for Ethereum) The gas fees are a constant, so you pay a certain amount of ETH to mint your NFT. You don't upload any image data but solely the address (so a couple of bytes) of the owner. The reason that this costs so much is the exponential increase in ETH prices in the recent years and the network congestions (gas price depends on the workload of the ETH network). What used to be a couple of cents or so is now easily $70, depending on the ETH price and network congestion. I whipped up a calculator some time ago: https://nuftu.com/pricing https://nuftu.com/pricing
meheleventyone 5y ago
The cost is about how expensive it is to execute the smart contract. Plus a tip to get your transaction executed earlier. https://ethereum.org/en/developers/docs/gas/ https://ethereum.org/en/developers/docs/gas/ If you’re like “well those costs are ludicrous compared to the computational complexity” then you’re right. But then the entire thing is secured by the ludicrous overspend of power through computation.

Fckd 5y ago

Of course its a scam. all are fuelled by cheap printing press

folli 5y ago

(just speaking for Ethereum) The gas fees are a constant, so you pay a certain amount of ETH to mint your NFT. You don't upload any image data but solely the address (so a couple of bytes) of the owner. The reason that this costs so much is the exponential increase in ETH prices in the recent years and the network congestions (gas price depends on the workload of the ETH network). What used to be a couple of cents or so is now easily $70, depending on the ETH price and network congestion. I whipped up a calculator some time ago: https://nuftu.com/pricing https://nuftu.com/pricing

meheleventyone 5y ago

The cost is about how expensive it is to execute the smart contract. Plus a tip to get your transaction executed earlier. https://ethereum.org/en/developers/docs/gas/ https://ethereum.org/en/developers/docs/gas/ If you’re like “well those costs are ludicrous compared to the computational complexity” then you’re right. But then the entire thing is secured by the ludicrous overspend of power through computation.