When you first download Metamask (a wallet for buying and selling NFTs), it can be pretty confusing. The most confusing thing (at least for me) was understanding “gas prices”.
It seemed weird to me that I had to pay an extra “service fee” on top of the price of the NFT I was buying.
Even stranger, why was the price of gas constantly changing? Was there anything I could do to lower it and pay less?
The answer: not really, but there are some tricks you can implement to pay *marginally* less.
What’s the Difference Between High and Low Gas Prices?
The difference between high and low gas on MetaMask is related to the cost and speed of transactions on the Ethereum blockchain.
When you make a transaction on the Ethereum blockchain, you have to pay a fee called “gas” to the network to process your transaction. The amount of gas you pay is determined by the gas price and gas limit you set in MetaMask.
The gas price is measured in Gwei (1 Gwei = 0.000000001 Ether) and it represents how much you are willing to pay for each unit of gas.
A high gas price means that you are willing to pay more for each unit of gas, which will result in your transaction being processed faster by the network. Miners will prioritize transactions with higher gas prices as they can earn more from them. This will make your transaction confirmed faster, but it will also increase the cost of the transaction.
A low gas price means that you are willing to pay less for each unit of gas, which will result in your transaction being processed slower by the network. Miners will prioritize transactions with higher gas prices over those with lower gas prices. This will make your transaction confirmed slower, but it will also decrease the cost of the transaction.
Gas limit, on the other hand, is the maximum amount of gas you are willing to pay for a transaction. It is a security measure to prevent malicious contract execution. A high gas limit means you’re willing to pay more to execute a transaction, but it also means the contract execution could potentially be more expensive.
In summary, a high gas price results in faster confirmation times but higher costs, while a low gas price results in slower confirmation times but lower costs.
Can You Change the Gas Fee on MetaMask?
Now that you understand how it works, you’ll notice that when you go to buy an NFT you can change the gas on MetaMask.
The steps to doing that are:
- Open MetaMask in your browser and make sure you’re on the main wallet screen.
- Click the “Settings” icon (it looks like a gear) in the top right corner.
- Select “Advanced” from the menu that appears.
- Under the “Gas” section, you will see the option to adjust the gas price and gas limit for your transactions.
- Adjust the values to your desired settings, then click “Save” to apply the changes.
It’s important to note that changing the gas price may affect the speed at which your transactions are confirmed on the blockchain, which means someone can swoop in and buy that NFT you’re looking at.
That’s because lower gas prices will result in lower costs but longer confirmation times. Higher gas prices will result in higher costs but faster confirmation times. If you really want something…especially when you’re minting…you might want to use that high speed gas.