I can't transfer my NFT collectible for high gas fees. I got some NFT tokens, but it's pretty ridiculous that the gas fee is exorbitant from the value of the token.
The hype was so high. People are rushing various NFT platforms at the same time. Remember when each of NFT transaction needs a few transactions in total for on tx. People are also putting more fees to prioritize their transaction to be included in the next block.
Exactly, even if I place an order by considering the gas fee there is no guarantee that the token will be sold instant, It seems normal trading strategy would be hampered for this reason.
Doin trading with NFT token is a long term producer but you know the market is too much volatile, holding long-term is risky though.
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That's why so many platforms deciding to use second layer solution instead of still use ethereum.
Even like that, there are still many people selling NFT even if the fee required for NFT is really high, I think its because most of NFT owners are rich people. The big traders didn't care so much about how much they pay for the fees. that makes little shrimp feel depressed to use ethereum chain
Like those who own cryptopunk it was priced such a high amount and many of people still trying to own one of it. If they can pay for expensive cryptopunk NFT i think they can afford the fee even if it cost hundred dollars.
Buyer can bear excessive fees with no problem, but what about the seller? Suppose, cryptopunk token's last selling price is 100 USD, you have one token and you want to sell. If you find the network fee is 200usd you have to set the selling price at 100+200=300usd if you don't want to sell at loss. If the buyer wants to bear that excessive 200usd then good, but what would happen if no buyer fell interested to buy at that high price? The risk is your 200usd will be voided some days later when your listing schedule will expire. If your listing is canceled due to excessive time you will lose 200usd network fees + token also not sold.
