Fandom NFT

What are gas fees on Ethereum?

Gas fees explained

Gas fees are transaction fees paid to miners on Ethereum. It is the fuel that allows it to operate, in the same way that a car needs gasoline to run.

Fandom does not receive these fees and is not able to refund them. Fandom also can't control gas prices nor does it profit from them.
Users will be charged gas fees every time a payment is made with cryptocurrency. The higher you set the gas fee, the faster the transaction will be recorded on the blockchain to finalize your purchase.

Why do gas fees fluctuate?

When you pay gas fees, the payment only guarantees your transaction to be processed. It does not guarantee that the transaction will succeed.
This is because gas fees on Ethereum fluctuate widely. When the Ethereum network is busy - for example, a popular NFT collection is being released - gas prices will rise due to network congestion. In this case, the original gas fee you paid may not be enough for miners to process and confirm the transaction.

What are validators on Ethereum?

Ethereum uses a proof-of-stake (PoS) consensus mechanism. In proof-of-stake, a validator receives blocks from peers on the Ethereum network and the transaction delivered in the block are re-executed to make sure the block is valid.
Validators explicitly "stake" capital in the form of ETH into a smart contract on Ethereum. This “stake” amount replaces the work miners did in proof-of-work, securing the network because a participant must buy and hold cryptocurrency in order to be chosen to validate blocks and receive gas fees.