Non-Fungible Tokens (NFTs) have become increasingly popular in recent years. Away from conventional (fungible) cryptocurrencies like Bitcoin and Ethereum, NFTs have provided a new way to invest in digital assets with dynamic prices, where the prices of similar assets could vary based on several factors.
NFT transactions are sometimes expensive, particularly during times of network congestion; hence, this can make NFT trading difficult for you if you are a beginner or on a tight budget. Fortunately, there is a solution; in this article, we will explain how to complete NFT transactions without incurring any fees, helping you to maximize your trading profits.
What are Gas Fees?
Before diving deep into how you can send, receive, and trade NFTs without fees, it is important to understand the concept of gas fees, particularly with regard to NFT transactions.
When executing crypto transactions, whether sending fungible tokens like Bitcoin or sending NFT collections, gas fees are utilized; they are paid to the network of validating nodes or miners that confirm the transaction, process it, and include it in a valid block which is subsequently added to the blockchain ledger.
These gas fees are paid directly to the network validators or miners; hence your wallet service provider cannot avoid them.
What Are Wallet Fees?
Wallet fees are other fees incurred as a service charge from a crypto wallet service provider; these fees vary in different wallets as each one has its unique policies. For example, some wallet charge fees for deposits and withdrawals of all tokens, including NFTs, amid several other charges. There are over a hundred crypto wallets, each with its own fee structure, all of which are classified under the broad name “Wallet fees.”
Together, gas fees and other wallet fees can add up quickly, making NFT transactions too expensive, and you may lose out on your favorite collections.
Not to worry! Cwallet solves this problem!
Cwallet is a hybrid custodial and non-custodial wallet that allows users to enjoy absolutely free transactions without paying a dime in wallet fees; also, when making internal transfers (between Cwallet users), you don’t have to pay gas fees.
This makes it a good choice of wallet to store your NFTs and even complete regular, frequent transactions, as the fees it helps you save, when accumulated, would be worth something tangible.
To make an internal transfer on Cwallet, both sender and recipient need to have a Cwallet account, which automatically comes with a unique “Cwallet ID.” This Cwallet ID can be used to complete all transactions to waive all fees, including the gas fees paid to the network validators and miners.
As shown above, the NFT can be sent via the Binance smart chain network to any address for a fee of $0.35; alternatively, it can be sent for $0.00 to Cwallet users via their unique Cwallet ID.
Benefits of Using Cwallet for NFT Transactions
Aside from its fee-free transactions when trading regular tokens or cryptocurrency, Cwallet has a whole lot of benefits, especially for NFT lovers; some are listed below.
Gallery-style NFT view: Cwallet has a gallery-style NFT view that allows you to see all your NFTs at a glance without being limited to any blockchain network.
From here, you can easily click on any of the NFTs to view more details such as its current worth, price history of the collection, blockchain network, and even the transfer history of the NFT from its creation till the current date.
As a result, you can view details of all NFTs you own without having to sign in to any marketplace.
Multi-chain compatibility: Cwallet is compatible with multiple blockchains, including Ethereum, Solana, Binance Smart Chain, Polygon, Cardano, and 50+ blockchains. Hence, you can send and receive NFTs from different blockchains without needing multiple wallets, and you can also view all your NFTs across these platforms in a single gallery.
Interactive and Easy-to-Use UI: Cwallet has a user-friendly interface that makes it easy to manage and view your NFT collection. The gallery-style view above allows you to see all of your NFTs at a glance, making it easy to find and view specific NFTs.
Security: Cwallet uses military-grade encryption to protect your data, private keys, and ultimately, your cryptocurrency, making them safe and secure.
Easy Accessibility: Cwallet has a mobile app that allows you to access your NFT collection and make transactions on the go. So, from anywhere in the world, you can easily execute your NFT transactions from your mobile device.
Active Community: If you’re new to cryptocurrency and learning the ropes, Cwallet has community members who have a discussion about NFTs and blockchain technology in general. You can join the community, ask questions, get answers, and even get guidance on how to complete any processes.
The NFT industry is a rapidly growing one, becoming the most traded component of cryptocurrency since 2020; however, the high fees associated with NFT transactions can make it too expensive for people, especially newbies, to participate.
If you're interested in transacting NFTs but are taken aback by excessive gas fees, start out with Cwallet. Cwallet’s zero-fee policy makes it a great deal for completing NFT transactions, making it accessible to anyone who wants to buy or sell NFTs. In addition, Cwallet's intuitive UI and gallery-style NFT collection view make it a great option for managing and viewing your NFT collection.
Download the mobile app NOW and enjoy zero fees on all transactions