Non-fungible tokens (NFTs) constitute a major part of cryptocurrency. With a peak trading volume of $17 billion in 2022, NFTs are popular and well-traded. Many artists, creators, celebrities, athletes, and other collectors have also tapped into the billion-dollar industry, further increasing its popularity among users.
Despite the popularity of NFTs, one major challenge users usually face is the high cost of transaction fees incurred in each transaction, which may be excusable for one-ff transactions or users who seldom send and receive NFTs, but for active collectors, these fees may be too much, and eat deep into their crypto wallets.
Most NFTs are developed on the Ethereum network, where gas fees are paid in Ether, which is quite expensive than other networks such as Solana, BSC, Polygon, Cardano, etc. Moreover, the Ethereum network is usually more congested due to its high usage, which also increases the cost of gas and may be unsustainable for users that have to complete several transactions.
Thankfully, there are a few ways to work around high gas fee costs, and in this article, we’ll explore how to send multiple NFTs in one transaction in order to minimize gas fees and save more money.
Understanding Gas Fees
Before diving into the solution, it is important that we properly understand the problem. To facilitate transactions via a blockchain network, users pay gas fees to network miners or validators, who process the transactions and add them to blocks. These gas fees are denominated in the base currency of the blockchain network; for example, gas fees on the Ethereum network are paid in Ether (ETH), on the Binance Smart chain network, gas fees are paid in Binance Coin (BNB), on the Solana network, gas fees are paid in Solana token (SOL), etc. All of these are required to incentivize miners and validators on the blockchain, as no single entity has a monopoly over the blockchain.
These gas fees could range from a few cents to tens or even hundreds or thousands of dollars depending on the blockchain network used, the current network congestion, the gas limit, etc.
On heavily congested networks like Ethereum, executing even simple transactions could be heavily expensive, especially in high traffic times, where you need to set a higher gas limit to ensure that a miner picks up the transaction as soon as possible. This becomes even worse if you need to complete a couple of transactions, and it becomes too expensive as the fees accumulate, making it costly to send multiple NFTs in separate transactions.
How To Send Multiple NFTs In A Single Transaction
Indeed, if you intend to do it traditionally, sending multiple NFTs would require you to pay separate gas fees for each transaction. Fortunately, there is a solution to this problem - the Cwallet Bulk Payment Tool.
The Cwallet Bulk payment tool allows users to send cryptocurrencies at once without paying gas fees for each transaction; whether sending fungible tokens like BTC or ETH or you’re sending NFTs, the Cwallet Bulk payment tool allows you to do it all at a go, to multiple recipients. So, whether you’re an NFT artist that wants to send your latest work to several collectors or distribute NFTs to your community members, Cwallet allows you to do it all easily without incurring high gas fees.
The best part is that you don’t have to transfer your NFT assets to Cwallet. If you have assets in other wallets, such as MetaMask, you can simply connect them to your Cwallet account, make bulk transfers from there, and save yourself some bucks.
The Cwallet bulk payment tool also makes it easy for you if you have a list of addresses you send tokens regularly. All you need to do is create a spreadsheet with the format provided, and you can easily import the list for bulk transfers at any time.
If you are connecting to an external wallet such as MetaMask, do well to confirm the transaction on the app. However, if your NFTs are already in Cwallet, you do not have to go through multiple steps of confirmation.
As soon as the transaction is complete, you’ll be provided with the details and the Txids for each transaction, which you can verify on the blockchain.
You can download the transaction results if you want, as it may be useful for transparency in communities. Also, you can always go back to your Cwallet transaction history to get this. Alternatively, you can request it via email, and it will be instantly delivered to your inbox - Simple and Easy.
If you frequently execute bulk NFT or fungible token transactions, the Cwallet Bulk Payment is exactly what you need to ease the process and make it cheaper. As a result, your transactions become simpler and more cost-effective, whether on the Ethereum Network or other blockchain networks.
The best part is that Cwallet transactions are ABSOLUTELY FREE! You aren’t required to pay anything to sign up, use the bulk payment service, or other Cwallet tools!
Don’t delay! Explore the Cwallet Bulk Payment tool today, and enjoy easy, smooth, and cheaper transactions!