As NFTs continue to reach new heights, NFT gas wars are becoming more commonplace, and much harder to win. NFT gas wars occur during a project launch or high-value sales when a large number of people compete to get their hands on a specific NFT. Essentially, the demand causes Ethereum transaction prices to spike due to network congestion.
To win a gas war, some end up paying insanely high gas fees. For others, their transactions may fail. Recently, a user even ended up paying $430,000 in fees for a failed transaction on Ethereum. The incident is proof that you can’t take gas wars lightly. While this can be an unpleasant experience for everyone involved, all is not lost. With the right strategy and planning, you too can win these NFT gas wars!
Steps to win NFT gas wars
To win an NFT gas war, you must first plan accordingly. Mostly, you’ll know if you’re about to participate in a gas war. Usually, an NFT drop will be quite hyped up if you’re having to deal with a gas war.
Obviously, you have to first know when you are likely to be in one to have a chance of winning. These mostly occur for projects that are highly sought after. For example, if a blue-chip project drops a second collection, a large number of people are likely to want in. A good example of this was Cool Cats Pets. Often, the same goes for a celebrity drop, as we’ve seen with Snoop Dogg NFT drops too.
Alternatively, when you want to make a transaction, you should know if any drops that could increase network activity is also happening at the same time. The best way to know when such events happen is to track our NFT calendar.
Check Out The Current Price Of Transactions Using An Ethereum Gas Tracker
Put simply, to win a gas war, you have to pay a higher gas fee than your counterparts. For this, it is essential to plan ahead. Before you mint, go to Ethereum Gas Tracker to know what is the current gas fee. To get your transaction approved, you have to pay a fee at least higher than the ‘high’ rate (shown below). Once you know this amount, set a gas budget and stick to it. For hyped projects, you’ll only have a small window to get your NFT—so act quick.
Pay More Gas To Get Your Transaction Approved First
Most wallets will have a default gas fee generated automatically. However, in a gas war your transaction will fail due to the ‘out of gas’ error. Instead, we will customize our gas price to guarantee a win.
Firstly, start the transaction by clicking mint and your wallet’s transaction page will open up.
- Click the ‘Edit’ option next to the estimated gas fee.
- Now, choose ‘high’ for faster transactions. This means you’ll have to pay a higher gas fee.
- Under ‘Advanced Options’, you can manually increase the gas as well. While ‘Max fee’ is the maximum amount you are willing to pay as your gas fee, ‘Max priority fee’ is the miner’s tip.
- You can also change the gas limit. However, it is not recommended unless you are a veteran.
- Lastly, click ‘save’ and submit.
It is important to know that paying high transaction fees does not guarantee success. For instance, internet issues, website errors, or wallet issues could also delay your transaction. Ultimately, to win an NFT gas war, you must make sure the NFT you are planning to get is worth the expenditure. As always, do thorough research before making any investments.