Today I bought an NFT piece of art from my brother – a generative Ensō. I minted #198. It’s cool.
Being my first high priced Ether (ETH) smart contract, I was surprised by the fees. I’m used to blockchain transactions that are inexpensive. Anything over a couple dollars annoys me. Paying $25 – $100 as a transaction fee seemed ridiculous. Regardless, I needed to dig in to see what’s going on. That’s when I fell down a deep DeFi rabbit hole, and came out understanding how gas prices and gas fees work on the Ethereum network. It’s actually pretty simple.