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NFT Term

Gas

Definition of Gas from the NFTguild.com glossary.

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Gas fees are a measure of the computational cost required to perform cryptocurrency transactions on the Ethereum (ETH) blockchain. Gas is measured in units called “gwei” which are a billionth of 1 Ether. Transactions on the Ethereum blockchain which require a gas transaction fee to be paid include sending Ether, running a smart contract, minting an NFT, and buying or selling NFTs. Gas fees vary depending on how busy the Ethereum network is, and during periods of congestion, Ethereum gas fees can get high quickly!