This content is for educational purposes only and should not be considered financial advice or an inducement to buy, sell, or trade cryptoassets.
It’s essential for users to be aware of network fees and their relation to blockchain transactions.
Blockchain transaction fees
Network fees (gas fees)
Most blockchain transactions, whether it’s sending or receiving crypto or purchasing an NFT, involves a fee known as a “network fee” or “gas fee”. This fee is not paid to Magic Eden but is paid to the blockchain network's validators or miners. It is a payment made by users to compensate the validators and miners to process and validate transactions on a blockchain network.
For example, Bitcoin transaction fees are sent directly to miners who validate the transaction on the Bitcoin network. Magic Eden app does not retain any portion of these fees.
Priority fees
A priority fee—also known as a tip—is an optional additional fee that users can include in a blockchain transaction to incentivize faster processing by validators and miners.
Understanding network fees in Magic Eden app
Estimated network fee
This represents the best approximation of the transaction fee based on real-time market conditions. Due to the volatile nature of blockchain networks like Ethereum, the exact fee can fluctuate between the time the transaction is initiated and when it is confirmed. The Estimated Network Fee helps users anticipate the cost but is subject to change. The final fee may be slightly higher or lower than the estimated figure.
Max network fee
The Max Network Fee is the highest possible fee that may be charged for the transaction. It acts as a safety net, ensuring that users won’t be surprised by unexpected costs.
Post-transaction insights
After a transaction is completed, users can delve into the exact fees paid by accessing the transaction details via the transaction ID. This provides transparency and allows for a more detailed understanding of the costs involved, such as the precise gas or network fee.
Customizing fees in Magic Eden app
Adjusting network fees for Send transactions
Magic Eden app offers users the ability to adjust their network fees for transfer or send transactions of tokens and NFTs (and Ordinals). directly within the mobile app using a network fee slider when doing token sends.
While on the Send page, click on "Network Fee" to open up the Network Fee modal. Here you can adjust the Network Fee higher or lower and see information on the estimated fee paid.
App swap fees
For swaps, users will also have to pay a network fee for each swap conducted within the app. Users do not have the ability to adjust or control these fees. The fee is automatically applied.
However, users can adjust the priority fees paid for swaps. More details on how to adjust priority fees in swaps can be found in this article.
As always, Magic Eden's support team is ready to assist with any further questions or concerns.