Poll: The Cost of Doing Business 💸
This week, we asked the Invstr Community what their opinion is on gas fees for NFT transactions. The winner, by a sizable margin, was the 42 percent of Invstrs who believe that gas fees are a rip off. Gas fees can often exceed the amount of any Ethereum transaction to begin with, which makes it hard to pull the trigger. This especially hurts the margin of NFT sellers and buyers as the transfer of NFT’s as they can lose a lot of money when gas fees get extremely high. However, it’s surprising that this is first place as gas fees are like current fees in the financial world, but the high prices seem to be too much, which makes it reasonable. In second place is the 29 percent of Invstrs who don’t like NFT’s as an investment. This once hot take has now become a common belief, and this has been shown in the recent NFT market collapse. Investors are finding it hard to see the intrinsic value of NFT’s, making this a great 2nd placer.
To close out the podium, we have the 15 percent of Invstrs who believe gas fees are bound to come down in the future. This is a very good argument as cryptocurrencies are innovating daily with new updates to improve the viability of its use. Other cryptocurrencies like Solana and Polygon have been introduced to improve on Ethereum’s gas problems, and NFT markets like OpenSea are offering different crypto payment options. All this increased competition makes it surprising that this didn’t receive more votes, but a third-place finish is perfectly fine. In last place is the 14 percent of Invstrs who believe that gas fees are essential. This opinion is very understandable as you must pay fees for most things in the economy, like paying a sales tax or commissions when you are trading stocks. However, as we’ve discussed, gas fees are way too high right now to the point where it is unsustainable, making this a definite 4th place vote.
Everything related to gas is high these days, right? Continue to track the price of your favorite cryptocurrencies that must deal with gas fees! Have fun and see you next time with more poll results!
The Invstr Team 🙂