Why is Opensea Network Fee so High and How to Lower it - in Singapore
It was less than half the price when I was ready to list a few days ago... at night here in Singapore.
So, I understand the network fee or gas fee varies throughout the day.
What time has the lowest Ethereum gas fees?
"If you want to pay the lowest Ethereum fees, you should perform transactions early in the morning, between 1 and 3 am UTC, or late at night, between 9 and 11 pm UTC." ~https://beincrypto.com/learn/ethereum-gas-fees-lowest/
When is the best time for an Ethereum transaction?
The busiest times and, therefore, the most expensive times are from 8 AM to 1 PM (EST). This comes as no surprise because Europe and the US are all fully awake and at work during that period. By contrast, the least busy time is between midnight to 4 AM (EST)—the time the people in the US are asleep, Europe is just about to start their day, while Asia is finishing up their workday...
...This means that the best time to make an ETH transaction, therefore, is on a Saturday or Sunday—that’s when gas prices are at their lowest. On the other hand, the worst times are on Tuesdays and Thursdays, when the network is at its busiest and gas prices are at their highest." ~https://paxful.com/blog/ethereum-gas-price-explained/
So today is Tuesday, the day to avoid high gas fees.
Based on the data chart, Saturday at 2 am EDT is a good time to transact with lower gas fees.
That's 3 PM Singapore Time.
What Next?
My calendar is scheduled for Opensea this Saturday at 3 pm.
I will update this post then.
In the meantime, here is the itinerary for my NFT-META-CRYPTO journey.
- Explore Sandbox
- Get some CRO
- Sell NFT on Crypto.com
~ Adrian Lee
PS:
Gas fees vary depending on network congestion and current ETH value.
Wed, 2 Feb 2022, 10:15 am SGT... 0.0615 ETH (US$169)
Wed, 2 Feb 2022, 4:30 pm SGT... 0.0604 ETH (US$167)
Thu, 3 Feb 2022, 10:30 am SGT... 0.0655 ETH (US$176)
Thu, 3 Feb 2022, 2:00 pm SGT... 0.0635 ETH (US$169)
Thu, 3 Feb 2022, 6:15 pm SGT... 0.0449 ETH (US$117) 😀
Thu, 3 Feb 2022, 8:55 pm SGT... 0.0563 ETH (US$146)
Thu, 3 Feb 2022, 10:50 pm SGT... 0.0692 ETH (US$181)
Fri, 4 Feb 2022, 12:10 am SGT... 0.0697 ETH (US$184)
Fri, 4 Feb 2022, 6:30 am SGT... 0.0692 ETH (US$183)
Fri, 4 Feb 2022, 10:45 am SGT... 0.0718 ETH (US$192)
Sat, 5 Feb 2022, 9:15 am SGT... 0.0553 ETH (US$165)
Sat, 5 Feb 2022, 3:00 pm SGT... 0.0506 ETH (US$152)
Sat, 5 Feb 2022, 4:00 pm SGT... 0.0351 ETH (US$105) 🤠
This seems to be the lowest I have seen.
So I wasted no time and hit "Confirm".
I had to do the usual sign-in with my wallet and password.
Then yayy! My first NFT is now listed for sale!
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