Life

I Wanted To Buy An NFT, But I Chickened Out Due To The Transaction Fees

Everyone talks about buying Non-Fungible Tokens (NFTs) but what they don’t know is that the transaction fees already cost a lot of money.  When I mean a lot I mean transaction fees around US$10.   I wanted to buy an NFT as a gift for my partner because he was sharing with me about some NFT trends and viral NFTs. So as I have some spare crypto in my wallet I decided to research on how to buy an NFT.  When I downloaded MetaMask, which was the app for NFTs, I thought I could just transact and purchase an NFT. But then I realised that I had to pay to transfer funds from my wallet to the MetaMask account and then purchase the NFT. This led to me having to fork out more than US$10 in fees even before I bought the token!I was willing to part with money but the idea of just spending nothing on transaction fees made me deliberate for a very long time. In the end, I decided not to buy the NFT and got my partner a nice tangible gift instead.   When I told my partner that I wanted to get him an NFT as a surprise gift, he said that he would rather receive a real-life gift because the NFT would be locked in a virtual wallet and is just a collectable.  I guess NFTs are not for everyone. Another thing I learned was that we must do proper research before jumping into anything new, especially for investment purposes.  I ended up wasting US$20 in crypto value just by transferring my money from my Crypto wallet to the MetaMask wallet and now I cannot transfer the value back because it will forfeit all the money as that’s basically the cost of transactions.