GameStop NFT is built on the Ethereum Network, which uses Ether (also known as ETH or Ξ) as its native cryptocurrency. In order for the network to process transactions, a transaction fee is required, also referred to as Gas Fees, or network fees. On the main Ethereum network (Layer 1), transaction fees can be quite high due to network congestion. GameStop NFT utilizes Loopring Layer 2, a scaling solution that allows network fees to be significantly reduced.
Gas fees on Layer 1 are collected in ETH by the Ethereum Network. Gas fees on Layer 2 are collected in ETH by the Loopring Network.
There are also certain fees collected by GameStop NFT:
- Marketplace Fee: This fee is paid to GameStop NFT.
- Creator Royalty Fee: This fee is paid to the creator who minted the NFT you are buying.