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<ul class="summary-list"><li><keyword id="12039041" type="UNKNOWN" weightage="60" keywordseo="ethereum-transaction" source="Orion">Ethereum transaction</keyword> fees are running red hot as people pile onto the network for NFTs and DeFi.</li><li>Yet the high costs are infuriating users and sending many towards other blockchains such as solana.</li></ul>Transaction fees on the <a href="https://markets.businessinsider.com/currencies/eth-usd">ethereum</a> blockchain are running red hot as NFT-mania clogs up the network.It's a problem that's infuriating people and sending many looking elsewhere, to cheaper blockchains such as solana and avalanche.Some even think it could be an existential threat to a <a href="https://www.businessinsider.com/crypto-explained-should-you-invest-defi-altcoin-bitcoin-ethereum-markets-2021-10?r=US&amp;IR=T">cryptocurrency</a> network that bills itself as the future of finance.The <keyword id="11892696" type="UNKNOWN" weightage="60" keywordseo="ethereum" source="Orion">ethereum</keyword> network runs <keyword id="11896271" type="UNKNOWN" weightage="60" keywordseo="ether" source="Orion">ether</keyword>, which has a total market value of more than <a href="https://coinmarketcap.com/currencies/ethereum/">$500 billion</a>, making it the world's second-biggest cryptocurrency after <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a>.But the network is also at the centre of the modern <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> ecosystem. It's the foundation on which <a href="https://www.businessinsider.com/nft-meaning?r=US&amp;IR=T">non-fungible tokens</a> (types of crypto collectibles) and <a href="https://www.businessinsider.com/the-definitive-guide-to-decentralized-finance-defi-2021-11?r=US&amp;IR=T#:~:text=Decentralized%20Finance%20(DeFi)%20aims%20to,theory%20prevents%20monopolies%20from%20forming.">decentralized finance</a> are built. Both NFTs and DeFi are now huge industries.Ethereum is running on surge pricingOn ethereum, people pay a <a href="https://ethereum.org/en/developers/docs/gas/">"base fee"</a> to have their transactions verified by other users known as "miners."Yet those fees have rocketed as <a href="https://markets.businessinsider.com/news/currencies/nft-market-worth-7-billion-legal-issues-could-hinder-growth-2021-11">interest in NFTs has soared</a>, and more people try their hand at DeFi.Imagine ethereum as a bit like a ride-hailing app that is struggling to add new drivers, in a city that's just seen a huge influx of people. Now, for each ride (or transaction), people have to pay a huge surge price to get drivers to pick them up.The average transaction or "gas" fee on the ethereum network rose to as high as $63 in November. That was its second-highest level ever, behind May's record high of $70, according to crypto exchange Kraken's analysts.Read more: <a href="https://www.businessinsider.com/crypto-cryptocurrency-investing-blockchain-trends-themes-ubs-regulation-influence-interoperability-2021-12?r=US&amp;IR=T">A currency strategist at UBS shares the 3 trends he believes will shape the crypto market in the next 12 months</a>People are regularly paying more than $100 just to deposit, say, $50 worth of cryptocurrency on DeFi platforms – and that's making many extremely angry."Gas fees are insane," said one user on the ethereum Reddit page. Another said: "If the ethereum network can't fix its gas fees, it won't be used by the average consumer."Some are looking to solanaNot all crypto fans are upset. Networks such as solana, avalanche, and cardano are positioning themselves to profit.Solana's transaction fees are minuscule, just a fraction of a penny. The network is also much faster, handling many thousands of transactions per second, compared with double-digit figures for ethereum.Solana's native token sol has risen more than 400% over the past 180 days, according to <a href="https://www.coingecko.com/en/coins/solana">Coingecko</a>. Avalanche is up more than 500% over the same period, while ethereum has gained around 80%."Some of those headwinds for ethereum I think have caused people to ask themselves, 'What else do I want to own at this point?'" Pete Humiston, head of research at Kraken, told Insider.Developers are working on itSo why can't ethereum simply expand the network?Ben Edgington, a developer at ethereum-focused company ConsenSys, said it's a philosophical point.Increasing the capacity of a decentralized crypto network would mean forcing users to deal with ever-increasing data and to upgrade their hardware, he told Insider."If we crank up transaction throughput, that will exclude those with more modest resources from participating," Edgington said. It would then no longer be very decentralized.Developers are scrambling to work out other solutions, such as expanding a second ethereum layer. That would effectively enable many activities to happen away from the core network, which would remain accessible.It's far too soon to say high gas fees are a crisis for ethereum, according to Jack O'Holleran, CEO at ethereum development company Skale Labs. In fact, he said, they're a symptom of the network's huge success."There's so much momentum from a developer perspective around ethereum," he told Insider. "The best quality teams and projects and platforms are all building on ethereum. It's the system that connects into everything."

Ethereum transaction fees are running sky-high. That's infuriating users and boosting rivals like solana and avalanche.

<ul class="summary-list"><li><keyword id="4668945" type="PERSON" weightage="60" keywordseo="nft">NFT</keyword> sales have generated nearly $500 million in the past month alone.</li><li>A <keyword id="10871093" type="UNKNOWN" weightage="60" keywordseo="crypto-art">crypto art</keyword> piece sold for nearly $70 million on Thursday.</li><li>NFT buyers say the process can be confusing and include multiple levels of hidden fees.</li></ul>Over the past few months, digital assets known as non-fungible tokens, <a href="https://www.businessinsider.com/what-does-nft-mean-crytpo-non-fungible-tokens-art-explained-2021-2">or NFTs,</a> have picked up steam as celebrities, artists, and investors generated <a href="https://www.businessinsider.com/grimes-nft-art-warnymph-sells-for-millions-20-minutes-2021-3">millions of dollars</a> selling them.But NFT <keyword id="35175" type="ORGANIZATION" weightage="60" keywordseo="investing">investing</keyword> is a largely uncharted territory, and while some NFT sellers have made millions of dollars, others have not been so lucky. The process also can include large fees that first-time sellers might not be aware of, which can significantly cut into profit margins or even result in a loss.In the past month alone, top NFT platforms have sold nearly $500 million in digital assets, according to <a href="https://www.cryptoslam.io/">CryptoSlam</a>. On Thursday, digital artist Mike Winkelmann - more commonly known as <keyword id="10848595" type="UNKNOWN" weightage="60" keywordseo="beeple">Beeple</keyword> - <a href="https://www.businessinsider.com/art-auction-nft-beeple-top-selling-most-expensive-sale-millions-2021-3">shattered online sale records and became the third most valuable living artist</a> when he sold a piece for nearly $70 million.Creators and buyers alike have seen significant profit from <keyword id="902592" type="PERSON" weightage="60" keywordseo="NFTS">NFTs</keyword>. In February, Miami-based art collector Pablo Rodriguez-Fraile first showed just how lucrative the NFT market can be when he resold a piece by Beeple for <a href="https://www.businessinsider.com/art-nft-beeple-blockchain-pieces-sell-for-millions-2021-3">near 1,000% increase over its original price.</a>The $6.6 million piece was the highest digital token sale at the time, but was upstaged by Beeple's $70 million sale weeks later.Read more: <a href="https://www.businessinsider.com/nft-startups-non-fungible-tokens-the-art-world-2021-3?inline-read-more">Here are 4 NFT startups transforming the way we buy art and sports memorabilia</a>Many are trying their hand at buying or selling NFTs amid the headline-grabbing sale prices.A senior content strategist at Kapwing, a platform catered to digital storytelling, <a href="https://www.kapwing.com/resources/how-to-create-and-sell-nft-crypto-art/">tried his hand at buying and selling NFTs</a> and told Insider the process is not nearly as simple as it seems. "It's like the wild west," Robert Martin told Insider after he lost over $200 in gas fees.<h1>What is a gas fee?</h1>The primary currencies used on NFT trading platforms include Ether, WAX, and Flow. On most NFT trading platforms, users are responsible for paying for the computing energy required to process and validate transactions on the blockchain. The gas fees fluctuate depending on the time of day.Martin said he bought an NFT for about $30 worth of ethereum on Rarible and ended up losing over $200 on the NFT, even after a buyer offered over three times the token's original price less than 24 hours after he bought it.While additional fees fluctuate between sites, many popular sites charge users a gas fee for minting a token, as well as a fee for selling and buying. Most platforms also require digital wallets, so users must take into account conversion fees between different forms of ether.Martin said he was taken by surprise when Rainbow Wallet charged him nearly $80 to convert wrapped ether (WETH) into regular ether (ETH)."It was on me for receiving the WETH, but it's [was] also hard to tell whether I was charged or the sender was charged," Martin told Insider. Martin said, as a new user, the gas fees were not readily apparent to him and what seemed like a good deal at the time - a sale for nearly three times its original price in under a day - ended up costing him far more than his original purchase price.On Martin's digital wallet, Rainbow Wallet, he said the fees were in the fine print, but it would have been helpful for him if there was an alert or notification before he made the purchase regarding the fee. <div type="image" title="NFT fees can be confusing, especially to new users." height="709" width="946" msid="81496819" hostid="261"></div>"[Gas fees] could pose a risk to new users," Martin told Insider. "There needs to be a lot more education out there. It seems like most of the resources are catered to people who are already involved in the crypto world." Another NFT artist, known only by his Twitter handle @SHL0MS, told Insider he wrote off the gas fees when he minted his first NFT, largely as an experiment. "The space is moving so quickly that there's a lot of pressure for artists to use it to their advantage," @SHL0MS told Insider. "There's pressure to start minting and buying NFTs, but for me it was about being in a place where I was financially comfortable paying the fees without expecting anything in return."@SHL0MS started by minting a single transparent pixel on Rarible a few months ago, a piece that cost him over $200 in gas fees, but sold for $300. Last week, @SHL0MS sold a piece for about $17,000.<h1>NFTs could represent the future of the art world</h1><div type="image" title="Beeple &quot;Everydays&quot; piece on Christie's." height="675" width="1350" msid="81496820" hostid="261"></div>Rodriguez-Fraile told Insider he knew Beeple's work would someday be valuable, but he had no idea it would rise from $67,00 to $6.6 million in a matter of months."I had no intention of being a flipper, but I also do not like to lose value," Rodriguez-Fraile told Insider. "I had a higher offer for another Beeple piece, but I kept it for its historical value. The only reason I sold 'Crossroads' was that I thought it could act as an important catalyst in realizing the value of digital art." The art collector told Insider creators are pushing the limits of art. When he first met Beeple, he realized he would be a symbol for the movement."This will become the art world over time," Rodriguez-Fraile told Insider. "For the first time we can mathematically provenance, history, and everything around the movements of a piece of art. It's more desirable than a physical piece and gives collectors a closer connection to the artist."John Crain, SuperRare's CEO, told Insider the company is working to develop new income streams for artists, allowing them to connect directly with their fans on the site.Nifty Gateway co-founder Griffin Cock Foster compared the development of NFTs to the beginning of the internet - a system which started off as a type of "wild west," a way to make connectivity and work easier, but quickly became enmeshed in day-to-day life and a world unto itself. "It'll be interesting to see a world where everyone is an art collector," Griffin Cock Foster told Insider. "I think we're very much in the first inning of NFTs taking off. It's a very powerful and transformative technology and we don't even know what it might lead to further down the road."<h1>There are still many barriers to the NFT space</h1>Rodriguez-Fraile said NFTs still have a long way to go before they can be more accessible to the general public. In particular, platforms need to work on developing a better user experience, in order to avoid confusion on gas fees and make NFTs more accessible to users outside of the crypto community.Griffin and Duncan Cock Foster told Insider Nifty Gateway is working to bring NFTs to the general public through simplifying their user experience. The site is one of the only platforms that allows users to purchase NFTs using their credit cards instead of a <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">cryptocurrency</keyword> wallet.The process allows users to avoid additional fees. Many platforms are also working to alleviate their environmental impact, through streamlining use of the blockchain.For <a href="https://www.businessinsider.com/nft-marketplaces-where-to-buy-sell-non-fungible-tokens-online-2021-3">NFT buyers, the site can also impact a token's value</a>, according to Rodriguez-Fraile. As more platforms continue to crowd the space, the art collector said he places most of his trust in highly curated sites like SuperRare and Nifty Gateway, because they are more selective about the artists they work with. For users looking to start out creating NFTs, community-owned sites like Rarible and Mintable are more accessible for new creators.Martin told Insider he's not sure whether NFTs are here to stay or whether they're operating under a bubble, but he plans on buying more.

Selling crypto art can come with huge hidden fees, leading some people to lose hundreds of dollars

<ul class="summary-list"><li>Coinbase said it has disabled NFT transfers for its mobile wallet on Thursday.</li><li>Apple wants 30% of all NFT gas fees to be paid through their In-App Purchase system, the crypto exchange said.</li></ul>Coinbase Global disabled its mobile wallet's non-fungible token (NFT) transfers for users on Thursday, citing discrepancies over Apple's store policies."You might have noticed you can't send NFTs on Coinbase Wallet iOS anymore," the crypto exchange <a href="https://twitter.com/CoinbaseWallet/status/1598354819735031809?s=20&amp;t=fuuusrOl6T_CYA94XNnMcA">tweeted.</a> "This is because Apple blocked our last app release until we disabled the feature."Coinbase added that Apple's policies "protect their profits at the expense of consumer investment in NFTs." Apple wants 30% of all NFT transfer gas fees to be paid through their In-App Purchase system, according to Coinbase, which likened it to taking a cut of fees for every email that goes over open Internet protocols.But it would be impossible for Coinbase — or any company that utilizes blockchain technology — to comply with such a request.Apple's mobile store can typically charge up to 30% commission on in-app purchases, but gas fees don't occur within the app. Gas fees, which are the charge a user pays to perform a function on a blockchain, keep its network running. Therefore, you can't pay for gas fees using Apple's software.Apple did not immediately respond to Insider's request for comment."For anyone who understands how NFTs and blockchains work, this is clearly not possible," Coinbase said. "Apple's proprietary In-App Purchase system does not support crypto, so we couldn't comply even if we tried."

Crypto exchange Coinbase says Apple has shut down the ability for users to send NFTs because it can't collect the 30% in-app fee

<ul class="summary-list"><li>High gas fees and congestion have pushed NFT apps away from the <keyword id="2810876" type="General" weightage="60" keywordseo="ethereum" source="Orion">ethereum</keyword> network, JPMorgan said.</li><li>The bank's analysts found ethereum's NFT volume share has fallen from 95% at the start of 2021 to around 80%.</li></ul><a href="https://markets.businessinsider.com/currencies/eth-usd">Ethereum</a> is losing ground to rivals such as solana in the NFT sector of the cryptocurrency universe, due to sky-high transaction fees on the network, JPMorgan has said. Ethereum's volume share of non-fungible token trading has fallen from around 95% at the start of 2021 to around 80%, according to JPMorgan's analysts, led by Nikolaos Panigirtzoglou. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> "It looks like, similar to DeFi apps, congestion and high gas fees has been inducing NFT applications to use other blockchains," Panigirtzoglou said in a note sent to clients last week, referring to apps built for decentralized finance. The bank's global <keyword id="31671" type="General" weightage="100" keywordseo="markets" source="Orion">markets</keyword> team found that the solana network in particular had been <a href="https://markets.businessinsider.com/news/currencies/solana-crypto-take-market-share-away-from-ethereum-sol-ether-2022-1">seizing market share</a> from ethereum in recent weeks. "If the loss of its NFT share starts looking more sustained in 2022, that would become a bigger problem for ethereum's valuation," Panigirtzoglou said. <a href="https://www.businessinsider.com/nft-meaning">Non-fungible tokens, or NFTs,</a> are <keyword id="2721952" type="General" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> assets that represent ownership of items such as pieces of digital art, video clips, and virtual clothing. The now roughly $12 billion NFT market has boomed over the last year, with one digital art NFT selling <a href="https://www.businessinsider.com/beeple-nft-mike-winkelmann-digital-art-christies-2021-3?utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets&amp;r=US&amp;IR=T">for $69 million</a> in March 2021. Bored Apes and CryptoPunks, two types of digital avatars, are some of the most popular <keyword id="902592" type="General" weightage="60" keywordseo="nfts" source="Orion">NFTs</keyword>. The ethereum cryptocurrency network, founded in 2015, is the technology that underlies the vast majority of NFT buying and selling. Yet traders are becoming increasingly frustrated with congestion and very high transaction or "gas" fees on the network, which often add more than $80 to a purchase. Read more: <a href="https://www.businessinsider.com/nft-investing-opensea-treasure-marketplace-ethereum-wave-financial-les-borsai-2022-1?r=US&amp;IR=T">Wave Financial's Les Borsai invested in 2 NFT collections that have soared by 450% and 70% in 2 weeks. Now the chief strategy officer is looking toward another under-the-radar collection.</a> Newer blockchains such as solana are now muscling in, attracting NFT developers with much lower transaction fees. Other networks, such as wax or tezos, are also jostling for position, JPMorgan said. Ethereum has also been <a href="https://markets.businessinsider.com/news/currencies/ethereum-upgrade-dominance-defi-market-share-rivals-eth2-sharding-jpmorgan-2022-1">ceding market share</a> in the world of decentralized finance. DeFi apps allow people to carry out financial transactions, trade or sign "smart contracts" without the need for intermediaries such as banks and clearing houses. Cardano, one of a number of rival networks sometimes dubbed <a href="https://markets.businessinsider.com/news/currencies/ether-outlook-4-cryptocurrencies-considered-ethereum-killers-crypto-solana-cardano-2022-1">"ethereum killers"</a>, has been a particular beneficiary in the DeFi space. However, ethereum remains by far the dominant blockchain when it comes to both NFTs and DeFi. The total value of projects locked on the ethereum network stood at around $156 billion — almost double that of the next 10 networks combined — analysts at the Coinbase exchange estimated last week. Ethereum developers are racing to try to <a href="https://markets.businessinsider.com/currencies/news/ethereum-upgrades-boost-ether-price-eip1559-prrof-of-stake-2021-5-1030404464">solve the problem</a> of high gas fees. But a crucial network upgrade known as "sharding", intended to <a href="https://markets.businessinsider.com/news/currencies/ethereum-upgrade-dominance-defi-market-share-rivals-eth2-sharding-jpmorgan-2022-1">add more capacity to the network</a>, is not due until early 2023. <keyword id="6709758" type="General" weightage="60" keywordseo="ether" source="Orion">Ether</keyword>, the cryptocurrency on the ethereum network, was down 3.4% to $3,162 on the Coinbase exchange Tuesday. It's been hit by a <a href="https://markets.businessinsider.com/news/stocks/stock-market-today-us-tech-futures-bond-yields-oil-prices-2022-1">broad sell-off</a> that has whacked tech stocks and digital assets.

JPMorgan says ethereum is losing ground to rivals in the NFT market, which could boost the likes of solana

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div>There are many great <a href="https://www.businessinsider.com/best-credit-card-reward-program">rewards credit cards</a> to choose from, but when you're looking for a credit card that will give you the best benefit on your gas purchases, you have to look a bit further.<h2>Here are the best credit cards for gas purchases in 2019:</h2><ul><li><a href="https://thepointsguy.com/card-details/wells-fargo-propel-american-express-card/?utm_campaign=bi_gz-08262019_best-cards-gas-purchases&amp;utm_source=referral">Wells Fargo Propel American Express® card</a></li><li><a href="https://www.businessinsider.com/best-credit-cards-earn-rewards-cash-back-costco-2019-6">Costco Anywhere Visa Card by Citi</a></li><li><a href="https://www.businessinsider.com/year-using-credit-cards-bonus-points-gas">PenFed Platinum Rewards Visa Signature Card</a></li><li><a href="https://thepointsguy.com/card-details/chase-freedom-unlimited/?utm_campaign=bi_gz-08262019_best-cards-gas-purchases&amp;utm_source=referral">Chase Freedom Unlimited</a></li><li><a href="https://thepointsguy.com/card-details/blue-cash-preferred-card-from-american-express/?utm_campaign=bi_gz-08262019_best-cards-gas-purchases&amp;utm_source=referral">Blue Cash Preferred® Card from American Express </a></li><li><a href="https://www.businessinsider.com/citi-thankyou-premier-sign-up-bonus-offer-2018-8">Citi Premier℠ Card</a></li><li><a href="https://www.businessinsider.com/bank-of-america-cash-rewards-pick-bonus-category">Bank of America Cash Rewards credit card</a></li></ul><h2>Choosing the right credit card for your gas purchases</h2>Since gas is a static expense, meaning you'll have to continue purchasing it again and again throughout your life, it's important that you choose a card that will give you the maximum cash back or points for your spending.Some cards come with an annual fee, while others don't. The best way to choose is the weigh out the pros and cons for each card. Sometimes the cards with annual fees have benefits or earning rates that far outweigh the annual fee. However, if you're just getting started with credit cards, you may want to start with one that doesn't incur an annual fee to try it out without any additional cost to you.You can choose a card that earns cash back or travel points for your gas purchases. One is no better than the other - just choose based on which rewards are more valuable to you.Read more: <a href="https://www.businessinsider.com/best-no-fee-credit-card">The best no-annual-fee credit cards to open in 2019</a>Keep in mind that we're focusing on the rewards and perks that make these credit cards great options, not things like interest rates and late fees, which can far outweigh the value of any rewards.When you're working to earn credit card rewards, it's important to practice financial discipline, like paying your balances off in full each month, making payments on time, and not spending more than you can afford to pay back. Basically, <a href="https://www.businessinsider.com/which-is-better-credit-vs-debit-cards-2018-3">treat your credit card like a debit card</a>.<a href="https://thepointsguy.com/card-details/blue-cash-preferred-card-from-american-express/?utm_campaign=bi_gz-08262019_best-cards-gas-purchases&amp;utm_source=referral"></a>Read more: <a href="https://www.businessinsider.com/year-using-credit-cards-bonus-points-gas">The average US household spends over $2,000 on gas each year. Here's how many points that translates to with 3 popular credit cards</a><h2><a href="https://thepointsguy.com/card-details/wells-fargo-propel-american-express-card/?utm_campaign=bi_gz-08262019_best-cards-gas-purchases&amp;utm_source=referral">Wells Fargo Propel American Express card</a></h2>Annual fee: NoneYou'll earn 3x points at gas stations with this card, and that's just one of many 3x bonus categories. You'll also earn 3 points per dollar on eating in and ordering out, rideshares and other transit, flights, hotels, homestays, and car rentals, and popular streaming services.The <a href="https://www.businessinsider.com/wells-fargo-propel-amex-review">Wells Fargo Propel card</a> offers a bonus of 30,000 points if you spend $3,000 on purchases within the first three months of opening the card.<h2><a href="https://www.businessinsider.com/best-credit-cards-earn-rewards-cash-back-costco-2019-6">Costco Anywhere Visa Card by Citi</a></h2>Annual fee: None, but you need to be a Costco member (there is an annual fee for your <a href="https://www.businessinsider.com/costco-membership-hidden-perks-products-2019-6">Costco membership</a>, starting at $60).This card offers 4% cash back on eligible gas purchases worldwide for the first $7,000 per year (then, it's 1% cash back). Just because this card is associated with the Costco membership doesn't mean that you're limited to purchase gas only from the Costco gas stations. This card can be used at any gas station that accepts Visa.<h2><a href="https://www.businessinsider.com/year-using-credit-cards-bonus-points-gas">PenFed Platinum Rewards Visa Signature Card</a></h2>Annual fee: NoneThis card earns 5x points on gas purchases and offers a sign-up bonus of a $100 statement credit if you spend $1,500 in the first 90 days. Of course, the $1,500 doesn't all have to be spent on gas. This card doesn't have an annual fee or any foreign transaction fees.Just a side note: PenFed doesn't require you to have military affiliation to be a member; you just have to apply for a membership. Once you become a member of the organization, you can apply for its financial products, such as this credit card.<h2><a href="https://thepointsguy.com/card-details/chase-freedom-unlimited/?utm_campaign=bi_gz-08262019_best-cards-gas-purchases&amp;utm_source=referral">Chase Freedom Unlimited</a></h2>Annual fee: NoneUnlike other credit cards on this list, the <a href="https://www.businessinsider.com/chase-freedom-unlimited-review">Chase Freedom Unlimited</a> doesn't have separate categories for gas, groceries, dining, etc. Instead, it offers 3% cash back on all purchases up to $20,000 in your first year. You'll earn 1.5% cash back on all purchases after that. So, for the first year, you can earn 3% cash back on gas purchases.Read more: <a href="https://www.businessinsider.com/turn-cash-back-into-chase-ultimate-rewards-points-freedom-cards">The Chase Freedom and Freedom Unlimited aren't just cash-back cards - here's how you can turn their rewards into travel points</a><h2><a href="https://thepointsguy.com/card-details/blue-cash-preferred-card-from-american-express/?utm_campaign=bi_gz-08262019_best-cards-gas-purchases&amp;utm_source=referral">Blue Cash Preferred American Express Card</a></h2>Annual fee: $95This is yet another card that offers 3% back on gas purchases (at US gas stations only). It also earns 3% back on transit including taxis and rideshares, parking, tolls, trains, buses, and more, and 6% back on select US streaming subscriptions. The Blue Cash Preferred also earns 6% back on the first $6,000 spent at US supermarkets each year (then 1%).New cardholders can also earn a $250 statement credit after spending $1,000 in the first three months of opening the account.<h2><a href="https://www.businessinsider.com/citi-thankyou-premier-sign-up-bonus-offer-2018-8">Citi Premier Card</a></h2>Annual fee: $95This card gives you travel points for your purchases, and you can transfer those points to partners such as JetBlue. You can earn 3x points on your gas purchases - the 3x category includes gas but also other travel purchasesThe Citi Premier card's offering a sign-up bonus of 60,000 points when you spend $4,000 within the first three months of opening the account.<h2><a href="https://www.businessinsider.com/bank-of-america-cash-rewards-pick-bonus-category">Bank of America Cash Rewards credit card</a></h2>Annual fee: NoneThe Cash Rewards card gives you a choice of 3% cash back from a list of six categories including gas, so you can use this card to maximize your cash back on gas purchases.You can earn a $200 cash bonus for spending $1,000 within the first 90 days of opening the card.Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.Business Insider may receive a commission from The Points Guy Affiliate Network, but our reporting and recommendations are always independent and objective.

The 7 best credit cards for getting maximum points or cash back on your gas purchases

<ul class="summary-list"><li>Drivers pay gas taxes that go toward road repair and maintenance.</li><li>But EV drivers don't buy gas, and some states say they're losing money as fewer drivers paying taxes.</li></ul>Drivers in Texas who think they're skirting gas taxes by driving electric should think again — the Lone Star State wants them to pay for their fair share, too.Drivers essentially pay for their road use at the pump through gas taxes, which get funneled to state road repair and maintenance. But since EV drivers don't ever need to fuel up, they're not paying that tax. Politicians, especially in Texas, say not so fast. Starting next month, EV drivers in the state will have to pay $200 to register their plug-in cars and trucks, which <a target="_blank" href="https://www.politico.com/news/2023/08/17/punitive-texas-other-states-roadblocks-ev-transition-00110125">some estimates say is double what gas-guzzling vehicle drivers might pay</a> at the station. For drivers buying a brand-new EV, the fee is $400 upfront.Texas, meanwhile, has one of the cheapest gas tax rates all US states <a target="_blank" href="https://wisevoter.com/state-rankings/gas-tax-by-state/">at $0.20 per gallon, </a>less than the national average of $0.29.The costly EV registration fees are designed to level the playing field. States claim they're losing money as more drivers go electric, but EV adoption was only at about 6% in the US at the end of 2022. The divergence is playing out <a target="_blank" href="https://www.politico.com/news/2023/08/17/punitive-texas-other-states-roadblocks-ev-transition-00110125">mostly in conservative states</a>. Arkansas, a historically red state, for example, has a relatively low gas tax at $0.25, while its pure-EV registration fee is also $200.California, leaning far more democratic, has the highest EV concentration in the US — <a target="_blank" href="https://electrek.co/2023/04/21/ca-hits-ev-target-ahead-of-schedule-its-not-the-first-place-to-do-so-and-wont-be-the-last/">21% of the new car market —</a> with a gas tax of $0.58 and annual EV registration fees of up to $175.Steep EV registration fees are something that <a target="_blank" href="https://www.smartcitiesdive.com/news/motor-vehicle-fees-encourage-ev-buying/629270/">many industry observers say serve as yet another barrier to EV adoption</a>. The <a target="_blank" href="https://www.businessinsider.com/us-electric-vehicle-buyers-cars-too-expensive-2023-1">price of these vehicles already weighs on buyers' minds</a>, as does the potential <a target="_blank" href="https://www.businessinsider.com/ev-charging-cost-versus-gas-car-truck-suv-2023-7">cost to plug them in compared with fueling a gas-powered car</a>. Adding an unexpected registration fee is another expense associated with switching to electric. And a <a target="_blank" href="https://www.businessinsider.com/ev-electric-car-sales-plateau-early-adopters-competition-2023-8">slowing rate of adoption is a looming threat</a> for automakers slating billions of dollars to go electric, much of which is getting invested into domestic battery and EV factories in the US.It's important to note that <a target="_blank" href="https://www.businessinsider.com/electric-cars-cost-versus-gas-powered-vehicles-2023-4">EV prices are starting to come down</a> (and there are some <a target="_blank" href="https://www.businessinsider.com/cheapest-electric-cars-affordable-toyota-chevy-hyundai-kia-nissan-tesla-2023-1">affordable models available now</a>), many estimates suggest the <a target="_blank" href="https://www.businessinsider.com/electric-car-vs-gas-cost-charging-loan-maintenance-study-2022-5">electricity needed for an EV is still less expensive than gasoline</a>, and these registration fees vary significantly by state.

Texas has one of the cheapest gas taxes in the US— and now some of the highest fees for electric cars

<ul class="summary-list"><li><keyword id="2721952" type="General" weightage="60" keywordseo="crypto" source="Orion">Crypto</keyword> exchange <keyword id="3538734" type="General" weightage="60" keywordseo="bitfinex" source="Orion">Bitfinex</keyword> on Monday accidentally paid $24 million as a fee for a $100,000 <keyword id="2810876" type="General" weightage="60" keywordseo="ethereum" source="Orion">ethereum</keyword> transaction.</li><li>Yet the miner who verified the transaction and received the fee has sent most of it back.</li><li>Bitfinex's mistake was an example of a "<keyword id="2542591" type="General" weightage="60" keywordseo="fat-finger" source="Orion">fat finger</keyword>" trade and may be the biggest ethereum fee in history.</li></ul>A crypto exchange accidentally paid $24 million to send $100,000 over the ethereum network, in one of the biggest "fat finger" errors in the history of digital assets. Yet Bitfinex was thanking its lucky stars on Tuesday after the miner who received the fee agreed to return it. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> Bitfinex moved $100,000 of <a href="https://markets.businessinsider.com/currencies/usdt-usd">tether</a>, a cryptocurrency pegged to the dollar, over the ethereum network on Monday to the <keyword id="11094379" type="General" weightage="60" keywordseo="decentralized-finance" source="Orion">decentralized finance</keyword> exchange DeversiFi. DeversiFi was spun out of Bitfinex in 2019. Ethereum transaction fees have been high recently, as the network has seen heavy use. But even so, Bitfinex's $23.7 million fee (the cost of 7,677 ether) stood out as an obvious error on the <a href="https://etherscan.io/tx/0x2c9931793876db33b1a9aad123ad4921dfb9cd5e59dbb78ce78f277759587115">Etherscan</a> data page. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> DeversiFi - whose selling point is that it can help users avoid gas costs - acknowledged the mistake on Monday, when The Block <a href="https://www.theblockcrypto.com/post/118753/bitfinex-just-spent-23-7-million-in-fees-to-make-one-ethereum-transaction">reported</a> the transaction. "A deposit transaction was made using a hardware wallet from the main DeversiFi user interface with an erroneously high gas fee," it <a href="https://twitter.com/deversifi/status/1442487743922286594?s=20">tweeted</a>. On the ethereum network, transaction fees - also known as gas fees - <a href="https://markets.businessinsider.com/news/currencies/ethereum-london-hard-fork-eip-1559-network-upgrade-ether-price-2021-8">are now determined</a> by an algorithm based on how busy the blockchain is. But users have to enter how much they want to pay, and they can bump up the fee to tip miners, to get them to verify a transaction more quickly. "Fat-finger" trades are the result of human error in hitting a wrong key on a keyboard. On Monday night, DeversiFi said the miner who oversaw the transaction was returning much of the fee. Paolo Ardoino, chief technology officer at Bitfinex, <a href="https://twitter.com/paoloardoino/status/1442738951131996163?s=20">tweeted</a>: "Kudos to the miner for being proactive and fair" alongside a love heart emoji. He said the crypto exchange Binance had helped establish contact with the miner. Read more: <a href="https://www.businessinsider.com/crypto-investing-strategy-china-bitcoin-ban-ether-tether-retail-investors-2021-9">As bitcoin steadies after the shock of China's crypto ban, 5 experts break down what retail investors need to know</a> Data from Etherscan, which tracks ethereum transactions, <a href="https://etherscan.io/tx/0x85294effd53126b3bfa9e7f655267e00ac1ae2ef76f4569644670bf5403637d6">showed</a> that the miner had sent 7,385 ether back to Bitfinex, worth around $22.2 million at the time. Bitfinex said in a statement: "In transactions such as these, the fees are shouldered by third-party integrations with Bitfinex." The exchange added: "We look forward to DeversiFi's investigation and to having this matter sorted on their side." The $23.7 million that Bitfinex coughed up could well be the biggest ethereum transaction fee in history. And things could have gone much worse for the exchange, given that crypto transactions are irreversible and not subject to regulation.

A crypto exchange accidentally paid a $24 million fee for a $100,000 ethereum transaction - but the miner agreed to return it

<ul class="summary-list"><li>The creators of the <keyword id="13098105" type="UNKNOWN" weightage="60" keywordseo="bored-ape-yacht-club" source="Orion">Bored Ape Yacht Club</keyword> raised $320 million in cryptocurrency over the weekend from <keyword id="11121339" type="UNKNOWN" weightage="60" keywordseo="metaverse" source="Orion">metaverse</keyword> real estate sales.</li><li><keyword id="13767101" type="UNKNOWN" weightage="60" keywordseo="yuga-labs" source="Orion">Yuga Labs</keyword> sold NFTs that give buyers access to virtual plots on land in the forthcoming game "Otherside."</li></ul>Bored Ape Yacht Club creator Yuga Labs raked in about $320 million in cryptocurrency over the weekend for its sale of virtual land in one of the largest non-fungible token launches to date.The Web3 company sold NFTs that act as deeds to 55,000 digital plots of land in Yuga Labs' upcoming metaverse game "Otherside." Each plot of land cost roughly $5,800 in <keyword id="13679280" type="UNKNOWN" weightage="60" keywordseo="apecoin" source="Orion">ApeCoin</keyword>.High demand for the so-called Otherdeeds sent gas fees on the ethereum network skyrocketing. Gas fees climb higher when the blockchain becomes congested, as each transaction requires more tokens. In fact, fees associated with minting Otherdeeds hit $123 million after the launch and required buyers to post two ether tokens, which is more than the cost of the actual deed being purchased, <a href="https://www.bloomberg.com/news/articles/2022-05-01/bored-ape-metaverse-frenzy-raises-millions-disrupts-ethereum">Bloomberg reported.</a>"We're sorry for turning off the lights on Ethereum for a while," <a href="https://twitter.com/yugalabs/status/1520612362986078208?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1520612362986078208%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.theverge.com%2F2022%2F5%2F1%2F23051974%2Fbored-ape-yacht-club-metaverse-mint-rocked-ethereum-blockchain-otherside-otherdeeds-yuga-labs">Yuga Labs tweeted</a>. "It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. We'd like to encourage the DAO to start thinking in this direction."The company added that some transactions didn't go through due to the high demand and that it will refund the gas fees for those that were affected.Yuga Labs had originally planned to sell Otherdeeds at a Dutch auction so the value of the digital assets could decrease over time and counter congestion on the Ethereum network. The company ditched the plan <a href="https://markets.businessinsider.com/news/currencies/metaverse-investing-bored-ape-yacht-club-yuga-labs-virtual-land-2022-4">last week </a>and instead opted to limit the amount of deeds purchased per person, or wallet.

The Bored Ape Yacht Club creators took in $300 million for their digital land NFTs, crashing the ethereum network as demand surged

<ul class="summary-list"><li><keyword id="2810876" type="PERSON" weightage="60" keywordseo="ethereum">Ethereum</keyword> transaction fees "skyrocketed" in the first quarter of 2021, a report by Coindesk has found.</li><li>It said the average transaction fee touched around $38 in late February as the network boomed.</li><li>Ethereum developers are planning major network changes that aim to tackle soaring fees.</li></ul>Transaction fees on the Ethereum cryptocurrency network "skyrocketed" in the first three months of 2021, driving up costs and sending some users towards other blockchains, according to a new report.Coindesk's quarterly overview of the cryptocurrency world, written by analysts led by Noelle Acheson, put the soaring "gas fees" down to a surge in the use of the Ethereum network.<keyword id="6709758" type="UNKNOWN" weightage="60" keywordseo="Ether">Ether</keyword>eum's native cryptocurrency ether has hit record highs in 2021 as <a href="https://markets.businessinsider.com/currencies/news/crypto-market-cap-bitcoin-doubles-to-2-trillion-rally-surges-2021-4-1030274638">interest in cryptocurrencies has boomed</a>.The report suggested the average fee soared to $38 in late February and stood at around $24 in late March, up from around between $2 and $4 at the end of 2020. Coindesk found that average fees in the first quarter were higher than during ether's 2017 bull run.Its report said the fees were "increasing costs for users and pushing some applications onto competing blockchains, adding that the volume of transactions had slipped in recent weeks after soaring to new highs earlier in 2021.It is the latest sign of a problem that Ethereum developers plan to tackle through <a href="https://markets.businessinsider.com/currencies/news/ether-price-ethereum-upgrade-explosive-growth-destroys-coins-eip-1559-2021-3-1030160187">major changes to the network</a> that will cut so-called gas fees, although the plans have angered many <a href="https://markets.businessinsider.com/currencies/eth-usd">ether</a> miners.Under the Ethereum network's current system, users have to bid to have their transactions included in blocks by miners, which can make fees costly.Under the changes, known as <a href="https://www.gemini.com/cryptopedia/ethereum-improvement-proposal-ETH-gas-fee">EIP-1559</a>, users will send a base transaction fee to the network that would then destroy or "burn" ether tokens, thereby reducing the number of coins in circulation.Dan Finlay, lead developer on popular Ethereum wallet MetaMask, <a href="https://markets.businessinsider.com/currencies/news/ethereum-network-upgrade-destorys-ether-eth-popular-users-miners-2021-3-1030262321">told Insider</a> in March: "Its purpose is to provide a more predictable transaction pricing system that reduces over-payment, and has some deflationary economics as a side benefit."Yet the changes have proved <a href="https://markets.businessinsider.com/currencies/news/ethereum-ether-eth-miners-protests-changes-destroy-coins-crypto-2021-3-1030172884">controversial among many miners</a>, who will see their income slashed.Debates among the Ethereum community are ongoing about the changes, with miners <a href="https://twitter.com/RedPandaMining/status/1370766854583504898?s=20">proposing a change</a> of their own that could limit their pain.

Ethereum transaction fees 'skyrocketed' in the the first quarter, ramping up costs for users, report finds

<div class="KonaFilter image-container display-table center"><div><div class="image on-image">AP Photo/Chuck Burton</div></div></div><ul class="summary-list"><li>The gasoline at Costco is consistently cheaper than the gas sold at neighboring stations.</li><li>If you drive enough, the savings from gas can more than make up for the $60 annual Costco membership fee.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories.</a></li></ul>If you are considering signing up for a Costco membership only for the cheap gas, then you might want to reconsider. Assuming savings of 10 cents per gallon when you buy Costco gas as opposed to fuel sold at your corner gas station, you would need to fill up a car with a 16-gallon tank 37.5 times before your savings covered the $60 annual Costco membership fee.If you were already planning to join or renew based on the savings Costco offers on its other goods, or if your commute or lifestyle merits that much fuel, then by all means go for it, because membership fee aside, <a href="https://www.businessinsider.com/how-much-is-gas-at-costco-2018-3">Costco has the cheapest gas in America</a>, and they're selling fuel of the exact same quality as the name brand locations, too. The low cost of Costco's gas is one of the biggest perks of Costco membership, and it's one the majority of members surely know about and take advantage of.But how does Costco offer such cheap gas to its members? There are two key reasons. The first is that the company knows it <a href="https://www.msn.com/en-us/lifestyle/lifestyle-buzz/here%E2%80%99s-how-costco-keeps-their-gas-so-cheap/ar-BBPqmoG">commands intense customer loyalty</a> - Costco shoppers try to stick with the brand, and these reliable gas buyers allow for slimmer margins without profit losses.Read more: <a href="https://www.businessinsider.com/costco-car-services-benefits-membership-2019-6">8 perks you can get as a car owner at Costco</a>Secondly, while gas is not a true loss leader for Costco - that wold be a product sold so cheaply that it actually loses the company money, but compensates by attracting buyers who make other purchases - Costco knows its cheap gas prices draw people near its warehouses. Those potential customers may well end up spending hundreds of dollars on bulk pasta, blue jeans, or a TV.And clearly the cheap gas strategy is working for Costco. As of late 2018, Costco had more than 565 gas stations in operation. Just know that if you want to buy gas from a Costco, you can leave the checkbook or cash at home: Their gas can only be purchased with a <a href="https://customerservice.costco.com/app/answers/detail/a_id/719/~/what-payment-methods-are-accepted-at-costco%3F">debit card or a Visa credit card</a>. Or a Costco cash card, of course. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/sommelier-best-wines-costco-target-trader-joes-bjs-ranking-2019-3">A sommelier compared 11 wines from Costco, Target, Trader Joe's, and BJ's - and the winner was clear</a></h3> <div> </div> </div>

The one perk of getting your gas at Costco

<ul class="summary-list"><li>President Joe Biden signed a pledge Tuesday to significantly reduce US <keyword id="12459827" type="UNKNOWN" weightage="60" keywordseo="methane" source="Orion">methane</keyword> emissions.</li><li>Sen. <keyword id="11930702" type="UNKNOWN" weightage="60" keywordseo="joe-manchin" source="Orion">Joe Manchin</keyword> called the methane emissions proposal "an unreasonable, punitive fee."</li></ul>Democrats are struggling to salvage <keyword id="11896311" type="UNKNOWN" weightage="60" keywordseo="climate-change" source="Orion">climate change</keyword> provisions in the Biden administration's Build Back Better agenda, including a proposed fee on methane emissions that Sen. <keyword id="11930701" type="UNKNOWN" weightage="60" keywordseo="kyrsten-sinema" source="Orion">Kyrsten Sinema</keyword>, D-Ariz., is currently questioning and undecided on, <a href="https://www.axios.com/sinema-methane-bbb-plan-spending-7fc8c6a8-76fa-475d-bb94-f303a036259a.html?utm_source=twitter&amp;utm_medium=social&amp;utm_campaign=editorial&amp;utm_content=politics-sinemaitics-sinema">Axios reported</a>.Additional members of Congress - Sen. Joe Manchin, Rep. Henry Cuellar, and multiple Texas Democrats - have outright opposed the fee, even as President Joe Biden joined more than 90 governments in signing a pledge to significantly reduce methane emissions at a global climate summit on Tuesday, <a href="https://www.axios.com/sinema-methane-bbb-plan-spending-7fc8c6a8-76fa-475d-bb94-f303a036259a.html?utm_source=twitter&amp;utm_medium=social&amp;utm_campaign=editorial&amp;utm_content=politics-sinemaitics-sinema">according to Axios</a>.Sen. Tom Carper, D-Del., chairman of the Senate Committee on Environment and Public Works, has been fighting for the inclusion of a methane fee. He <a href="https://www.rollcall.com/2021/11/01/democrats-pinning-climate-hopes-on-revised-methane-fee/">said in an interview with Roll Call</a> that he has been negotiating with Manchin, who called the proposal "an unreasonable, punitive fee" on natural gas and oil companies in a <a href="https://www.api.org/-/media/Files/News/2021/09/API-Methane-Fee-Opposition-Letter.pdf">September 7 letter</a> to Carpel and Sen. Shelley Moore Capito, R-W.Va."We have designed it to not be punitive, but to be supportive and encouraging of companies to go ahead and begin making reductions within the next couple of years," <a href="https://www.axios.com/sinema-methane-bbb-plan-spending-7fc8c6a8-76fa-475d-bb94-f303a036259a.html?utm_source=twitter&amp;utm_medium=social&amp;utm_campaign=editorial&amp;utm_content=politics-sinemaitics-sinema">Carper told Axios</a>.In 2019, methane accounted for about 10% of all US greenhouse gas emissions from human activities, such as leaks from natural gas systems and raising livestock, <a href="https://www.epa.gov/ghgemissions/overview-greenhouse-gases#methane">according to the Environmental Protection Agency</a>.Methane accounts for more than a quarter of the warming that Earth is currently experiencing and is the second-largest contributor to greenhouse gas emissions after carbon dioxide, <a href="https://www.nytimes.com/2021/11/02/us/politics/methane-emissions-fee.html">The New York Times reported</a>.If a methane fee is passed in the US, it could spur decades-long economic growth, add $250 billion to the country's gross domestic product, and create more than 70,000 jobs by 2050, <a href="https://energyinnovation.org/wp-content/uploads/2021/10/Benefits-of-the-Build-Back-Better-Act-Methane-Fee.pdf">according to nonpartisan energy and climate policy firm Energy Innovation</a>.

Sinema, Manchin pump the brakes on a proposed fee for methane emissions, the second largest contributor to global greenhouse gas emissions

<ul class="summary-list"><li><keyword id="12539571" type="UNKNOWN" weightage="60" keywordseo="constitutiondao" source="Orion">ConstitutionDAO</keyword> is disbanding after losing its bid to buy a copy of the US Constitution to <keyword id="12204682" type="UNKNOWN" weightage="60" keywordseo="citadel" source="Orion">Citadel</keyword>'s <keyword id="12204684" type="UNKNOWN" weightage="60" keywordseo="ken-griffin" source="Orion">Ken Griffin</keyword>.</li><li>The <keyword id="12586210" type="UNKNOWN" weightage="60" keywordseo="decentralized-autonomous-organization" source="Orion">decentralized autonomous organization</keyword> had collected $47 million in donations.</li><li>"There is no time limit on claiming these refunds," ConstitutionDAO said. </li></ul><a href="https://www.constitutiondao.com/" target="_blank" rel="noopener">ConstitutionDAO</a>, a loosely-organized group that lost its bid to buy a rare copy of the US Constitution, is disbanding and will let donors take back the $47 million they contributed.The core team behind a cohort of around <a href="https://markets.businessinsider.com/news/currencies/what-is-a-dao-constitutiondao-bid-sothebys-us-constitution-auction-2021-11?utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">17,000 people</a> made the announcement on their website, <a href="https://twitter.com/ConstitutionDAO/status/1463237188661878787">Twitter</a>, and Discord accounts Tuesday."We have determined that building and maintaining an ongoing project is not something that we as a core team are able to support, given the technical and administrative requirements of doing it properly," its website said. "We believe this project has run its course."The <keyword id="12561214" type="UNKNOWN" weightage="60" keywordseo="dao" source="Orion">DAO</keyword>, or decentralized autonomous organization, encouraged everyone who contributed to claim their money. "There is no time limit on claiming these refunds," the website said. "The Discord chat will be left open for 14 days for discussion, and then will shift to read-only."A public <a href="https://docs.google.com/document/d/1oMbg2d_7QmhO7QtoLmIeqg9HCdNfZgoC_w7oi7RMD7Q/edit#heading=h.8td3wpyi364">document</a> it issued provided specific steps on how to claim refunds as well as details on the future of the group's token called We The People.ConstitutionDAO made headlines last week when it raised more than <a href="https://markets.businessinsider.com/news/currencies/constitutiondao-raises-46-million-buy-rare-copy-us-constitution-auction-2021-11?utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">$40 million</a> in a span of a few days to buy one of 13 remaining copies of the US Constitution at <keyword id="12020702" type="UNKNOWN" weightage="60" keywordseo="sothebys" source="Orion">Sotheby's</keyword> auction house.<keyword id="12539572" type="UNKNOWN" weightage="60" keywordseo="daos" source="Orion">DAOs</keyword> are internet communities that pull capital together and decide collectively how to invest it. ConstitutionDAO <a href="https://markets.businessinsider.com/news/currencies/what-is-a-dao-constitutiondao-bid-sothebys-us-constitution-auction-2021-11?utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">started as a joke</a> on Twitter after Sotheby's announcement.The group lost out to Citadel CEO Ken Griffin. Soon after the auction, the DAO gave donors <a href="https://markets.businessinsider.com/news/currencies/consitution-dao-citadel-ceo-ken-griffin-organization-ethereum-gas-fee-2021-11">two options</a>: either to get a refund or to stay invested for the next project.But what many, especially newcomers, failed to realize is the cost of gas fees, which are required in every transaction. Gas fees, in essence, are fees users pay to miners for the computing energy required to process and validate their transactions. These fluctuate depending on the time of day but are particularly <a href="https://www.businessinsider.com/nft-investing-crypto-art-what-is-a-gas-fee-explained-2021-3">expensive</a> on the ethereum blockchain.In the case of ConstitutionDAO, the entire ethereum-based project amassed more than $1.5 million in gas fees, or roughly 3.5% of the $47 million collected, according to <a href="https://qz.com/2093357/constitutiondao-may-pay-1-5-million-in-ethereum-gas-fees/?utm_source=YPL">Quartz</a>.And given that the median donation was $206.26, according to its Discord chat, many donors may see a huge chunk of their money not refunded.

You Searched For "gas fees" and got 12 results

Ethereum transaction fees are running sky-high. That's infuriating users and boosting rivals like solana and avalanche.

Harry Robertson

Selling crypto art can come with huge hidden fees, leading some people to lose hundreds of dollars

Grace Kay

Crypto exchange Coinbase says Apple has shut down the ability for users to send NFTs because it can't collect the 30% in-app fee

Morgan Chittum

JPMorgan says ethereum is losing ground to rivals in the NFT market, which could boost the likes of solana

Harry Robertson

The 7 best credit cards for getting maximum points or cash back on your gas purchases

Gina Zakaria

Texas has one of the cheapest gas taxes in the US— and now some of the highest fees for electric cars

Alexa St. John

A crypto exchange accidentally paid a $24 million fee for a $100,000 ethereum transaction - but the miner agreed to return it

Harry Robertson

The Bored Ape Yacht Club creators took in $300 million for their digital land NFTs, crashing the ethereum network as demand surged

Brian Evans

Ethereum transaction fees 'skyrocketed' in the the first quarter, ramping up costs for users, report finds

Harry Robertson

The one perk of getting your gas at Costco

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Sinema, Manchin pump the brakes on a proposed fee for methane emissions, the second largest contributor to global greenhouse gas emissions

Morgan Keith

ConstitutionDAO disbands after losing its bid to buy a copy of the Constitution

Isabelle Lee

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