Gas fees are transaction costs paid to Ethereum validators. UBOX does not receive nor can it refund these fees. UBOX cannot control gas prices and does not profit from them.
What are Ethereum validators?
Ethereum uses a Proof of Stake (PoS) consensus mechanism. In Proof of Stake, validators receive blocks from peers on the Ethereum network and re-execute transactions to ensure the blocks are valid.
Validators commit a significant amount of funds to the network in the form of staking ETH. This "stake" amount replaces the work done by miners in Proof of Work, securing the network since participants must buy and hold cryptocurrency to be selected to validate blocks and collect gas fees.
When you pay gas fees, the payment only guarantees that your transaction will be processed. It does not guarantee the transaction will succeed.
This is because gas prices on Ethereum fluctuate. If Ethereum is highly active (e.g., releasing popular NFT series), gas prices may increase due to network congestion. In this case, the original gas fee you paid might not be enough for validators to process and confirm the transaction.
When do you need to pay gas fees on UBOX?
Who pays the gas fees when selling items depends on the transaction situation.
1.When a buyer purchases an NFT listed at a fixed price, they pay the gas fee.
2.When a seller accepts a bid, they pay the gas fee.
3.UBOX pays the gas fee to the highest bidder for an auction-type project.