When interacting with JPG Store, understanding the fees you’ll encounter is crucial for making informed decisions. These include two main categories: JPG Store Fees and Cardano Fees. These fees are essential for maintaining the platform’s services and ensuring smooth blockchain operations. Each type of fee serves a specific purpose and applies in different situations. Below is a clear and detailed breakdown.
Important Note on JPG Store Fees
All JPG Store fees have a minimum of 1 ADA, even if the calculated percentage of the fee is less than 1 ADA. This is due to Cardano's MinUTxO requirement.
1. JPG Store Fees
These fees are specific to the transactions conducted on the JPG Store platform. This includes activities such as buying or selling NFTs, minting collections, and facilitating loans through lending and borrowing mechanisms.
Fee Details:
Buying or Selling an NFT:
Amount: 2% of the sale price, paid by the seller.
When Incurred: This includes offers and collection offers and is paid when the NFT is sold.
Lending and Borrowing:
Amount: 2% of the loan amount, split as:
1% paid by the lender.
1% paid by the borrower.
When Incurred:
1% is paid by the borrower when the loan is accepted.
1% is paid by the lender when the loan is repaid or defaulted.
Creating a Mint:
Amount: 5% of the mint price.
When Incurred: Deducted from the mint price when a user mints an NFT before sending the payout to the creator.
Minting an NFT:
Amount: 2 ADA fee paid for each NFT minted.
When Incurred: Paid by the user when minting an NFT, not the creator.
2. Cardano Fees
Cardano fees are small costs built into the system to keep the blockchain secure and running efficiently.
Types of Cardano Fees:
a. Regular Transaction Fees
Purpose: Compensates network validators for processing transactions.
Amount: A small fee calculated based on the size of the transaction. Usually, this is around 0.2 - 0.4 ADA.
When Incurred:
Anytime a transaction is successfully sent on the blockchain.
b. Contract Execution Fees
Purpose: Covers the cost of executing smart contracts.
Amount: Varies depending on the operation’s complexity.
When Incurred:
When making a transaction that involves the use of smart contracts such as using the JPG Store marketplace.
