What are the fees associated with using NEM?
NEM has a unique fee structure that is designed to be more efficient than other blockchain networks.
The fees associated with using NEM are based on the amount of XEM (the native cryptocurrency of the NEM network) that is used in a transaction. For transactions involving XEM, there is a minimum fee of 0.05 XEM and a maximum fee of 10 XEM.
This fee is used to pay for the cost of processing the transaction and is paid by the sender. The amount of the fee depends on the size of the transaction and can be adjusted by the sender. In addition to these fees, there are also fees associated with using NEM’s Smart Asset System (SAS).
These fees are paid by users who want to create or use smart assets on the NEM blockchain. The fees vary depending on the type of asset being created or used, but generally range from 0.1 XEM to 10 XEM per transaction.
Finally, there are also fees associated with using NEM’s Namespace system, which allows users to register their own domain names on the NEM blockchain. These fees range from 0.5 XEM to 50 XEM per registration, depending on how long you want your domain name to be registered for.
