NFTs created an obsession for art, resulting in a new group of artists – the digital artists. Soon, it’s like everyone in the world wants to be one.
As a matter of fact, that’s quite possible. But have you ever imagined how much does it cost to make an NFT?
Well, this blog delves into that in-depth. Check it out for yourself.
What is NFT Minting?
Any digital file cannot be an NFT. To turn your digital file containing art, image, or video into a valuable NFT, it needs to undergo a technical process known as minting. In essence, minting refers to the process of creating an NFT and registering it on the blockchain.
Regardless of whether you want an NFT of digital art, collectibles, or image, the digital assets must be stored on the blockchain network to grant you ownership. Once registered in the blockchain, a unique code is assigned to the NFT, which offers you personalized ownership.
You can visualize the NFT minting process as similar to uploading a profile picture on a social media channel. You must create a . JPEG or . PNG file (based on the minting platform requirements) and upload it. The minting takes place on platforms like Ethereum, Solana, and others. That said, there is a requirement to use a native cryptocurrency wallet and blockchain’s native currency to pay the transaction fee. In addition, blockchains need some gas fee for registration which is required to add and verify your transaction.
The crypto wallet used acts as a pass to the collectible and lets it access the network. Besides, the wallet gives access to the NFT through private keys and public addresses.
How much does it cost to make an NFT?
Well, there are some main costs associated with NFTs:
Gas Fees – All blockchains need at least one transaction that costs gas fees.
Account Fees – This essentially depends on the NFT marketplace you choose to mint NFTs.
Listing Fees – Some NFT stores let you mint your NFT for free. However, they may charge some listing fee to put up your NFT for sale.
Different NFT minting platforms offer different features, and hence the fee differs. The price for minting an NFT usually ranges between $1 and $500. Sometimes, it can be even higher.
NFTs can be minted on various marketplaces like OpenSea, Rarible, and Mintable. NFT artists and NFT creators must choose the appropriate platform for their artwork sale.
What are the minting costs of NFTs on various blockchain platforms?
Now, let’s go to the actual costs of minting NFTs. There are two choices out there. It’s up to you to select the one that suits you and your project strategy.
Anyone can mint NFTs on any of the significant NFT marketplaces like OpenSea, Rarible, or Mintable. All these platforms offer at least two blockchains that allow you to mint your NFT.
Based on the blockchain you choose for minting, the costs would vary. Let’s check out some of the common options.
Minting on Polygon
The simplest choice is to mint on Polygon on the OpenSea platform. If you don’t have an account in Opensea, you can create one in a few simple steps. All NFTs can be minted and listed for free on the Polygon network.
There are no upfront costs and you need to select the Lazy Minting option by default. You need to pay a service fee of 2.5% that will be deducted from the sale of your NFT, the first time it gets sold.
Minting on Solana
There are various marketplaces like SolSea, SolanaArt, or Magic Eden that use the Solana network. Choose a wallet that supports the Solana network, Phantom, for example.
The process involves three transactions – two minting approvals and one for setting the price to list the NFT for sale. Each transaction costs 0.00045SOL. This was the price when we started the minting process on SolSea. Now, at a price of 1 SOL = 36USD, the transaction fee is 0.0162 USD. So, the total cost of minting on Solana needs a total of three transaction fees which comes to 0.00135 SOL.
In July 2022, at a price of 36 USD, the NFT minting costs rose to 0.0486 USD.
Minting on Ethereum
Ethereum is the first blockchain that started NFT minting. Earlier, you had to pay for minting NFTs like $50 – $100 depending on the time of the day and the current ETH price. However, now it’s possible to mint NFTs on Ethereum via any of the NFT marketplaces, like Opensea, Rarible, etc., for free.
Connect your wallet, create your NFT, and select between regular or lazy minting.
This is an expensive option and depends on factors like time of the day, current ETH price, etc. Depending on these parameters, the minting costs keep varying. For example, during our tests, the gas fee varied between 0.0468 and 0.0616 ETH ($65 – $86 considering the price of 1 ETH = $1400), regardless of the listing price of the NFT.
Lazy minting allows users to mint their NFTs without the need for any upfront costs. In the case of Lazy minting, the registration of the NFT happens only after it is purchased. Here, the sale price of the NFT covers the minting costs. This makes buyers responsible for minting costs, not NFT artists or creators.
Another advantage of lazy minting is that it reduces computational power, as only the sold NFTs will be minted. Most NFT marketplaces on Ethereum support lazy minting and let creators mint NFTs for free.
So, got an idea of how much does it cost to make an NFT? Well, you have cheaper options available, as discussed in the blog. Also, you can have the services completely free of cost. Choose a minting platform that suits your project needs and get started.