Are you planning to create your NFT? If you are, you must understand every cost associated with that currency’s creation. You can find different types of blockchains from which you can choose one and also have their associated fees. But does a person know how much it costs to create an NFT? Most people may not have an idea about the cost. But on average, the cost of creating an NFT range from $0.05 to $150.
But if you talk about Ethereum blockchain, that will be a bit more expensive, around $70, and when you choose Solana, that will cost you $0.01, which is the cheapest to create the NFT. So the cost will be decided based on the blockchain that you choose.
In this guide, you will learn about NFT minting and how much it costs to create one. So, keep reading to learn in a better way.
What is NFT Minting?
NFT minting means creating an NFT; it is an act of publishing the token on the blockchain. Minting an NFT involves transactions on the blockchain, which is why you have to pay the fees to the miners because they are working on publishing NFT. Generally, it is the costly process involved in creating an NFT.
You need to have various items you can consider as your NFT collection, including tweets, audio, random images, books, concert books, videos, or even memes. To create the NFT, you will need the right software, such as Metamask and a wallet.
When you update the items chosen on the selected platform, they will be transferred to the blockchain. Once the minting process is complete, you can list them for sale. And when it comes to selling then, you can sell an NFT in several ways.
Costs that are associated with NFT
When it comes to the cost of creating the NFT, it becomes quite essential for the person to know about the cost involved. The cost will depend on the blockchain you are using to mint the NFT, which can cause a massive difference in cost.
Other than the cost of production, the factors contributing to the minting cost will include the time of minting. It is better to mint at night because there will be less traffic then. On the other hand, if you mint during the week, that can be more expensive because more on-chain activities are happening then.
Here are some factors you can consider that significantly impact the cost of NFT creation.
- Gas fees– Gas fees are one of the most common expenses associated with every cryptocurrency expense. It is a kind of compensation for everyone who is offering the computational power so that you can secure the network. The blockchain operations will require at least one transaction on the blockchain network, including the gas fees cost.
- Sale fees– Several platforms may allow you to mint or create your NFT for free, but you do have to pay the fees for sale or the listing fees.
- Account set-up fees– The fees for setting up the account depend on the platform you choose to mint your NFTs.
Different types of blockchain have different processes, which is why they ask you for different fees. Even if you are using the same platform for different NFTs, there can also be a change in the prices. You will experience a few things that can affect the cost, and those are transaction speed, project quality, data size, gas fees, and time of minting,
The transactional fees of blockchain respond to the supply and demand of the network. So, for example, if there is high demand, gas fees will be high.
How much does it cost to make an NFT collection?
Creating an NFT is quite a fantastic project you can think of, which may not feel exciting when you hear about the cost involved in creating one. It does not matter where you create an NFT; it will range from $0.1 to $150. But when it comes to the Ethereum blockchain, you may experience high fees, which can go to more than $500 during the busiest time.
Creating and setting up the NFT and account on a different major platform is relatively easy. The cost which will be involved in minting will be dependent on the blockchain which you are choosing. It is the most famous and well-known blockchain, and the most reliable one for buying the creating NFT is the Ethereum network. But there are many other options too, such as Solana and Polygon.
But do you know why people still choose Ethereum? It is because it is reliable and is the first blockchain for NFTs, which makes it more widespread. However, Ethereum is going through several updates that have changed how it works. But if you want to know how much it costs, you will know about the cost of creating NFT on different platforms.
Minting NFT on Polygon
With the help of the most popular NFT platform, digital artists can mint the NFT on Polygon. You can choose the OpenSea marketplace and create an account there. You need to follow some steps if you want to create an NFT. The best part is that it is entirely free for the users to list their NFT on the Polygon blockchain.
It does not have any upfront costs when you mint the NFT, and that is because it uses the lay minting option. But the platform charges the service fee, which is 2.5%, deducted from the NFT selling price.
Minting NFT on Solana
So many projects are launched daily, and Solana is the second most famous and well-reputed blockchain for NFTs. It comes after Ethereum; if you consider the gas fees of Ethereum then, which are pretty high, and compare it with Solana, then you will realize that Solana is so cheap.
But if you are minting on Solana, then you will need the Solana network’s wallet, such as Phantom. So the cost of creating an NFT on Solana is minimal as you will need the transaction fees only and nothing else.
Minting NFT on Ethereum
As mentioned above, Ethereum is the most famous blockchain network you can find for mining the NFTs. It is one of the first platforms to support NFT, which is why it is recognized by investors more. However, it is not just the NFT blockchain network anymore.
If you have met with experienced investors, they may not know that creating NFT on Ethereum costs over $50 to $100, depending on the time of the day. But that is not the case anymore. Nowadays, some creators even mint the NFT on Ethereum for free. Of course, you can also mint on NFT easily, but you need to be in popular marketplaces.
Is it possible to create NFT for free?
Yes, investors can create NFT for free with the help of the Polygon blockchain. You can utilize lazy minting functions that help you to create the NFT for free until you sell your NFT. If you do not want to use this, you can consider using inexpensive blockchains such as Tezos, WAX, and Solana to create the NFT cheaply.
There are few NFT marketplaces and other blockchains that may allow their users to create NFT for free. Just a single person does not run blockchains. Instead, several more people worldwide spend their time and effort maintaining the blockchain, which is why you need to pay the fees.
Some ways of minting help increase the initial cost to mint, eliminating the fees.
Lazy Minting
Lazy minting is a way that allows the users to create the NFT off the main block because that will help them in avoiding the upfront cost. Once that is not there, you will have to pay the mint fees when you sell the NFT. It is one of the great options, especially if you start creating the NFTs.
Gasless Minting
Gasless minting will allow the NFT that will give you access to the blockchain without actually submitting anything to the blockchain. It will enable the user to create the NFT and remove the barrier of entry.
Tips to reduce the NFT creation cost
If you could do anything to reduce the cost of NFT creation, then that would be the best thing for the investors. It will be quite beneficial, so if you want to reduce the cost, below are some proven tips for reducing the specific cost while creating NFTs.
- Try minting the NFT late at night– If you want to reduce the cost of the transaction, then one of the best times to mint NFT is at night. It is the time when blockchain is not busy. When there is less demand on the blockchain, the cost of minting will be less expensive.
- Avoid weekend– Most people think they will do minting when they are free at the end of the week. But then, the cost of NFT will be pretty expensive because of the high demand.
- Choose the right currency-Choosing the right currency is one of the essential things that you should consider. You will find the prominent difference between the currencies, which is why you must ensure that you choose the right one.
- Be patient– There are a few things that cannot be done instantly, and if you want them to be completed immediately, then the network will prioritize your task, which means an increase in demand, which will increase the gas fees, and you will have to pay more. If you do not want that to happen to you, ensure you are not creating the NFT on a priority basis.
- Do your work on your own– One of the best ways to decrease the cost of minting is when you will do your work. You need to design your art, code on the smart contract, and even build the website on your own. When you will do so, then that will save a lot of your money that you can use in the development of the project.
- Try scaling solution– When you choose the layer two solutions, that will maintain your Ethereum integrity, and the blockchain network will allow for less energy consumption, reducing the gas fees. It is one of the best ways to save money and improve your pocket and environment.
- Look for a marketplace that offers you gasless or lazy minting– If any marketplace offers you lazy minting, that will reduce or remove the need to pay the fees for the creation of NFT, and it allows you to mint an NFT, which will not cost you anything.
- Use the blockchain that is inexpensive-There are several blockchain platforms, such as Solana, Polygon, and many more, which are pretty affordable. These blockchains may not be as popular as Ethereum, but it is better.
Learn more about The Top 5 Wallets to Get Started Collecting NFTs
While creating NFT, the cost mainly depends on several factors, which you have just read above. However, NFT is universal, and it keeps on evolving, and if you want to create one, you need to be updated.
The user will have to pay the gas fees, which is crucial, and the costs to make NFT will also change, but that will depend on the demand and supply of the NFT and the gas fees.