What are NFTs? This is a question that many people are asking, and for a good reason. NFTs (Non-Fungible Tokens) are a new type of cryptocurrency that is quickly gaining popularity. They have the potential to revolutionize how we interact with digital assets. NFTs represent your ownership of a digital asset and can be used to represent anything from in-game items to digital art. So it is no wonder everyone is asking, “How much does it cost to create an NFT?” Let’s unpack the details together!
With the rise of the metaverse and blockchain technology, creators and investors are now turning their attention to NFTs. One of the most appealing aspects of NFTs is that they are not interchangeable. Each NFT is unique and can’t be replaced by another token. This is unlike cryptocurrencies such as Bitcoin, which can be easily divided and exchanged. The limited supply and uniqueness of NFTs make them a valuable asset for investors and collectors.
So, how much does it cost to create an NFT? Here’s a complete guide to the cost of NFT.
How Much Does It Cost To Create An NFT
Various things go into creating an NFT. Generally, the cost to make an NFT can be between $0.05 to over $100. Some of the factors affecting how much to make an NFT include the following:
Gas Fees – affect how much it costs to make an NFT
This refers to the fees associated with Ethereum transactions. When you create an NFT, you’re making a transaction on the Ethereum blockchain. As such, you’ll need to pay gas fees. The amount you pay will depend on the current gas prices and the complexity of your NFT. All processes involved in the creation, such as minting, buying, and transferring ownership, will require gas fees.
Listing Fees – affect how much it costs to create an NFT
The listing fee is the amount you’ll need to pay to have your NFT on a marketplace. The most popular NFT marketplace is OpenSea, which charges a 2.5% listing fee. Different sites will always charge different fees. Accordingly, you can factor this into your minting costs. The best option can be to go for a platform that charges less. However, this could mean your NFT isn’t as visible as it would be on a more popular marketplace.
Type of NFT – will affect how much to make an NFT
The type of NFT you create will also affect how much it costs. The most common type of NFT is an ERC-721 token. These are often used to represent digital assets such as art, in-game items, and collectibles. Creating an ERC-721 token will usually cost between $400 – $2,000 USD.
Another popular type of NFT is an ERC-1155 token. These can represent many assets, including in-game items, loyalty points, and digital currencies. The cost of creating an ERC-1155 token will depend on the complexity of the smart contract.
The last type of NFT is an ERC-20 token. These are commonly used to represent digital assets such as utility tokens and security tokens. The cost of creating an ERC-20 token will also depend on the complexity of the smart contract.
Account Fees – also influence how much it costs to make an NFT
An account fee is a monthly or yearly charge levied by some NFT marketplaces. For example, SuperRare charges a 3% account fee on top of every sale made on the account. If you want to create and sell multiple NFTs, you must factor in these account fees.
How Much Does it Cost to Create an NFT On Different Platforms
Three leading blockchain technologies can be used to mint NFTs; Ethereum, Polygon, and Solana. The costs of these blockchains will also differ.
Ethereum – Costs to create an NFT
Ethereum is the most popular blockchain for minting NFTs. This is because it has the largest selection of NFT marketplaces and the most active community of creators and investors. The main downside of using Ethereum is the high gas fees. These can make it very expensive to mint, buy, or sell NFTs.
The average cost of creating an NFT on Ethereum using OpenSea, Rarible, and Mintable, can vary between 0.0468 and 0.0616 ETH. This is the cost of regular minting. However, the Ethereum blockchain also offers lazy minting. You can create an NFT without having to pay gas fees. The downside is that it can take up to two weeks for your NFT to be minted.
Polygon – Costs to make an NFT
Polygon is a sidechain of Ethereum that’s designed to offer cheaper and faster transactions. The platform uses a lazy minting option which means you don’t have to pay fees upfront to create your NFT. This can be a great option if you’re looking to save on costs. The downside is that it can take up to two weeks for your NFT to be minted.
However, a service fee of 2.5% is charged when you sell your NFT on Polygon.
Solana – Costs to Minting NFT
Solana is a high-performance blockchain that’s designed for scalability. The main advantage of using Solana is that it has low transaction fees. The average cost of creating an NFT on Solana is just 0.00045 SOL. However, creating NFT in Solana will require three transactions fees, which can add the total costs to 0.00135 SOL.
The Solana blockchain makes a great option if you’re looking to save on costs. The downside of using Solana is that it has a limited selection of NFT marketplaces. The most popular of them are Serum DEX, SolSea, and SolanaArt.
How To Create NFTs
Now that you know how much it costs to create an NFT, let’s look at how they’re made.
- The first step is to choose a suitable blockchain. As we mentioned, the three most popular options are Ethereum, Polygon, and Solana. Each one has its advantages and disadvantages.
- Secondly, you need to choose the right platform. There are a few different options, each with its own features and pricing. Once you’ve selected the forum you want to use, you can start creating your NFT. The process will vary depending on the platform you’re using. However, most venues will require you to upload the image or video you want to use, set a price, and then mint the NFT.
- Finally, once your NFT is created, you can start selling it on one of the many NFT marketplaces. Again, the process will vary depending on the platform you’re using. The platforms will require you to connect your wallet, and then you can start listing your NFTs for sale.
NFTs are a great way to invest in digital art and other collectibles. However, it’s important to understand the costs involved before creating or buying NFTs. Let us know in the comments below what type of NFT you are wanting to create. We hope this guide has helped you learn more about how much it costs to create an NFT and how to make an NFT.