Anyone can make and sell NFTs these days. It just takes creativity, blockchain know-how, and some promotion to get your unique NFTs in front of collectors. The only question is “how much does it cost to create an NFT?”
This guide will break down the key expenses around NFT creation, including gas fees, transaction costs, market fees, and other considerations. We’ll also provide tips and strategies for keeping your NFT creation costs as low as possible as a creator.
With the right preparation and knowledge, you can avoid surprise fees and overspending when making your own NFTs and selling them across top marketplaces in the metaverse.
Can You Create Your Own NFT and Sell It?
Yes, you can create your own NFT and sell it. The best part is that you don’t need any coding or technical skills to do this. User-friendly platforms like OpenSea, Rarible, and Foundation make it easy for anyone to mint and list NFTs through straightforward interfaces and step-by-step instructions.
These sites allow you to upload your NFT assets, provide details like name and description, and take care of blockchain minting in just a few clicks. Even if you’re new to NFTs and crypto wallets, you can set up an account and start selling your digital creations with minimal barriers. The platform guides you through the onboarding and setup process.
What Is the Cost Associated with NFT Minting?
The cost of minting your own NFT can vary widely. On average, minting an NFT may only set you back around $0.01 on the low end. But costs can also go up to hundreds or even thousands of dollars. This depends on things like marketplace and blockchain network fees.
For instance, minting on Ethereum, typically the most expensive blockchain, often averages around $70-$100 per NFT minted. But during times of high network activity, gas fees on Ethereum can spike over $500. In contrast, the Solana blockchain offers some of the cheapest NFT minting at about $0.01 per token.
Keep in mind that blockchain network fees are not the only costs; you’ll also need to factor in the 2.5–5% marketplace listing fees when calculating your total expenses.
How Much Does It Cost to Mint an NFT?
Minting an NFT can cost anywhere from $1 to $1,000+, depending on factors like blockchain network activity, the complexity of the NFT metadata, the minting platform, and the wallet.
The majority of the cost comes from blockchain gas fees. Some platforms offer free minting promotions or discounted rates periodically.
Determinants of NFTs Minting Cost
There are a few main costs associated with minting NFTs:
- Gas fees: This covers the computational costs of executing the NFT minting transaction on the blockchain. Gas fees vary based on the blockchain network, traffic, and minting platform. For Ethereum, gas can range from $20 to $200+.
- Minting platform fees: Platforms like OpenSea and Rarible charge a minting fee to create NFTs through their service, usually a small percentage of the total gas cost. This fee ranges from $5-$50+.
- Wallet transaction fees: Crypto wallets may also charge a transaction fee for transferring and minting the NFT from the wallet. These are usually small, nominal fees under $5.
- Blockchain network fees: Some blockchain networks, like Solana, require an account balance or stake to mint NFTs, which could be $1–$10.
What is the cost of creating an NFT on different platforms?
Each platform has its own cost for creating NFTs. Ethereum-based platforms tend to be the priciest for minting, while Solana and Polygon allow nearly gas-less transactions. Marketplaces like OpenSea offer free lazy minting, but charge sales fees.
Here’s a breakdown of estimated NFT creation costs across some popular platforms:
How Much Does It Cost to Mint an NFT on Opensea?
OpenSea allows users to mint NFTs for free using the “lazy minting” method. However, the platform requires all users to pay two fees before making their first transaction. The initial setup fee for selling ranges from US$70 to US$300. In addition, there’s a transaction fee, which grants OpenSea access to the NFTs you create and costs between $10 and $30.
It’s important to note that Ethereum (ETH) is used to pay fees on OpenSea, and the costs vary based on the value of the cryptocurrency at the time.
How Much Does It Cost to Mint an NFT on Solana?
Minting an NFT on Solana typically costs 0.00045 SOL, which is $0.00012 at the time of this writing. The platform utilizes Proof of Stake (PoS) and Proof of History (PoH) technologies, which make it one of the most cost-effective ways to mint NFTs.
PoH stores the timing and order of each message in historical records, while PoS uses validators chosen at random to confirm transactions. Thanks to these protocols, Solana can offer an efficient service and handle up to 65,000 transactions per second.
How Much Does It Cost to Mint an NFT on Ethereum?
Minting an NFT on Ethereum can be expensive due to the gas fees involved. On average, the typical cost to mint an NFT on Ethereum is between 16 and 20 gwei, or $0.38 and $0.46. However, the cost may fluctuate depending on various factors, and sometimes it can go as high as $1000.
How Much Does It Cost to Mint an NFT on Rarible?
Minting an NFT on Rarible requires payment of a network fee that varies based on the selected blockchain and minting option. The cost of minting an NFT on Rarible with Ethereum typically ranges from $30 to $150, depending on current gas prices. However, other blockchains like Tezos or Solana may provide more cost-effective options.
Rarible also offers a free minting option, but the buyer covers all costs, which NFT collectors might not like. But before you go for their “free minting option,” note that NFTs minted for free on the platform become part of Rarible’s collection, not your own.
Note: When selling NFTs on Rarible, a service fee of 2.5% is charged on each sale. However, the seller can choose to cover the entire fee by releasing 5% of the sale price.
So, factor in these fees when planning to mint your NFT on Rarible.
How Much Does It Cost to Create an NFT on Polygon?
Minting NFTs on the Polygon network is free of charge. You don’t need to make any upfront payments to create and list your NFTs, thanks to Polygon’s lazy minting option.
However, when you sell your NFT, the platform will deduct a 2.5% service fee from the sale price. Also, it’s important to note that even if you use Polygon, the selling price will still be in ETH.
How Much Does It Cost to Mint an NFT Collection?
When it comes to minting an NFT collection, several factors can influence the cost. Some of these factors include the blockchain platform used, the complexity of the artwork, and the number of NFTs being produced. For instance, on the Ethereum platform, minting 10,000 NFTs could cost anywhere from $5,000 to $1 million.
Therefore, it’s crucial to research different blockchain platforms and compare their prices before minting an NFT collection. This way, you can ensure that you get the best possible value for your investment and maximize your potential returns.
How Much Does It Cost to Create an NFT on Foundation?
The gas fee on the Foundation marketplace is calculated in an unpredictable manner. So, it would be hard to give an accurate price for minting an NFT on Foundation. However, gas costs can be high if there’s a lot of traffic.
Additionally, the platform charges a service fee of 15% on the entire initial sale price.
How Much Does It Cost to Mint an NFT on Cardano?
Typically, minting an NFT on Cardano costs between 3 and 6.5 ADA tokens. However, this cost fluctuates due to several factors that affect the minting process and network congestion.
Additionally, the type of blockchain used and transaction speed are crucial factors that affect the cost of minting an NFT on Cardano.
How Much Does It Cost to Make an NFT on Crypto.com?
To create a collection on crypto.com, a base fee of $3 must be paid for using their “self-creation flow.” However, for NFTs minted on the Ethereum, Polygon, and Cronos blockchains, an additional fee may be charged to cover the gas used during the minting process.
It’s important to note that this extra fee will be charged only once per request, regardless of the number of attempts required to mint the NFT successfully. Also, the overall cost of minting an NFT on crypto.com can vary depending on the blockchain platform used.
Ways to Save Cost When Creating NFTs
Anyone can make and sell NFTs these days. It just takes creativity, blockchain know-how, and some promotion to get your unique NFTs in front of collectors. Here are the different ways to create NFT while saving cost.
Lazy minting involves creating the metadata for an NFT without minting it directly to the blockchain. This allows creators to set up their NFT without incurring gas fees upfront. The NFT isn’t fully minted until it’s purchased, transferring gas costs to buyers.
Gasless minting platforms handle blockchain transaction fees behind the scenes, allowing creators to mint NFTs without needing crypto or to pay gas. The fees are deducted from sales. This makes minting more accessible.
Layer 2 Scaling Solutions
Layer 2 platforms like Polygon reduce NFT minting costs by handling transactions off the main Ethereum blockchain while still interacting with it for security. This greatly reduces congestion and gas fees.
How Much Ethereum Does It Cost to Mint an NFT?
The cost of minting an NFT on Ethereum is influenced by gas fees that are subject to network congestion. At present exchange rates, the cost can vary from approximately $20 to several hundred dollars in Ethereum for minting a single NFT.
How Much Gas Does It Cost to Mint an NFT?
The amount of gas required to mint an NFT depends on the blockchain platform and the artwork’s complexity. Gas fees can range from a few cents to several hundred dollars and are usually paid in cryptocurrency.
How Much Energy Does It Cost to Mint an NFT?
Minting an NFT on a proof-of-work blockchain such as Ethereum can consume a significant amount of energy, equivalent to the electricity used by an average American household for nearly a month. However, the exact energy consumption may vary depending on the blockchain and its consensus mechanism.