The hype around NFTs is real.
Here are the costs that you need to expect when you want to create your NFT.
Here are 3 factors that will dictate the cost of creating your NFT.
The NFT Marketplace
There are various marketplaces to sell NFTs. The pricing is very similar across all the different platforms.
We will guide you over the the prices of listing your
NFT of the top 3 most popular NFT Marketplaces.
Let’s start with the one you are probably going to use, Opensea
When you first sell an NFT you have to pay gas fees.
It is a one-time fee to sell, buy, or trade artwork on the blockchain. Gas fees are similar to taxes since they cover the storage and ram used to make a transaction.
However, the opposite of this is lazy minting.
Using lazy minting, NFT artists and creators can create and mint their NFTs without incurring any upfront costs.
When lazy minting is used, the NFT is not registered on the blockchain until it is purchased by another person.
The gas fees are then payed by the buyer and not by the creator.
This solution is used most and available at most of the NFT Marketplaces including Opensea
A NFT can be expensive to mint on the Ethereum blockchain, depending on the time, day, and price of Ethereum (ETH).
We found that when we tried minting NFTs on the Ethereum blockchain, using OpenSea, Rarible, and Mintable, the gas fee varied between $0.0468 and $0.0616 ETH ($59 to $123, considering the price of 1 ETH at $2,490).
The price of the listing does not influence the fees.