If you want to make your own NFT, it’s important to know how much it will cost. There are many blockchains to choose from, and some of them come with fees. How much does it cost to make an NFT, then?
Creating an NFT can cost anywhere from $0.05 to more than $150. The Ethereum blockchain is the most expensive, with an average cost of $70 to make an NFT. The Solana blockchain is the least expensive, with an average cost of $0.01 to make an NFT. That doesn’t include fees from the market, which range from 2.5% to 5%.
How much it costs to make an NFT depends on which blockchain you mint your NFT on. Also, some blockchains work better than others. This article will explain how much it costs to make a non-fungible token (NFT) using the most popular blockchains.
How much does it cost to MINT an NFT?
It’s fun to make your first NFT. That is, until you find out how expensive it can be. The average price of making an NFT is between $.01 and $150. But when the Ethereum blockchain was the busiest, it cost more than $500 to make one NFT.
When it comes to making NFTs, you don’t have to use the Ethereum blockchain. You can also make your own NFTs on a number of other blockchains, and they are usually a lot cheaper than the Ethereum blockchain.
How much it costs on the most popular blockchains to make an NFT
Because of the type of blockchain, many of these are much cheaper than Ethereum. Ethereum is a proof of work (PoW) blockchain at the moment. The PoW blockchain is very safe, but it is not very efficient. Because of this, people who want to do business on the Ethereum blockchain have to pay the miners more gas fees.
Solana, on the other hand, uses proof of stake (PoS) and a protocol called proof of history (PoH). Because of these two protocols, the Solana blockchain is more efficient and can handle about 65,000 transactions per second (TPS). Ethereum, on the other hand, can only handle about 12 to 15 TPS.
No matter what blockchain you use to make your NFT, there are usually a couple types of transactions that will cost you.
The process of making an NFT is often called “minting.” When you mint an NFT, you put your token on the blockchain. Since minting an NFT involves making a transaction on the blockchain, you must pay a fee to the miners who are working to publish your NFT. Minting is often the most expensive part of making an NFT.
The prices above show how much it costs to make a new NFT on each blockchain. But they don’t take into account the marketplace fees, which can be different depending on where you make your NFT. So, if you can’t pay the upfront minting fees, you can do one of the following.
Cost in the market
Of course, the NFT marketplaces also need a piece of the pie. Most of the time, marketplace fees are used to pay for services provided by marketplaces. If you make an NFT on any of the marketplaces, regardless of the blockchain, you have to pay the fees for that blockchain. Each marketplace will have its own fees, which will be anywhere from 2.5% to 5%.
Can an NFT be made for free?
With the Polygon blockchain, you can make an NFT for free. If you use the lazy minting feature, you can also make an NFT for free until it sells. If you want to make a cheap NFT, you should use a cheap blockchain like Solana, Tezos, Avalanche, or WAX.
It makes sense that there aren’t many NFT marketplaces and even fewer blockchains that let you create an NFT for free. Users have to pay a fee because blockchains aren’t run by just one person. Instead, many people from all over the world put their time and money into keeping each blockchain running.
With this in mind, some Ethereum NFT markets offer ways to lower the initial cost to mint and, in some cases, even get rid of these fees completely.
Lazy minting lets you make an NFT “off-chain,” or away from the main blockchain, so that you don’t have to pay for it right away. This lets you make an NFT, but you don’t have to pay the mint fee until your NFT sells and goes “on-chain” (the main blockchain). Lazy minting is a great choice, especially if you just started making NFTs.
Here is a list of some of the most popular NFT markets that offer lazy minting:
With gasless minting, your NFT can be on the blockchain even if you don’t send anything to the blockchain. That means there is no transaction, so you don’t have to pay any fees to make your NFT. By getting rid of gas fees, gasless minting makes it possible for new users to join the NFT space.
Mintable is the only marketplace where you can mint money without using gas. As payment, Mintable takes a 5% marketplace fee on all sales that are made without using gas.
Solutions for layer 2 scaling
You should look into layer 2 scaling solutions if you want to use the Ethereum blockchain but don’t want to pay the ridiculously high fees that come with it. These solutions help an application like Ethereum grow by processing transactions off of the Ethereum mainnet (layer 1) while keeping the same level of security.
Layer 2 solutions boost throughput and lower gas costs, which means you spend less money without giving up security. Also, layer 2 solutions make less of an impact on the environment. (If you use less gas and energy, you use less carbon.) Polygon, Immutable X, and Polkadot are all examples of solutions for layer 2.
How much does it cost to make an NFT?
Making a whole collection of NFTs takes more work and costs more than making a single NFT. In general, an NFT collection is a group of NFTs that were made at random. A single collection can have anywhere from 100 to more than 100,000 NFTs. VeeFriends and Book Games are two examples of NFT collections.
Before you make your own NFT collection, you should know that it’s harder to sell a whole collection than a few of your own NFT creations. Most of the time, brands and businesses use NFT collections to give something to their current customers. If you’re just getting started, you might want to make a few of your own NFTs before diving in head first.
Most of the time, there are four main parts to making your own NFT collection: the art, the metadata and rare items, the smart contract, and the minting website.
Which blockchain is best for making an NFT?
Ethereum is the best blockchain to use to make an NFT. Ethereum is the blockchain that is used the most, so it is the one that most people prefer. But the Solana blockchain is on the rise, and it costs much less to make an NFT on Solana than on Ethereum.
Ethereum is the best blockchain for making NFTs because it has the largest developer community. This means that any bugs can be fixed quickly and effectively. Also, Ethereum comes with a lot of technical documentation that helps developers build dApps and smart contracts.
Also, Ethereum has set what are thought to be the standards for tokens in the NFT space. Both ERC-721 (non-fungible tokens) and ERC-1155 (fungible tokens) have been used to build most NFTs that exist today.
If you’re worried about how much it costs to make NFTs on Ethereum, you’re not alone. Users of the Etherum blockchain have been waiting for the Etherum upgrade, which will allow Etherum to scale to more than 1,000 TPS. This will increase throughput (transaction speed) and significantly lower the cost of doing business on the blockchain.
That doesn’t mean that Solana, Polygon, or Cardano aren’t also good choices for creating NFTs, but each blockchain has its own pros and cons. At the moment, Ethereum is the best blockchain for making, selling, and buying non-fungible tokens (NFTs).
Advice on how to make NFTs spending less
Anything you can do to make creating an NFT cheaper is a good thing. Here are some tried-and-true tips that will help you cut costs when making NFTs.
In the end, the cost of making an NFT depends a lot on which blockchain you use. Even though Ethereum is the most popular blockchain for making NFTs, there are cheaper blockchains that can also be used. Also, technologies like “lazy minting,” “gasless minting,” and “layer 2 scaling solutions” can help lower the total cost of making an NFT. It all depends on what you want and which NFT marketplace you want to use.
In the infographic Below we try to make it easy for you to understand all the options, Enjoy!