Overview: How much does it cost to make an NFT
In the last quarter of 2021, the aggregate market capitalization for NFT projects saw an increase of over 2000%. Overall, the NFT marketplace saw growth of over 300% last year. The biggest NFT purchase to date is over USD 90 million, with many others selling at millions of dollars. The NFT hype is further exacerbated by celebrities tokenizing their artwork (songs, paintings, etc.). This rapid increase in the NFT marketplace means that almost all NFTs get sold out instantly.
NFT marketplaces that enable listing, selling, and purchasing NFTs are perhaps the biggest beneficiaries of the tokenized digital artwork. These platforms charge users a certain amount of fees to create, list, sell and purchase NFTs in a secure and reliable environment. Here in this blog, we will briefly look at the cost of making and selling and NFTs and costs associated with different marketplaces.
How much does it cost to create an NFT project?
In the past few years, NFTs has seen explosive growth across all sorts of digital collectibles, from music to artwork to games and virtual worlds. However, the massive surge in the NFTs trade has also increased the cost of creating and minting NFTs, which today may range anywhere from USD 1 to USD 1,000+.
The rapid increase in the cost of creating and minting NFTs has also led to frequent discussions amongst the creators about the potential impacts of the increases. In one case, NFT creator Allen Gannett shared his agony of having to pay USD 1,300 in the minting fee for four NFTs of famous paintings, which, ironically, he downloaded for free from the Metropolitan Museum of Art.
Today, some of the most popular NFT marketplaces allow creators to mint NFTs free of cost. However, they charge a basic processing fee of USD 70 to USD 100 against their services. Also, during peak times, the minting costs may increase to upwards of USD 300 or more. In fact, someone even claimed to pay USD 600 on Rarible for minting an NFT.
So, if you are interested in exploring and utilizing the massive world of NFTs, it’s important to perform due diligence concerning the NFT platforms. The research shouldn’t just be related to the overall cost of minting the NFTs but also consider the type and number of users on the platform. Since at the end of the day, you will need a large number of users interested in buying NFTs to be able to sell your digital collectibles. Some other considerations that you may want to research; include the ease of use, security & safety, and reliability of the platform.
How much does it cost to transfer an NFT?
On average, the cost to transfer an NFT may range anywhere from 50C to USD 15. The transfer price will depend on the demand of the blockchain and the existing gas price. Going with a slow transaction is often the cheapest way to transfer NFT, which may take as much as 15 minutes. Contrarily, fast transactions are the quickest and often the most expensive option to transact.
How much does it cost to create an NFT on OpenSea?
OpenSea is one of the more popular NFT platforms that allow creators to list their digital collectibles for free. However, the platform does charge a 2.5% minting fee. The platform also takes 2.5% of the final sale price as the service charges.
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How much does it cost to mint an NFT on Solana?
At the moment, the transaction fee for a single NFT on Solana is about USD 2.16, which is considerably higher considering it isn’t the most popular of platforms for digital artists.
How much does it cost to mint an NFT on Ethereum?
To mint an NFT on Ethereum, you will first be required to pay the gas fee, which on average fluctuates from USD 70 to USD 100 for Ethereum blockchain. Moreover, you would also be paying a platform fee to list the NFT for sale. Again, the fee varies between different platforms and demands (ranging from literally nothing to USD 900 or more).
How much does it cost to mint an NFT on Rarible?
Rarible is one of the most popular NFT marketplaces to list and sell digital collectibles. The cost to mint an NFT on Rarible vary considerably, especially with respect to the demand. One NFT creator claimed to pay USD 600 to mint a single NFT on Rarible. The platform also charges 2.5% of every final sale.