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Overview: How much does it cost to mint an NFT?
Non-Fungible Tokens of NFTs are red-hot today! Users globally are crazy about NFT trading, looking into ways to tap into the endless opportunities that come with it.
With all the NFT craze that’s sweeping the world right now, even people who previously have been apprehensive about the NFTs and everything digital are currently looking to leverage the growing popularity of NFT trading.
NFT is based on blockchain technology and is often termed as the new version of art, where artists can completely own and sell their artwork. NFTs are easy to create, trade and transact, which adds to their popularity for creators, and sellers both. It won’t be wrong to say that NFTs have placed a “face” to the mystic crypto world, which has bamboozled the uses worldwide for years.
Also, NFTs aren’t only about art, but it covers all form of artwork, including gaming, concert tickets, memes, gaming memorabilia, and much more.
Now, if you have been thinking to get started by creating your own NFTs, you need to understand some basics. Here in this blog, we will be digging a little deeper into the basics of creating and minting NFTs while also discovering how much does it cost to mint an NFT.
What is NFT Minting?
Each NFT created needs to be “minted” on one or the other blockchain system to get started. Ethereum is one of the most widely used blockchain systems for minting NFTs (there are plenty more, too). The reason why Ethereum is the preferred platform is due to a relatively simple process.
As we mentioned above, Ethereum is one of the most popular frameworks that is used for NFT development, which is why it also has a more defined fees with the blockchain platforms. Technically, the cryptocurrency wallet that you will use to mint the NFT will need to access your selected blockchain. Also, it will need to be able to manage the balance “on-chain” and sign-off transactions to mint the NFT.
Usually, specific marketplaces like crypto.com make it easier for users to create, mint and sell NFTs using cryptocurrency. However, you will be paying the mining fee against their services.
How much does it cost to mint an NFT?
Just as the popularity of NFTs have skyrocketed in the past few years and today involve a range of digital collectibles from artwork, gaming, audio files, and much more, the NFT minting fees has already increased exponentially. Interestingly, there is no one fixed cost of minting NFTs, and it can range from anything from USD 1 to USD 1,000 or more.
There have been instances where artists have to pay as much as USD 1300 as minting fees to publish their NFTs on the marketplace. Contrarily, there have been instances where NFT marketplaces have allowed artists to mint NFTs completely free of charge. Other wallets may charge a basic fee ranging from USD 70 to USD 125 against the services to get you up and running. However, the costs may rise from USD 200 to USD 300 during peak times (even at one point, Rarible was charging USD 600 to mint an NFT).
The uncertainty of minting fees makes it all the more important for artists to perform due diligence when looking for the right marketplace to mint their NFT. Ideally, you would want a marketplace that offers an interactive interface for ease of use and is safe and secure to transact with. Also, the marketplace of your choice shouldn’t rob you of minting the NFTs.
NFT Minting Costs – Things to Consider Today
Today, many NFT trading marketplaces leverage the gas fees to be more cost-effective for users while validating the blockchain transactions. According to market statistics, the gas fee for Ethereum (the most popular blockchain framework for NFTs) is lowest on Saturdays and Sundays. Middle-week is usually the busiest time for the marketplace; thereby, gas fees are highest on Tuesdays and Thursdays.
The unpredictability of NFT minting costs has led to the development of various free prediction tools. These tools are exclusively designed to help creators and sellers predict the gas fee rate of blockchain during different times of the week. So, if you are looking to leverage lower gas fees to mint NFTs, you can use free tools, like NFT Gas Station, Ethereum Price, and more.
Apart from the amount of activity on the platform, the gas fee is also influenced by the type of computation required for the validation of an NFT transaction. To put it simply, the more complex an NFT, the higher the computation required for validation and the higher the minting cost.
The biggest downside of NFT minting costs is that it tends to eat up the profits of the creators and sellers. Also, gas fees aren’t the only costs involved in minting an NFT; however, they do tend to make it vary wildly.
So, next time around, when you are looking to mint an NFT, make sure you have performed all required due diligence concerning the cost of minting an NFT on different platforms and on different marketplaces. At crypto.com, we are committed to offering NFT enthusiasts an unparalleled NFT trading experience. We offer one of the lowest NFT minting costs while offering a highly intuitive and interactive interface to enable users to get started with NFT trading.
Would you like to explore more about How much does it cost to mint an NFT, please reach us at Frequenc Media
How much does it cost to mint an NFT?
While there is no specific rate cost to mint an NFT, which varies depending on the platform, however, on average, minting an NFT may cost anywhere from USD 70 to USD 300. In fact, in some cases, crypto exchanges have charged as much as USD 1,000 as the NFT mint fee. Nonetheless, you should check the minting cost at different exchanges to grab the best deal.
How much does it cost to mint an NFT on crypto.com?
Crypto.com doesn’t charge any fee for minting. However, the platform does charge 15% as a primary listing fee, which is charged after you sell your NFT for the first time.