If you are new to the world of cryptocurrency, chances are, you have come across some confusing aspects along the way.
There are so many acronyms and different factors to take on board, which can be daunting at first. But, over time, the more experience you gain in crypto, the more you will understand.
If you have been anywhere in the last 12 months or so, you would have undoubtedly seen the acronym NFT dotted around online.
NFTs stand for ‘Non-Fungible Tokens’ and they seem to be everywhere you look these days!
NFTs are digital assets that are used in anything from art to music and toiletries to food. Some even sell for millions of dollars.
The question many have, though, is – are NFTs worth the money? Are they even worth all the hype surrounding them? Well, it depends on how you use them.
Some experts believe that NFTs are here for good and will not be going anywhere, anytime soon. Others think their bubble is bound to burst at some point.
One thing many can agree on, however, is that NFTs have changed investing. If they have changed investing forever remains to be seen.
So, what if you want to create an NFT? If you are interested in this, you will want to know how much it costs to make an NFT.
With news of popular NFT collections selling for record prices, seemingly every week, the lure behind making NFTs is very appealing.
Today, we are going to take a look at the costs behind making your own NFTs and where to start if you want to sell any.
NFTs In Today’s World
NFT’s or Non-fungible tokens have been around for many years. However, their moment to shine didn’t happen until 2021.
In 2020, the entire NFT market was at $340 million. In 2021, this exploded to $24.9 billion. That’s an incredible increase in value of 7,200%.
So, while the last few years have been hard on society and the global financial system, NFTs have had their best period.
NFTs have become a big player in the world of art.
In fact, the most expensive NFT ever sold was a piece of digital art known as ‘The Merge’ by Pak which sold for a ludicrous $91.8 million. A true game changer in NFTs and cryptocurrency.
More and more powerful and rich individuals are getting involved with NFTs. This includes celebrities, which is why you have seen, and will see, NFTs hit the headlines continuously.
But, it’s in the art world where investors have made the biggest profits. Many have made millions from selling NFTs.
From discovering the positive experiences many have had with NFTs, it’s little wonder that so many people want to get a piece of the NFT action.
So, let’s find out the cost to create an NFT and how you may be able to make a substantial profit using one of the most popular blockchains out there today.
The Cost To Make An NFT
When it comes to creating an NFT on the marketplace, there are two primary options. However, it’s down to you and the strategy of your project on what option to select.
What many people don’t know is that anyone can create an NFT. And, to set up accounts on every major platform is simple. Some examples of these platforms include Mintable, Rarible, and OpenSea.
Most, if not all, platforms offer at least two blockchains to choose from when you want to mint NFTs. Some provide even more.
As for the cost of NFT minting, this is determined by the blockchain you choose. The most popular and widely used blockchain when using NFTs is Ethereum.
This was the first blockchain that was programmable and supported digital items registrations. Nevertheless, creators of NFTs have many more options to choose from today, such as Solana and Polygon.
But, even with additional services available, many NFT creators still opt for the Ethereum network. Why? Simply because it was the initial blockchain for NFTs and had a reliable history.
Nonetheless, there are currently significant updates ongoing with the Ethereum network. This will, in time, alter its consensus mechanism from its current model of poW (Proof-of-Work) to Proof-of-Stake.
This update means that transactions will speed up, and transaction fees will decrease. The timeframe for this update is still uncertain, but developers are aiming for a completion by the end of 2022.
Minting NFTs: Polygon Vs Ethereum Vs Solana
Let’s compare three major blockchains – Polygon, Ethereum, and Solana.
When comparing the most popular blockchains for making NFTs, it typically depends on the personal preference of the artist. But, other factors also determine the cost, such as the project’s goals and purpose.
Before creating an NFT, a creator must research what the best blockchain is for creating a collection of new NFTs. They should study its existing community and ecosystem.
With all of this in mind, it’s important to note that, when comparing costs, there is no significant difference.
The NFT marketplaces that are most popular provide lazy minting for Polygon and Ethereum networks.
However, you can opt for the most traditional method of minting NFTs on Ethereum, but this is also the most expensive. This will typically cost over $100, but there are other options available now.
Minting an NFT on Solana is not free, mainly because it does not offer lazy minting. However, the network fees are minimal and only add up to less than one dollar.
While we cannot give you an exact cost of creating NFTs, you should never incur any high fees.
In fact, it is possible to create an NFT for no cost at all on platforms such as Mintable, Rarible, and OpenSea using the lazy mint option.
As it has never been easier or cheaper to mint NFTs, we expect to see a significant rise in NFT creators in the next year or so.