NFT is the latest concept in crypto that seems capable of resonating with a wider audience and attracting more than just avid crypto-enthusiasts. NFT continues to interest investors and digital data collectors. Not surprisingly, many people want to mint an NFT and are interested in this question. If you want to learn even more about NFTs – check out this ultimate guide to them by our CEO, Mykhailo Sitalo!
NFTs allow many people to earn and multiply their capital many times over in just a few hours. If you are a crypto enthusiast, and you are interested in a hidden gem project, it is vital that you understand what minting is and how to mine NFTs. How much does it cost – another important issue.
Today we will tell you about the cost of minting and the NFT minting process. There will be a lot of useful information about NFT minting not only for newcomers but also for experienced users in the field of NFT. Do you want to make a great investment or earn more money by selling an NFT? So, it is very important for you to look into this subject.
Minting process: what is it?
Minting an NFT means creating an NFT. So, minting is the act of publishing a token. The most popular blockchain for NFT creation is the Ethereum blockchain. NFT minting is the process of publishing a unique digital element on the blockchain, this creates an immutable record of authenticity and ownership. Once minted, the token can be bought, sold and traded.
In other words, minting is the operation of creating a token with its registration in the Ethereum blockchain. So, data about the NFT and its author will be included in the network.
Before minting an NFT, the creator can choose token settings, including royalty requirements – rewards for reselling it on the NFT marketplace. There are also a few other points to consider in more detail:
- Minting involves NFT transactions with charges. This is usually an expensive feature involved in the creation of such a token.
- You must have various items that you can treat as your NFT collection (most often images). To create NFTs, you will need a wallet.
- When updating the items selected on the chosen platform and creating NFTs is complete, you can put them up for sale. From there you can sell NFTs and get your money.
As security measures for beginners, it is recommended to create a standalone wallet for each minting and each platform with minimal funds in the account, so that in the case of theft or hacking the user does not lose your investment.
Сost of minting an NFT
When it comes to the cost of minting, it is very important to be aware of the features involved. The cost will be affected by the platform you use to mint the NFT and several other factors, which we will discuss next. When you need to mint an NFT, you immediately wonder about the cost of the process.
| Blockchain | Cost |
| Etherium | 0.01 – 0.05 ETH |
| Solana | 0.00001 SOL |
| Polygon | Free (but considering marketplace charges) |
| Tezos | 0.08 – 3.6 XTZ |
| Cardano | 0.17 – 1.5 ADA |
| WAX | 0.13 – 13 WAXP |
| Avalanche | 0.008 – 0.02 AVAX |
So, in addition to the cost of production, factors affecting the cost of minting will include the time of the day. Minting is cheaper at night and the cost is smaller because there will be less traffic then. On the other hand, if you are minting during the week, the cost may be more expensive because there is more online activity during that time.
Newcomers to the crypto sphere may think that the process is not so complicated and is overpriced. However, many factors come into play. They vary on a large number of platforms. The cost to mint can also increase dramatically due to commission. Here are some factors you may want to consider that greatly affect the cost:
- The gas fee is one of the most important costs for this process. It is a kind of compensation for miners.
- Some platforms may allow you to create or mint NFTs without the previous options, but you have to pay sales charges.
- Charges for creating an account depending on the platform you choose to create your NFTs. So, the selected platform also has an impact on the cost.
So, how much does it cost? An NFT collection is a pretty exciting idea, but not when you hear about associated costs. The cost of creating such a token will range from $0.1 to $170. At peak times, the cost of creating can be $300 or more. When With Ethereum, you can run into high commissions that can reach over $500 at the busiest times.
The distinction between minting and buying an NFT
When we buy a token on the NFT marketplace, we are only getting it from the previous holder. You can only mine a token by taking part in the original distribution. That’s why you have to pay the cost to mint it.
That is, minting an NFT means buying it for the first time. Some mints are free (you only need to pay for gas), but most often the project sets a certain selling cost. In the process of minting, users buy up all the NFT and then sell it on the NFT marketplaces.
Another feature of the mint is that the buyer cannot choose the NFT when buying. You simply pay the cost of the mint and get the token at random. It can be either the most common specimen or a very rare advanced NFT. That’s why the cost to mint is justified.
Why is NFT so expensive?
When newcomers in this field need to mint an NFT, many of them wonder why these tokens are so expensive after all. Here we should say that cryptocurrency and NFT work the same way, the only difference between them is the concept of nonfungible.
This technology has made it possible to prove ownership of digital items and their authenticity. Now, despite the millions of copies of a meme on the Internet, it is possible to prove the originality of one of them. This is why the cost to mint such tokens can be inflated.
Crypto enthusiasts can also place their tokens on Polygon for free. There is no initial cost here when you create an NFT. However, there is a special service fee, which is deducted from the selling price of the token.
Why are minting costs so volatile?
Different types of platforms have different processes, so they require different fees. Even if you use the same platform for different tokens, prices can also change. How much does it cost to create such tokens? You will encounter several things that can affect charges:
- Transaction speed.
- Project quality.
- Data size.
- Gas fees.
- Minting time.
Transaction charges respond to supply and demand on the network. So, for example, when demand is high, all charges will be high.
So, we told you how much it costs to create such tokens and what the cost depends on. Now you know what you need to consider when you’re going to mint NFT.