How Much Does It Cost to Mint An NFT?

In general, the cost of minting an NFT consists of two parts: gas fee and marketplace fee. The cost depends on different blockchains, platforms, market outlook, and minting time, ranging from $0 to over $300. Ethereum blockchain is much more expensive than any other blockchain, it may cost about 0.01-0.05ETH, however, it is free on Polygon. Moreover, the cost is pegged to the crypto price since the gas fee is charged with cryptocurrency, it is lower during the bear market. This article will compare the cost of minting on some popular blockchains and advice on about reducing cost.

How Does NFT Mint Work?

If you want to know the cost of minting an NFT, you may need to know the procedure of minting an NFT. "Mint" an NFT means "publish" a Non-Fungible Token on a blockchain. That means it should "write" data on the blockchain. This kind of action involves the transaction with the blockchain, it is well-known that each transaction with a blockchain should pay the gas fees for the miners. To publish your NFT on the blockchain is the same.

What Is the Cost of Minting An NFT on Top Blockchains?

The gas fee determines the cost of minting NFT. However, the gas fee for different blockchains vary.

• The most popular blockchain is Ethereum. The fee is much more expensive than any other blockchain. One of the reasons is that Ethereum is a proof of work(PoW) blockchain, users have to pay high mining fees for the miners. Now the cost of minting an NFT on Ethereum is from 0.01 to 0.05 ETH. One ETH price is changing from $1000-%3000, so the price can be $10-$150.
• For Solana uses the Proof of Stake (PoS) and Proof of History(PoH). The turnover of Solana is higher and the speed is faster. The gas fee also is lower when minting an NFT. It cost about less than 0.00001 SOL($0.01) when minting an NFT.
• Cardano is also a decentralized third-generation proof-of-stake blockchain platform. The gas fee for Cardano for minting an NFT ranges from 0.17-0.19 ADA(about $0.1).
• Blockchains such as Avalanche, Near, and Tezos also charge low gas fees when you mint an NFT on them. The average cost to create an NFT range is 0.008 – 0.02 AVAX ($0.50 – $1.50) on Avalanche, 0.001 NEAR($0.003-$0.1) on Near Protocol, 0.08 – 3.6 XTZ ($0.20 – $8) on Tezos.
• Some may mint an NFT on Ethereum blockchain Layer 2 solutions including Polygon, Polkadot, and Immutable X. They increase the throughput and reduced gas fees, the gas fee even is free of minting an NFT on Polygon.

How Much Will Marketplace Charge While Minting An NFT?

Most of the marketplace will charge transaction fees. If you have mint an NFT and listed on the marketplace, then someone purchases it, then the marketplace will charge fees that range from 2.5% to 5%. Some popular marketplace charge fees as follow:

• MintBase: 2.5% fee on sale.
• OpenSea: 2.5% of every transaction involving an NFT a user chooses to list using OpenSea.
• Rarible: the platform charges both buyers and sellers a 2.5% fee per transaction.
• SuperRare: There is a 3% transaction fee for all purchases on the platform, paid by the buyer.
• Foundation: 5% for all sales on the primary and secondary market.

How to Mint An NFT for Free?

As we have mentioned above, If we want to mint an NFT for free, you can choose to mint NFT on the Polygon blockchain. Also, you can use the OpenSea platform, and it is completely free, and users do not need to pay fees to deploy smart contracts.

How to Save the Cost for Minting an NFT?

The purpose of minting an NFT is for sale, so except the cost of minting, you may need to consider the marketing fee, and the cost of creating your artwork, then we should consider how to reduce the cost of minting an NFT. Here is the advice for reducing costs:

• Use the marketplace that offers free minting such as Opensea.
• Mint your NFT when the gas fee is low. Ethereum gas fees have fluctuated a lot lately, and it's wise to make sure you have a good perspective on ETH gas fee so you don't have to worry about the fees when tokenizing your art. You can also check how much gas for one transaction might cost by visiting sites like https://ethgasstation.info/
• Deploy on an inexpensive blockchain. Using the blockchains such as Solana, Tezos, and Avalanche, you can have a low fee on minting NFT.
• Coding your own smart contract. If you went to mint an entire NFT collection, the best way to develop your own NFT web and write the code of the smart contract by yourself.

Closing Thought

Nowadays, the fees basically depend on the blockchain that you are using. However, with the development of blockchain technology that is related to the NFT and Web3 industry, the fee and cost of minting will change in the future.

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