NFTs Are Booming: This Is What It Costs To Mint Them
How much it costs to create an NFT depends on a variety of factors, such as the blockchain and marketplace chosen.
Mar. 29 2022, Published 11:20 a.m. ET
The NFT business is booming, with global sales predicted to jump from $35 billion in 2022 to $80 billion by 2025. The opportunity has many people interested. Can anybody make an NFT? How much does it cost to create one?
NFTs are used for a variety of purposes. Some are just for fun, whereas others aim to raise funds for charitable causes. Several companies, including McDonald’s, Coca-Cola, and Nike, have turned to NFTs for marketing.
Can anybody make an NFT?
The NFT space has attracted a lot of celebrities, such as Argentine soccer star Lionel Messi and rapper Snoop Dogg. However, you don’t need to be a celeb to start an NFT business.
If you have a great painting, photo, video clip, tweet, or other item that may draw people’s interest, you could turn it into an NFT and list it for sale. The more interesting or rare an item is, the more it might fetch on the NFT marketplace.
How much does it cost to create an NFT?
Launching an NFT involves a number of steps. The first is preparing the items you want to make into NFTs. If you wish to build an NFT art collection, you may produce the artwork yourself or hire someone to do it for you.
Once you’ve prepared your items, you need to register them as non-fungible crypto tokens on a blockchain. This process, known as NFT minting, incurs a gas fee. This can range from under a dollar to a thousand dollars, depending on the blockchain you choose. Most NFTs have been minted on Ethereum, though it has the highest gas fees. Solana and Polygon are other popular NFT blockchains.
Your NFTs need to be on a marketplace where buyers can access them. Major NFT marketplaces include OpenSea, Rarible, and Nifty Gateway. These platforms may charge you a listing fee upfront or take a cut of your sales. To boost your sales, you may want to market your NFT products by hiring social media influencers to promote them.
Finally, if you’re considering launching an NFT project from scratch on Ethereum, count on spending at least $1,000, and a bit less on Solana and Polygon. If you have a really tight budget, you could try Rarible’s "lazy minting" program.
