Are you thinking to create your own NFT? If yes, then you must get detailed knowledge about it. Among all, the cost associated with NFT creation is the most considerable aspect for businesses. You must discuss with your chosen NFT development company about the cost estimation. The creators need to compare the price quotes from two or three agencies before making any decision.
But before that, do you know how it will be beneficial to you creating your own NFT? The non-fungible token industry has attracted a lot of attention from creators and businesses recently. These NFTs allow users to earn millions of dollars and benefits just by selling a single NFT. Hence, the growing market share has made creators obtain NFT development services.
As per the reports, an artwork ‘The Merge’ launched by artist Pak sold at the sum of $91.8 million which is the most expensive NFT worldwide. Apart from that, the Open Sea platform has active monthly users of around 250,000 who are selling and buying NFTs via this platform. Between the years 2020 and 2021, there is recorded a 450% upsurge in the stats of NFT buyers. The increase was from a monthly volume of 10,000 NFT buyers to at least 40,000 buyers.
With these increasing stats, you can predict why there is a lot of demand for NFTs. In the below write-up, we will break down the related cost of making an NFT while providing a thorough understanding of what it takes to create them. Scroll down to get details:
Details About NFTs and their Working
Trading digital assets have been an important part of the digital world, but it always has security and ownership concerns with it. Therefore, NFTs were launched and built on Blockchain. Now, it is easy to prove digital assets’ ownership and secure them with end-to-end encryption. In layman’s words, an NFT works as a digital certificate for asset ownership that can be same as the real-world objects including any art, painting, music, games, videos, virtual lands, etc.
While getting details about the NFT and its working, it is important to know that NFT has its own metadata codes collected on the digital ledgers. It uses Blockchain technology to make NFTs unique for possession. NFTs can’t be exchanged or Swapped with another NFT and every NFT has a different value. While creating a digital asset, it will get uploaded in a file format to the Blockchain, and metadata including creators’ and assets’ details will be generated as codes and known as the NFT. Now, you can easily trade, buy, sell, and collect NFTs.
How NFTs are Created?
Let’s navigate to the NFT creation process. To make money from NFT, you must know how to develop an NFT first. If we talk about Blockchain terminology, the NFT creation process is also known as NFT minting. It will include all the essential aspects of developing an NFT along with the tools and technologies applied for the process.
Check out these six steps to know how to create an NFT in an easy way:
Step 1: Figure out NFT Type
An NFT can be anything, be it an image, audio, video, etc. so first, you must have decided what you want to create. Your priority should be creating a masterpiece to sell just like you are selling a painting at an art gallery.
Step 2: Choose a Blockchain Type
You can take the help of your chosen Blockchain development company while choosing a suitable Blockchain among all as it can affect the cost of creating an NFT. Your chosen Blockchain development company will help you to store a permanent track record of your non-fungible token. Creators can choose among Ethereum, Solana, Polygon, Flow, etc. Also, adding Blockchain technology ensures NFT security with no possibility of change, hack, or replication of the system.
Read More: NFT Development Platforms Comparison – Ethereum vs Solana vs Polygon
Step 3: NFT Wallet Setup
The third step is to choose a digital wallet to assist the blockchain for NFT storage. To create a wallet, the creator has to download the crypto wallet app including a username and password while keeping your private keys and recovery phrase secure offline for backup reasons. Some of the famous wallet apps include MetaMask, Ledger Nano X, Coinbase Wallet, etc.
Step 4: Select NFT Platform
Selecting an appropriate NFT platform permits you not only to develop an NFT but also to offer a full-service marketplace for listing and selling non-fungible tokens. Popular NFT marketplaces include OpenSea, Crypto exchanges, Solanart, etc. Comparing NFT platforms will be a great option to choose the right one.
Step 5: NFT Creation
NFT creation can be a lot easier process if you hire NFT developers with the right expertise and skills. The steps you can follow for creating an NFT are-
- Connect your digital wallet
- Choose the ‘create’ option
- Upload the media file
- Provide all the details
- Choose a Blockchain
- Create the non-fungible token
When you click on ‘create’ the file will get uploaded and NFT will be produced.
Step 6: List the NFT
Now, the last step is listing the NFT for sale. Various NFT platforms permit creators to do this absolutely free. Just press the ‘sell’ button and select the price you want to sell NFT at and also how long the sell will last. While listing, it needs you to sign a few transactions in the digital wallet including transaction fees.
Costs Attached to Create an NFT
The NFT development cost includes various aspects starting from creating the digital asset or NFT to NFT marketing. Let’s have a look at the below to know about the costs involved with NFT creation:
1. Creating the Artwork
The first incurred cost is when you start creating artwork. As you know there are various ways through which you can generate a masterpiece. If you are not an artist, you can also take support from top NFT development companies in USA or can hire blockchain developers as well. The average cost of creating the artwork will be around $20 to $100.
Read More: Tips to Hire Blockchain Developer
Once you are done with the artwork, you need to start creating the NFTs, Here are different ways to make an NFT-
- Starting NFT Art– Creators who have knowledge about creating an NFT can generate their own NFTs in bulk which will save a lot of cost to make NFT.
- Lazy Minting– It allows NFT creation off the main Blockchain. In this, creators can avoid direct NFT minting costs while developing NFT for free of cost but eventually, they have to pay a minting fee at the time of NFT selling. OpenSea, Rarible, and Nifty Gateway are some of the NFT marketplaces that offer lazy minting.
- Gasless Minting– Here you can create your own NFTs without worrying about submitting them to the Blockchain. It eliminates the need to pay for a transaction as you have created NFT for free. You can also access the NFT space without paying a gas fee.
- Layer 2 Scaling Solutions– With this, you can save the cost to make an NFT. This method will allow creators to scale the apps such as Ethereum through processing the Blockchain transactions off layer 1. It reduces the gas fees while maintaining similar security as layer 1.
2. Making an NFT Collection
The process of generating the NFT collection also plays an important role in estimating the NFT creation cost. Creators can generate the NFT collection by uploading the artwork on the chosen platform. It also permits direct minting onto the Blockchain within the NFT platform. You can also hire dedicated developers to get their assistance during this process.
Look at the cost of generating an NFT collection:
- With a no-code NFT generator- $200 per collection
- Hiring NFT Smart Contract developer for NFT minting collection- $300 to $500 per collection
Read More: A Complete Guide on NFT Smart Contract
Now, the NFT collection is needed to mint on the Blockchain for accomplishing the NFT creation procedure. Here the cost of NFT minting will differ according to the Blockchain you are choosing. Minting on different Blockchains will get you different costs, for instance:
- Ethereum with huge gas fee: $10 to $100
- Solana with gasless minting: $0.03 to $0.08 per NFT
3. NFT Listing on a Marketplace
While finding how much does it cost to create an NFT, it is not possible to not discuss the cost of an NFT listing. It is a process that comes after you have minted the NFTs. Every NFT marketplace has a different listing fee that you have to pay. If you are thinking to list your NFT collection on multiple platforms, then you have to pay a fee for every platform. Though, there are some platforms such as Open Sea and Rarible that don’t charge any listing fee. In exchange for that, they take a fixed percentage of every NFT sale (OpenSea takes 2.5% and Rarible takes 1%).
Some of the popular NFT Marketplaces are:
- NBA Top Shot
Different Factors to Consider for the Cost Related to NFT Minting
Are you also wondering how much does it cost to make a NFT? Then, being here will definitely help you. Below we are discussing some essential factors playing an essential role to determine how much does a NFT cost. Let’s discuss-
1. Gas Fee
If you are getting to understand how much to create NFT, the gas fee is something you can’t ignore. It is a fee that users have to pay while executing their transactions on the Blockchain network. NFT marketplaces apply gas fees as per the demand of the Blockchain at the time of the transaction beginning. NFT minting, NFT listing, accepting the bid, NFT ownership transfer, and NFT buying always come with the gas fee.
2. Listing Fee
Some marketplaces allow creators for free NFT minting but on the other hand, they always charge a fee for NFT listing to trade the NFTs. It is called the NFT listing fee. The listing fee is a kind of business model, monetization model for NFT marketplaces to retrieve the NFT marketplace development cost.
3. Account Fee
Account fee works as a one-time cost given to the NFT marketplaces. It is also counted while estimating how much does it cost to make an NFT. Account fee is paid by users while setting up the marketplace account and crypto wallet integration into it.
These three are the most significant costs involved with NFT creation. These are must consider while assessing how much to make an NFT. Though every blockchain has its own defined procedures along with varied costs, even in a similar Blockchain, there can be different costs for creating two NFTs. The overall cost can differ based on the data size, Blockchain demand, transaction speed, mint timing, project quality, and gas fees.
For businesses, creating & minting NFTs have been much easier with the help of Blockchain development services from leading NFT development agencies. They also get time-to-time guidance and consultants from them throughout the entire NFT minting process while contemplating how much does it cost to make NFT.
How Much Does It Cost to Create an NFT?
Looking for an answer to ‘does it cost money to make an NFT’? Let us answer that for you. The overall cost to create an NFT range from $200 to $500. This estimated NFT creation cost depends upon numerous factors starting from the Blockchain cost, marketplace account fee, gas fee, listing fees, and others. Among all, Ethereum is known as the most expensive Blockchain while Solana is considered the cheapest Blockchain. At its peak, Ethereum also charges up to $500 for a single NFT creation.
The NFT mining cost is also included while answering how much does an NFT cost to make. It will be good for businesses to get assistance from an NFT or white label NFT marketplace development company as they have experience and can help you a lot from start to end during NFT development.
Look at the below segments to know how much to create an NFT in 2023:
- NFT Artwork: $50 to $100
- No-code NFT Generator: $200 per collection
- The cost of NFT minting (Depends on Blockchain): $0.03 to $100/NFT
- The NFT listing fee (Depends on the NFT marketplace): $0 to $100/collection
- Middleman fees at the marketplace (depends on the marketplace): $3 to $100/NFTs
As we have discussed above, different Blockchain has different costs for creating NFTs. In the below table, we have described which Blockchain charges how much to create an NFT.
|NFT Blockchain||Cost to create an NFT|
|Ethereum||0.01 – 0.05 ETH ($50 – $150)|
|Solana||0.00001 SOL ($0.01)|
|Polygon||Free (subjective to marketplace fees)|
|Tezos||.08 – 3.6 XTZ ($0.20 – $8)|
|Cardano||.17 – 1.5 ADA ($0.13 – $1.15)|
|WAX||0.13 – 13 WAXP ($0.05 – $5)|
|Avalanche||0.008 – .02 AVAX ($0.50 – $1.50)|
|Zilliqa||0.7 – 2.9 ZIL ($0.05 – $0.20)|
Is it Possible to Create NFTs for Free?
However, the cost is the first thing to discuss when hiring any NFT or cryptocurrency exchange development company. But Polygon is such a Blockchain that allows its users for NFT minting for free. It facilitates NFT creators to mint and list digital assets at no charge. It can be called lazy minting. In this, users can create NFTs off-chain referring not within the primary blockchain. They only have to pay the fees when their NFT is sold. After getting sold, it will be updated to ‘on chain’ or the main blockchain.
After this, the Blockchain platform will get a 2.5% service charge from the user from the total selling cost. If you don’t have a bigger budget, then it is the most viable option to go for.
We hope, now you have got a proper idea of the cost of creating NFTs. The cost overall depends on the Blockchain you are selecting. Get a complete understanding of every aspect related to NFT development services and choose the best ones including the NFT art, assets, NFT marketplace & platform, Blockchain, etc. to have a minimal cost. If you are finding Ethereum the most expensive, then there are other options available as well.
While looking for how much does it cost to create an NFT, you must consider each significant aspect that affects the overall cost. At present, there are many businesses, celebrities, etc. who are showing their interest in leveraging Blockchain-based NFT solutions for their individual and professional development. If you are still in search of a firm to guide you throughout the NFT creation process, then you can contact SemiDot Infotech.
We have a team of skilled and experienced developers & tech enthusiasts that will assist you during the all-in-one advanced NFT development process and consultation services. Right from helping you to select a Blockchain platform, NFT marketplace, and cryptocurrency to create, mint & list your NFT, you will get all the services in one place. Hurry up and fill out the form to get in touch with us!
Check out the below FAQs to get a complete understanding of the cost to create an NFT-
- What is the cost of creating an NFT?
The NFT creation can cost you as low as $0.01 and as high as $500 to $1000. The cost can go higher if you want to launch an NFT collection.
- How to lower the cost of making NFTs?
To decrease the overall cost of creating an NFT, you can go for an inexpensive Blockchain. Another way is using those NFT marketplaces that offer gasless cost or lazy minting. Apart from that, you can also go for layer 2 scaling solutions with no gas fees while maintaining the security provided by Ethereum Blockchain.
- How much does it cost for NFT Minting?
On average, the cost of minting an NFT can range from $1 to $1000. Further, the cost depends upon the NFT marketplaces.
- How much does it cost for NFT Listing?
The cost for NFT listing is based on the chosen Blockchain platform by the user. There are some marketplaces as well that don’t charge any fees to list the NFT. For example- OpenSea charges 2.5% of each transaction occurred on the platform only.
- Can I create different types of NFTs?
Multiple types of NFTs can be created such as collectible items, music, videos, images, gaming, event ticket, sports accessories, cartoon characters, and others.
- How much does it cost to launch an NFT project?
The cost of launching an NFT project with a collection depends on the total NFTs you are going to mint. For example, if you mint 10,000 NFTs on an NFT marketplace like Solana, it will cost you between $5,000 to $50,000.
- Can I make money from NFTs?
Yes, selling your artwork as a digital asset or NFT will help you to make a lot of money. This NFT can be anything such as memes, music, audio, video, image, and much more with a specific amount of money.