Do you know that NFTs revenue in total was $250 million in 2020?

The figures show that NFT is a big market and is here to stay. In contrast to buying real land or property, NFT involves digital trading tokens.

With the increasing demand for NFTs, the scope of earning profits by trading them is rising. NFTs include digital tokens in the form of music, in-game assets, art, and videos that cannot be copied.

So, if you are a creator who wants to step into this new world of making NFTs, then this article is your perfect guide. 

We will tell you more about how much does it cost to create an NFT. Also, you will know more about how to create and list your NFT in the marketplace. 

Let's start. 

What is NFT?

how much does it cost to create an nft

Before exploring how much does it cost to create an NFT, let's understand a few things about it.

NFT stands for Non-Fungible Token, a unique digital asset representing ownership of a specific item, such as a piece of artwork, music, or a collectible. NFTs are stored on a blockchain network, which provides a secure and transparent way to verify ownership and authenticity.

Unlike traditional cryptocurrencies, you cannot exchange them for an equivalent value due to their unique attributes. This makes each NFT unique and valuable in its own right.

NFT is traded through blockchain via a public ledger and through any bank or government. So, the public ledger records the transaction with the unique identification code of each NFT to prevent copies and fraud.

Also, it helps to verify real ownership. Moreover, the value of every NFT is decided upon its need and supply in the market. People earn through NFTs by buying them and then selling them for a higher price. 

How to create NFT? 

The process of creating NFT is also known as NFT minting. The different NFT marketplaces offer tools to make them and upload your NFT files for trading.

There is a long process involved, from choosing the NFT type you want to make to selling it in the market. Let's know about each step of the process in detail below. 

1. Choose The Type Of NFT You Want To Make

The digital assets or NTFs include a wide range of content like audio files, digital images, music, in-game purchases, memes, a ticket to events, and more. As they have a large variety, you need to decide what type of NFT you want. 

You can continue that niche as a music or digital art creator. While in case you are a beginner, you can choose the kind of NFT you want to make.

It will be uploaded and shared in standard formats like JPG, PNG, MP3, etc. Also, you can create simple NFTs like images yourself or partner with a developer to make music or game assets. 

2. Decide An NFT Marketplace To Sell It 

how much does it cost to create an nft

After deciding the kind of NFT, you must decide upon the right marketplace. There are various NFT marketplaces like Opensea, Rarible, Supermarket, Binance, etc. 

Each marketplace has different rules, popularity, and, most importantly, fees. Every NFT platform has a specific price for making transactions. You can analyze these aspects and decide the best one for yourself.

3. Set Up A Crypto Wallet For Trading 

NFT trading takes place from crypto wallets. So, you need to choose a crypto wallet where you can keep your cryptocurrency and NFT that you will trade. 

Since there are several NFT marketplaces, you must choose a cryptocurrency wallet compatible with your NFT. Also, it should be compatible with its blockchain for trade. 

4. Buy Crypto Through An Exchange 

After creating a crypto Wallet, you need to buy some cryptocurrency. It is important because, as we said, you need to pay some fee known as gas for trading on an NFT Marketplace. 

Consequently, you can make an account with a prominent crypto exchange. After that, you can log into it and buy that cryptocurrency depending on the blockchain you use to mint. After that, put the crypto coins in your crypto wallet that you will use to trade NFT. 

 5. Connect Your Wallet And Sell 

When your NFT is filled with adequate coins to pay the gas fee, you connect your wallet to the platform and begin making digital assets. After making an NFT, you can upload it to the market and begin trading work. 

What Is The Cost Involved In Creating NFTs?

Here is an interesting fact, Beeple's “Crossroad” sold for $6.6 million and was the most expensive video sold on NFT. In fact, ‘The Merge' is the most expensive NFT sold for $91.8 million (2021). It means that the scope to earn NFT can go as high as millions. 

So, the question remains. How much does it cost to create an NFT? Let's go into it.

As per estimates, the cost of making NFT can be from $0.05 to over $150. Multiple variables determine the price, including Blockchain costs, gas fees, account fees, etc. At the same time, it depends on the NFT marketplace that you choose to trade. 

So, a considerable amount of NFT creation goes into the Blockchain fee. Let's discuss these different variables that decide the cost of minting NFT in detail. 

Gas Fees

A gas fee is a transaction fee for paying to the blockchain. You need to pay it to complete your transaction. It depends on the demand of the blockchain when you make the transaction.

You must pay this fee when you create, list, accept the bid or transfer the NFT to someone else. Paying a gas fee is important to prevent network spamming because only limited transactions can occur at a given time.

So, the fee helps to prioritize the transactions that will take place next. 

Account Fees

how much does it cost to create an nft

Next comes account fees that you need to pay to the NFT marketplace. In contrast to the gas fee, you must pay the account fee only once. You can integrate your crypto wallet with the NFT platform to pay for it. 

Although some NFT platforms don't ask for account fees, you can make an account using OpenSea and Rarible to make NFT on Ethereum without paying the account fee.

So, you can make an NFT and upload it for sale without being written on the blockchain.

Listing Fees

There are many NFT Marketplaces where you can make NFT for free. However, you need to pay a fee for listing it to trade. Hence, the name Listing Fee is given to it. 

Overall, you need to pay these common fees for minting NFT. However, based on your blockchain, the price can change. The price will differ even if you use the same blockchain twice after a certain time interval. 

Can You Create NFT For Free?

Are you not willing to invest in minting NFTs? If so, a few platforms like Polygon blockchain will enable you to make NFTs for free. You can mint and list NFTs for free on this blockchain. However, you must pay a transaction fee when your NFT is sold. So, selling the NFT and paying the fee will only be written ‘on the main blockchain.' 

Such a method is known as ‘Lazy Minting.' It makes minting NFT more affordable for beginners and equitable. 

Last Words

What we learned in this article, “how much does it cost to create an NFT” are:

  • NFTs are unique digital assets like digital art, audio files, music, in-game assets, etc.
  • NFTs are unique and cannot be copied. 
  • To make an NFT, you need to choose the type, NFT marketplace, make it, and set up a crypto wallet with it to trade. 
  • There are three types of fees deciding the cost of minting NFTs: gas fee, listing fee, and account fee.
  • A few platforms let you create and list NFT for free, known as ‘Lazy Minting.'

We hope you will clearly understand how much it costs to create an NFT in detail. 

How Much Does It Cost To Create An NFT: FAQs

Is it free to create an NFT?

A few platforms like Opensea and Rarible allow you to make NFT on Ethereum for free. It is known as ‘Lazy minting,' where the transaction is written on the blockchain after it is sold. 

Is creating NFT easy?

Creating NFT is not so easy. You need a knowledge of a few concepts to make it. Also, you need to understand blockchain, crypto wallet, and NFT marketplaces, among other processes, to create it. 

Can making NFT profitable? 

It can be profitable when you sell your NFT or artwork for a certain price. Otherwise, traders earn by purchasing NFTs and selling them for a higher price.
As an NFT creator, you can develop several digital things like audio files, music, digital images, in-game assets, etc., and sell them for massive value. 

Is it risky to make NFT?

NFT is a difficult marketplace for a beginner. So, getting a buyer in the big industry will be difficult if you are a new creator. Buyers tend to trust popular creators on NFTs more.
It won't be wrong to say that expensive buying and selling occurs only between a few popular artists and buyers. 

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