MemberNovember 26, 2021 at 8:48 am
The cost of minting or creating nonfungible tokens can vary from under $1 to over $1,000. NFT artists have regularly spoken about the ups and downs of costs associated with minting NFTs. Several popular NFT wallets allow you to mint entirely free of charge, while some may charge a minimum fee of between $70 and $120 to get you started.
However, at peak times, prices have soared beyond $200-300. It’s actually not uncommon for some individuals to pay >$600 to mint an NFT
You will be obligated to pay additional minting expenses known as a “gas fee” on the Ethereum network once the NFT is operational. Ethereum charges a price to conduct transactions and construct contracts on the blockchain (called the “gas fee”). This fee is directly sent to miners who are pumping out the computing power required to validate transactions.
Essentially, you’re paying for the computing power — the electricity — that the blockchain requires to produce the NFT. You’ll want to keep at least a small amount of ETH in your crypto wallet that’s storing your NFT so that you can keep the “gas fee,” especially if you’re going to be revising pricing, listing pieces for sale, and general trading with these collectibles.
Knowing how much you’ll have to spend on the ETH gas cost is a bit of a guess until the actual “gas bill” arrives. (There is usually a speed choice.) If you want your NFT immediately, you pay more, but you can choose the slower, less expensive alternative.)