Welcome to Finextra. We use cookies to help us to deliver our services. We’ll assume you’re ok with this, but you may change your preferences at our Cookie Centre.
Please read our Privacy Policy.
For Finextra’s free daily newsletter, breaking news and flashes and weekly job board.
Non-fungible tokens (NFTs) have become the hot topic of today’s Web3 world due to their distinct properties and advantages. The year 2021 was a jackpot for these virtual tokens as the global sales of NFTs surged manifold. Various creators minted their unique NFT collections across blockchain networks and garnered the community’s attention. Products such as artworks, music, video clips, digital cards, generative arts, game assets, plots on virtual worlds, and even physical assets have been registered on blockchains as NFTs. In this blog, we will see more of the cost incurred while creating NFTs and the factors determining such costs.
Creating an NFT is also known as minting, for which the cost differs between blockchains. While Ethereum incurs high prices, there are networks that incur lower costs and even zero costs. In addition to the blockchain transaction fees, marketplace platforms where most people will mint NFTs charge a fee for the process. Prices differ with each platform, and you can even find platforms that offer lazy minting services where the NFT gets minted when a buyer initiates the transaction or even free of cost. Creating your own minting platform and smart contracts will not incur any maintenance fees, although it requires expertise in Web3 technology.
The cost to create an NFT collection will be higher as a lot of NFTs will be made, which requires more involvement from the blockchain network. Yet, it depends on the above factors that dictate the final expenses in creating an NFT collection. If you want to create an NFT collection efficiently at cheaper costs, there are a few firms that can assist you in the process with their experience in minting NFT collections. These companies work based on customer demands which makes it easier for you to craft digital tokens for your creative assets.
For Finextra’s free daily newsletter, breaking news and flashes and weekly job board.
Market Research Analyst
Crypto Network
Member since
05 Aug 2021
Location
Chennai
Blog posts
56
Comments
7
7 h
11 Jun
06 Jun
18 May
This post is from a series of posts in the group:
Stay awake in uninterrupted crypto insights.
Terry Monteith
06 Jul
Gwen Adele
06 Jul
Caris Jackson
06 Jul
Rodrigo Zepeda
05 Jul
About Finextra
Community Rules
Register for news
Contact Us
Editorial
Sales
Sales
Register for news
Follow Us
© Finextra Research 2022
Terms of use
Privacy Policy
Cookie Centre
Şubat 5, 2023