Minting an NFT is the process of creating a unique digital asset on a blockchain. The minting is essentially creating a new, unique digital asset that is verified and secured by a blockchain network.
The process of minting involves selecting a platform, creating the digital asset, choosing a file format, setting a price, and minting the NFT. Once the NFT is minted, it is assigned a unique identifier that distinguishes it from any other tokens on the blockchain.
How the cost of minting an NFT is calculated?
Typically, there are three common costs involved in the process of minting NFTs.
- Digital content: One or more unique digital assets such as images, audio files, videos, texts, or data. If you do not have this, you may need to pay someone to create your digital assets. For example, a music artist may get their singles and create them as NFTs, or a creative designer may use his designs as NFTs.
- Blockchain network fees: NFTs are minted on a blockchain. Almost every blockchain, with few exceptions, has a gas fee that needs to be paid when an NFT is minted on a blockchain. This fee fluctuates with the price of the cryptocurrency of the underlying blockchain. For example, if you want to mint your NFT on Ethereum, the minting fee will be paid in ETH.
- Platform fees: To mint an NFT, you will probably use a platform. A platform fee may vary from 1% to 15%. Some platforms are free to mint NFTs.
It's important to note that the cost of minting an NFT can fluctuate significantly based on factors such as network congestion and gas fees, so the figures below should only be taken as rough estimates. Additionally, these costs are subject to change over time due to fluctuations in cryptocurrency prices and network conditions.
Popular blockchains to mint NFTs
There are several blockchain platforms that support NFT minting. Here are some of the most popular ones:
Ethereum: Ethereum is the most popular blockchain platform for NFTs. It has a well-established ecosystem of NFT marketplaces, tools, and standards such as ERC-721 and ERC-1155.
Binance Smart Chain: Binance Smart Chain is a fast and inexpensive blockchain platform that supports NFT minting. It is compatible with the Ethereum Virtual Machine (EVM), which makes it easy to port Ethereum-based NFTs to the Binance Smart Chain. Beginner’s Guide to Minting on Binance NFT | Binance Blog
Polygon: Polygon is a layer 2 scaling solution for Ethereum that allows for faster and cheaper transactions. It supports NFT minting and is compatible with Ethereum standards such as ERC-721 and ERC-1155. Polygon allows the de
Flow: Flow is a blockchain platform specifically designed for NFTs and other digital assets. It is the underlying blockchain for popular NFT marketplaces such as NBA Top Shot and CryptoKitties.
Tezos: Tezos is a blockchain platform that supports NFT minting and has its own NFT standard called FA2.
Solana: Solana is a high-performance blockchain platform that supports NFT minting and has its own NFT standard called SPL.
How to Mint an NFT on Solana (opensea.io)
Algorand: The cost of minting an NFT on Algorand is 0.001 ALGO. Based on the current price of ALGO $0.22, the cost of an NFT on Algorand is $0.00022. That makes Algorand one of the cheapest blockchains to mint NFTs.
Near: Near protocol is designed to be a high-performance blockchain with low fees and fast transaction times. Near has its own NFT standard called NEP-171, which makes it easy to create and trade NFTs on the Near blockchain. The current cost of one gas on the Near network is around 0.1 NEAR. Based on the current price of NEAR around $2, that makes the cost of an NFT $0.20.
Minting NFTs | NEAR Documentation
Stratis: Stratis platform is a blockchain development platform that is natively written in .NET and C# and does not require any additional virtual machine to run its smart contracts. Stratis has its own standard called SRC. Stratis has launched Stratisphere, the world’s first feeless NFT marketplace. This means that there is no cost for creating, listing, or trading NFTs on Stratisphere. How To Create Your Own NFTs (c-sharpcorner.com)
NFT Minting Cost on Different Chains
The following table lists popular blockchains and their network fees to mint NFTs. Please note that this cost of minting NFTs does not include the cost of the platform you may use to mint NFTs.
It's important to keep in mind that the cost of minting an NFT on any blockchain can vary depending on various factors, and these figures should only be used as a rough estimate. The actual cost may be higher or lower depending on the specific project requirements and network conditions at the time of minting.
What factors decide the cost of minting an NFT?
The cost of minting an NFT, or non-fungible token, can be influenced by a variety of factors. Here are a few factors that can impact the cost:
Blockchain network fees: Minting an NFT requires a transaction on a blockchain network such as Ethereum. Blockchain network fees, also known as gas fees, can vary depending on the demand for network resources. During times of high demand, such as when many people are trying to mint NFTs at once, the fees can be higher.
Complexity of the NFT: The complexity of an NFT can also impact the cost of minting. For example, an NFT that includes interactive elements or multiple media types (such as images, videos, and audio) may require more storage and computing resources to create, which can increase the cost.
Platform fees: Some NFT marketplaces or platforms charge a fee for minting and selling NFTs. These fees can vary depending on the platform and can impact the overall cost of minting an NFT.
Artist or creator fees: If an artist or creator is working with a third party to mint their NFT, they may also be subject to fees for the services provided by that third party. These fees can vary depending on the agreement between the artist/creator and the third party.
Overall, the cost of minting an NFT can be influenced by various factors, and it's important to carefully consider these factors before minting an NFT to ensure that the cost is reasonable and sustainable.