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How Much Does It Cost To Mint An NFT?

NFT Minting Cost

NFTs are the rage these days. Everyone wants a piece of it. That is until you are enlightened to the cost of minting a single piece of NFT token/

Our SuperCryptoNews editorial team wanted to find out for ourselves the process and costs involved. We embarked on our discovery by trying to mint on two popular NFT sites – Rarible and Opensea.

Rarible NFT token minting cost

(Rarible NFT Contract)

On Rarible, it costs a whopping US$677 for creating an initial collection of NFT token. Naturally, we did not proceed with this endeavour.

Next, we tried with the same artwork on Opensea. Here is what we got.

Opensea NFT minting

(Opensea NFT Contract)

Technically, it does not cost us anything to just mint an NFT on this platform, however this is only ideal if your collection is not for sale. To get your items visible for sales, you need to pay for some gas fees to verify your transactions. Opensea’s cost was much “lower” at US$100.

Regardless of either platform, the price of NFT token minting needs to come down in order to entice many more creators to onboard their masterpieces onto the digital realm.

The above minting process was done on Ethereum, the most popular blockchain for NFTs today. Until ETH2 is launched, the cost of minting an NFT with Ethereum will most likely remain high.

Read more: NFT? What’s That?

 

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About SuperCryptoNews

SuperCryptoNews is a global leading blockchain and crypto news provider, covering daily news on the latest tech and trading developments in crypto. We bring you expansive crypto news coverage especially in Asia, with a focus on Singapore, Thailand and Southeast Asia.

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© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

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