Prolific Studio Creates NFTs in Various Formats for Crypto-Investors. So, how much does it cost to create an NFT?
Metaverse and NFT enthusiasts are curious about how much do NFTs cost. However, many are also interested in not just buying but creating their own non-fungible tokens (NFTs). The cost to create NFT depends on various factors.
Our expert NFT team will not only explain the cost of making NFT but also give you thorough information on the following questions:
Can You Create your own NFT and sell it?
Our clients often ask, “can I create NFT?” and the simple answer is ‘Yes,’ anyone can create an NFT.
How Much does it Cost to Make an NFT?
Creating your own NFT is exciting as well as profitable in the long run. On average, NFT costs can be as low as $0.01 but go into thousands of dollars.
For example, you can create NFTs on an Ethereum blockchain, the most expensive of all blockchains costing an average of $70. However, there are many examples where making your own NFT that can cost you more than $500 at its peak time.
In contrast, Solana is one of the cheapest blockchains where the cost of NFT is approximately $0.01 per token. However, these NFT costs do not include the fee you will pay to the marketplace. Therefore, when you ask how much do NFTs cost to make? Remember to add the marketplace fee of between 2.5% and 5%.
We advise our customers to ask the following questions before diving into the NFT-verse.
How Much Does an NFT Cost on Each NFT Blockchain?
Due to their type, many blockchains offer a lower cost to create NFT compared to Ethereum. Currently, Ethereum operates on the proof of work blockchain. This blockchain offers extreme security but lacks efficiency. This is why the cost of NFT is higher on Ethereum, as you will have to pay a higher fee for the transaction.
Is It Free to Make NFT?
Yes, you can create NFT for free by using the Polygon blockchain. However, it is a lazy minting process. Furthermore, you can create free-of-charge NFTs until you sell your NFTs. If you are looking for an inexpensive but comparatively efficient method to create NFT, you can use blockchains such as Avalanche, Solana, Tezos, and WAX.
Ways to Create NFTs
You can create NFTs using various methods, which are:
Lazy Minting
This method allows NFT creation off the main blockchain. This will help our clients avoid upfront NFT minting costs. You will be able to create free NFTs but have to pay a minting fee upon selling this NFT. If you are thinking about experimenting with the NFT, lazy minting is the most viable option that you should explore.
Gasless Minting
Use the gasless minting method to create your NFTs without the actual need to submit your NFT on a blockchain. This rectifies the need for any transaction as you do not pay a cent to create your NFT. In gasless minting, you can access NFT space without any barriers to entry fees, also known as gas fees.
Layer 2 Scaling Solutions
You can save money when it comes to the cost to make NFTs by exploring the layer 2 scaling solutions. These solutions will allow you to scale applications such as Ethereum via processing the blockchain transactions off layer 1. However, you will continue to enjoy the same level of security offered by the blockchain.
Layer 2 solutions can increase your throughput and decreases your gas fee. This means you will pay less out of pocket when creating an NFT. Some examples of layer 2 solutions are Immutable X, Polkadot, and Polygon.
Starting NFT Art
For our clients who are artists or into art, we at Prolific Studio can help you create your personal digital artwork NFT collection. Creating NFTs in bulk can help save money.
Cost to create an entire NFT collection
Our client can now create an entire NFT collection. However, it is a labor-intensive process compared to creating a single NFT. An NFT collection refers to randomly-generated non-fungible tokens, and the collection size may range from 100 to over 100,000 NFTs.
The cost to create an NFT collection can go into thousands of dollars. This cost usually includes design, smart contract coding, and creating your website to sell the NFTs.
However, you must remember that individual NFTs are easier to sell compared to the entire collection. If you are a brand or business, then NFT collections is a better option that you can offer to your customer base.
On the other hand, if you are a startup, it is a good idea to consider trying individual NFTs before diving into the deep end.
NFT Collection Creation: Our Process
The creation of the NFT collection at Prolific Studio entails four components.
Metadata
Metadata in NFT is the content and description that reveals the details of the content stored on a given blockchain. Metadata is integral to your NFT and acts as your contract terms. The cost to integrate metadata into your NFT can range between $150 to $500.
Smart Contract
Your smart contract will include the coding required to allow the minting of your NFT collection on the blockchain of your choice. This is a crucial component of NFT creation, and the average cost of a smart contract begins at $500.
Minting Website
In case you do not want to use an NFT marketplace to mint the NFT collection, you are going to need your personal minting website. This website will be your landing page that buyers will visit to purchase your NFT collection. The cost of a minting website may vary based on the features and functionalities you require on your website.
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Frequently Asked Question
You can reduce the cost of NFTs creation by using marketplaces offering gasless or lazy minting. Another way is to use inexpensive blockchain. You can also use layer 2 scaling solutions to avoid the gas fees but maintain the level of security offered by the Ethereum blockchain.
Yes, typically, it will cost you to make an NFT. However, the cost varies depending on the type of NFT you want to create and the blockchain you are going to use. Speak to our NFT experts to discuss your needs today.
Making an NFT can cost you as low as $0.01, but the price can go into thousands of dollars, especially if you are thinking about creating an NFT collection for your brand.
The cost to list an NFT depends on the blockchain platform you are going to use. You can list your digital NFT for sale on an NFT marketplace without having to pay anything. You will only pay a fee of a minimum of 2.5% if you manage to sell the NFT.
You can create NFTs such as collectible items, artworks, music, media, gaming, event tickets, cartoon characters, big sports moments, virtual fashion, animation NFTs, etc.
Minting a single NFT can cost you as much as $1,000. However, to start an NFT project with collection will cost depending on the total amount of NFTs you wish to mint. For instance, minting 10,000 NFTs can cost you from $5,000 to a million dollars.
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