Surprisingly, NFT technology appeared a long time ago. The first large-scale NFT project was the CryptoKitties game. It was built on the Ethereum blockchain. The essence of the game was to buy and sell unique digital kittens. The game did not gain much popularity, but it was thanks to it that the world learned about such a concept as NFT.
The NFT was talked about so massively and actively in the world only in 2021 when it jumped in price. What can I say, look at the numbers:
How much is it? As you can see, the NFT value growth was 7200%, which is really a staggering figure.
Since then, NFT has been increasingly getting into the media space, and the press has begun to write about NFT more and more often. Artists became interested in NFT, investors began to invest in NFT. Celebrities began to participate in this movement. People earn millions on NFT! Isn't this a reason to learn more about NFTs? Let's deal with the most important question today. What is needed to create and what is the cost to make an NFT on well-known and accessible blockchain platforms?
First, let's explain in simple terms what NFT is.
Based on this, to create your own NFT, you need to register it in a special blockchain network. This procedure is called minting NFT. And this is not at all a complicated process, as it might seem at first glance. NFTs are stored in the form of a code record, which makes it possible to personify the author. NFTs are generated on special platforms, such as Ethereum, Solana, and others. When working with blockchain, marketplaces require you to register an account and link a crypto wallet to it. Cryptocurrency is used to pay for network services. In a word, cryptocurrency opens access to the blockchain chain, with which you can create your own NFT.
Creating an NFT can be compared to uploading a personal photo to any social network. The paper image is digitized and appears on a certain website in a photo album as a digital object from a collection.
When generating an NFT token, first of all, you need to use a specific blockchain network. It is this network that determines the cost of the token. Other main reasons for the formation include:
Note that competing sites have different rules for charging commissions, and therefore the cost of NFT is different. You also need to keep in mind the fluctuations in the exchange rate of cryptocurrencies. As a result, the average cost of creating an NFT can vary up to $300.
NFT minting is carried out based on the well-known marketplaces OpenSea, Rarible, or Mintable. You can also try to work on other sites, the number of which is growing in direct proportion to the development of blockchain and NFT technologies.
Having an idea of what costs will be incurred in the process of NFT mining, the topic should be raised about the priority actions that should be taken to generate a new NFT.
So, today everyone can register on the marketplaces: OpenSea, Rarible, or Mintable.
Further, by linking a crypto wallet to the account, the user gets the opportunity to choose one of several proposed blockchain chains for registering their own NFT. Ethereum is considered the most popular blockchain, as it was the first to be adapted for NFT technology. But today users can choose other platforms: Polygon, and Solana. At this stage, the main component of the cost of the token is laid, since the cost of NFT depends on the chosen blockchain.
It is hard to dispute the fact that the creators of NFTs prefer Ethereum, which in the recent past has undergone a massive transformation in terms of network consensus, after which the transaction fees have decreased, and the transactions themselves have become an order of magnitude faster. It seemed that it could be better for the creator of the NFT. But there are other options. Moreover, we do not recommend discounting other platforms in the form of Polygon or Solana blockchains. To put everything in its place, we will consider each blockchain separately, evaluate the positive qualities and designate the costs for each service.
Let's hasten to consider the features of well-known blockchain networks that are used to mint NFTs.
The Polygon blockchain is the choice of those artists who value quality and security. This system works in tandem with OpenSea. In the OpenSea marketplace, you need to register, fill out a profile, and attach a crypto wallet. After that, you can start creating NFTs. Moreover, this is done on OpenSea really for free, if you choose the Polygon blockchain.
Unbelievable but true. Neither Polygon nor OpenSea incurs any costs for issuing NFTs. But there is one secret that we will hasten to reveal to you. To mint NFT for free, you need to select the lazy minting feature provided by the Polygon blockchain.
But the system takes money for maintenance in the amount of 2.5% - this is the minimum that you have to pay from the sale of the token. However, for the author, this amount is ridiculous. It is only necessary to take into account the nuance of conversion. A commission is charged on the marketplace, tokens are sold for ethers, although the creation of NFTs takes place in the Polygon system.
Ethereum is the first network to be used to generate new NFTs. Artists and authors of works addressed here. It was Ethereum that investors preferred. And today, when Ethereum is not the only blockchain for NFT, this network has not become less in demand. Let's see what makes her attractive.
Gone are the days when NFTs were minted at fabulous prices of $50 or even $100 per transaction. Popular marketplaces that Ethereum cooperates with provide a unique opportunity to mint a token for free. And it is available to absolutely everyone. You only need to know some of the nuances.
So, to create NFTs on the Ethereum blockchain, you should choose any trading network:
Next, you need to link your crypto wallet to the marketplace. Then, literally right away, you can start minting NFTs. But for the cost of this process to be minimal or even zero, you need to understand the concepts and methods of mining. On Ethereum, a distinction is made between lazy and regular types of minting.
Solana is also one of the most popular and sought-after blockchains today. This is an alternative system for issuing NFTs that does not require any costs. It is an affordable blockchain network that is rapidly growing in popularity.
Solana works through SolSea, Solana Art, or Magic Eden marketplaces. Naturally, it requires the binding of a crypto wallet that supports the Solana cryptocurrency.
The price of minting NFTs on the Solana blockchain network is ridiculous and involves paying a complex commission.
This commission is:
In general, when creating an NFT in Solana (on the SolSea marketplace), you will have to pay 0.00045 SOL.
Having considered separately the options for creating NFTs in different blockchain networks, it should be noted that the choice of a specific platform depends on the preferences of the artist. In addition to an attractive price for NFT mining, you need to pay attention to what is around the network, and how users respond to the system.
Thus, there is simply no significant difference in the price of NFT minting on the Ethereum, Polygon, or Solana platforms. Moreover, by choosing lazy minting, the release of the new NFT will simply be free.
And everything else is a matter of taste and habit:
Having considered in detail the process of creating an NFT, we can conclude that minting a token does not require large expenses. Moreover, by choosing the right platform, you can not only optimize the process of creating a token but also make it less expensive or even free. To do this, simply use the knowledge presented in the article, for example, regarding lazy coinage.
Friends, we hope that we have helped to understand the nuances of creating an NFT. Now you are also aware that thanks to popular blockchains, the question: where is it cheaper to mint NFT is no longer needed. It is practically free to create an NFT and everyone can get a good jackpot from its sale. The only question is what will be your next NFT collection?
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