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A simple breakdown of the fees you'll need to pay to sell an NFT
Written byNicole Levine, MFA
Last Updated: September 15, 2023Fact Checked
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- NFT Cost Breakdown |
- How to Mint an NFT for Free |
- Tips
Want to create your own non-fungible token but don't know where to begin? Before you dive into the world of selling NFTs, you should know that there are usually some upfront costs. The cost to mint an NFT will vary depending on the marketplace you use and the blockchain you mint on. To mint on Ethereum, the most popular blockchain for NFTs, you'll usually have to pay gas fees, which can get costly. Along with listing fees and commissions, your costs could range anywhere from $0.01 to $1000. However, thanks to a process called "lazy minting," as well as gasless marketplaces, there are now ways to mint NFTs for free! This wikiHow guide will break down the costs associated with creating and minting NFTs, and cover your options for making NFTs for free.
Things You Should Know
- Gas fees vary by blockchain. Ethereum has the highest gas fees, while blockchains like Solana and Cardano are cheaper.
- Marketplaces like OpenSea and Rarible allow you to list an NFT without minting until it's purchased, which means you won't have to pay gas fees.
- To make an NFT for free, mint it on the Polygon network, or try a marketplace that offers gasless or lazy minting.
Section 1 of 2:
NFT Cost Breakdown
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1
Gas fees. When you mint an NFT on a blockchain, you'll often need to pay transaction fees known as "gas.[1]" Gas fees are determined by how busy the blockchain is at the moment you mint your NFT. The higher the demand, the higher the gas fees. Additionally, the larger the transaction, the more gas you'll need to execute it.[2]
- To reduce upfront costs, mint your NFT to a blockchain that has lower fees. Ethereum, the most popular blockchain for NFTs, has higher gas fees than blockchains like Solana and Cardano.
- Due to the increasing popularity of NFTs, many marketplaces now offer a way to mint NFTs without paying for gas fees. Check out our list of options for making an NFT for free.
2
Listing fees. Some marketplaces charge a fee to list your NFT for sale, though the most popular marketplaces generally don't do this anymore. Instead, popular marketplaces take a percentage of your sales (typically around 2.5%) instead of charging a flat listing fee up front.
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3
Account fees. While this isn't as common as it used to be, some NFT marketplaces charge an initial setup fee when you create an account. Most of the most popular NFT marketplaces, including OpenSea, Rarible, Nifty Gateway, Magic Eden, and MakersPlace all offer free accounts to NFT creators.
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Section 2 of 2:
How to Mint an NFT for Free
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1
Publish your NFT on a marketplace that allows "lazy minting." Lazy minting, a feature offered by some popular NFT marketplaces, allows you to list NFTs with no up-front costs. Instead of paying gas fees to mint your NFT, you can upload the NFT to the marketplace without minting to a blockchain right away. The NFT won't be minted until someone buys it, and that that point, the buyer will pay the gas fees.[3]
- Opensea offers an option to mint and list NFTs, as well as entire collections of NFTs, without paying anything up front. To publish NFTs for free, you'll need to use the Collection Manager.[4]
- Rarible also offers a lazy minting option, which you can select when uploading your NFT. After connecting your wallet, just click Create, fill out your NFT details, and choose the Free Minting option.[5]
2
Try another gasless marketplace option. Lazy minting is the most common way to list NFTs for free, but it's definitely not the only way. Instead of listing an NFT without minting it until the sale, you can add your NFT to your cryptocurrency wallet, which makes it available on the Ethereum blockchain immediately.[6] Neither the seller nor the buyer will ever have to pay gas fees.
- Mintable was one of the first "gasless" NFT marketplaces, offering a completely-free publishing experience on the Ethereum blockchain. When creating your NFT in Mintable, just select Gasless to publish it for free.
- Curate is another gasless platform that offers free NFT minting on Ethereum. They plan to support Solana, Algorand, Binance Smart Chain, and Avalanche blockchains in the future.
3
Create your NFT on the Polygon network. If you choose a marketplace that allows you to mint your NFT on the Polygon (Matic) blockchain, you won't have to pay any gas fees up front. The easiest way to do this is to use Polygon's MintNFT NFT maker. Once you mint your NFT, you'll have the option to save and view it in your MintNFT profile or list it on OpenSea.[7]
- You can also choose a different marketplace that supports the Polygon blockchain. Just make sure to research any marketplaces you learn about thoroughly before signing up.
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Tips
While Ethereum's conversion to proof-of-stake from proof-of-work did decrease the blockchain's energy consumption, it didn't lower gas fees on the blockchain.[8]
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If your NFT is artwork, you can create it in paid software like Adobe Photoshop, or try a free option like GIMP. You can also use NFT-specific art products like Pixelchain, Pixomatic, or NinjaNFT.
If you mint your NFT on Solana, you'll actually have to pay 3 transaction fees! However, these fees are much cheaper than Ethereum, and may only cost you a few cents total.
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References
- ↑ https://help.coinbase.com/en/coinbase/getting-started/crypto-education/glossary/gas-fee
- ↑ https://rarible.com/how-it-works/getting-started/how-much-does-it-cost
- ↑ https://rarible.com/blog/create-nfts-for-free-on-rarible-com-via-a-new-lazy-minting-feature/
- ↑ https://opensea.io/blog/announcements/introducing-the-collection-manager/
- ↑ https://rarible.com/blog/create-nfts-for-free-on-rarible-com-via-a-new-lazy-minting-feature/
- ↑ https://editorial.mintable.com/lazy-vs-gasless-how-gas-free-is-gas-free-minting
- ↑ https://polygon.technology/blog/how-to-mint-nfts-with-utility-gas-free-on-polygon
- ↑ https://cointelegraph.com/news/ethereum-foundation-clarifies-that-the-upcoming-merge-upgrade-will-not-reduce-gas-fees
About This Article
This article was co-authored by wikiHow staff writer, Nicole Levine, MFA. Nicole Levine is a Technology Writer and Editor for wikiHow. She has more than 20 years of experience creating technical documentation and leading support teams at major web hosting and software companies. Nicole also holds an MFA in Creative Writing from Portland State University and teaches composition, fiction-writing, and zine-making at various institutions. This article has been viewed 14,354 times.
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Co-authors: 5
Updated: September 15, 2023
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Greetings, I'm an enthusiast deeply entrenched in the world of blockchain technology, NFTs (Non-Fungible Tokens), and the associated intricacies of minting and selling digital assets. My background involves extensive research, practical experience, and a thorough understanding of the evolving landscape of NFTs up until my last knowledge update in January 2022.
Now, delving into the provided article titled "A simple breakdown of the fees you'll need to pay to sell an NFT" by Nicole Levine, MFA, I'll provide insights and additional information related to the concepts discussed:
-
Gas Fees:
- The article rightly mentions that when minting an NFT, one encounters gas fees. These fees are transaction fees associated with blockchain networks. Ethereum, being a popular choice for NFTs, has higher gas fees compared to alternatives like Solana and Cardano.
- To mitigate costs, the article suggests minting on blockchains with lower fees, such as Solana or Cardano.
- Additionally, it highlights the impact of blockchain demand on gas fees, explaining that higher demand leads to increased fees.
-
Listing Fees:
- The article touches on listing fees imposed by certain NFT marketplaces. However, it notes that popular platforms like OpenSea and Rarible have shifted to taking a percentage of sales instead of charging upfront listing fees.
-
Account Fees:
- While not as common, some NFT marketplaces used to charge initial setup fees. The mentioned popular marketplaces like OpenSea, Rarible, Nifty Gateway, Magic Eden, and MakersPlace typically offer free accounts to NFT creators.
-
Lazy Minting:
- Lazy minting is introduced as a strategy to list NFTs without incurring upfront costs. Platforms like OpenSea and Rarible allow users to list NFTs without minting until a purchase occurs. This way, the buyer pays the gas fees.
- The article provides steps for lazy minting on OpenSea and Rarible.
-
Gasless Marketplaces:
- The concept of gasless marketplaces is discussed as an alternative to lazy minting. Mintable and Curate are highlighted as examples, offering gasless experiences on the Ethereum blockchain.
-
Polygon Network:
- The article suggests minting NFTs on the Polygon network to avoid upfront gas fees. Platforms like MintNFT and others supporting the Polygon blockchain are mentioned.
-
Additional Tips:
- Tips are provided, such as the fact that Ethereum's transition to proof-of-stake did not lower gas fees.
- Mention of tools for creating NFT artwork like Adobe Photoshop, GIMP, Pixelchain, Pixomatic, or NinjaNFT.
In conclusion, the article serves as a comprehensive guide for individuals looking to understand the costs associated with creating and minting NFTs, offering practical strategies to minimize expenses and even mint NFTs for free.
