If you’re thinking about creating an NFT collection, then you’re probably already wondering, how much does it cost to create an NFT. The simple truth is that the cost to create an NFT depends on many factors. 

According to Cyberscrilla.com, the cost of creating an NFT ranges from $0.05 to over $150. However, this doesn’t factor in the design cost for creating NFT artwork.  

If you handle the process from start to finish, the cost to create an NFT will include things like transaction fees, NFT blockchain, and fees paid to designers if you didn’t produce the artwork yourself. To create a profitable NFT collection to sell, you’ll need to consider all the things that can affect the cost to create an NFT otherwise you can actually lose money.

Factors that Affect the Cost to Create NFTs

Here are some factors to consider during your decision-making.

Designing Costs for an NFT Collection

Are you an artistic person, if so, then you’ll probably handle this part on your own. If not, you will likely need some help to design your NFT. You can either work with free tools and software to create the artwork for your NFT collection, but if you want to create something elaborate, then you will need some paid help.

You can reach out to freelancers, design agencies, visual artists, filmmakers, musicians, or other creatives who can help you bring your vision to life. However, the number of people you work with and the scope of the design process will ultimately determine the cost of creating an NFT project. 

Minting Costs 

Minting costs are another thing to keep in mind because it varies based on the blockchain you use, the amount of data used, and the speed of the transaction on the blockchain you choose. 

Minting an NFT refers to publishing your NFT on a blockchain. Popular blockchain options include Ethereum, Solana, and Polygon. Ethereum, though it is the most popular blockchain, is the most expensive blockchain available. Solana is the second most popular blockchain, but it is one of the more affordable blockchains.

You might be wondering if it is possible to create an NFT for free and avoid the gas fees associated with minting.

Yes, you technically can create an NFT or an NFT collection for free. Lazy minting is a process where you can create an NFT off the blockchain to avoid the cost of minting an NFT. This allows you to pay the mint fee once your NFT sells and is subsequently put on the main blockchain. 

Lazy minting is an affordable way for those just starting out with NFTs. The Polygon blockchain gives you this option to lower the cost to create an NFT by charging you a 2.5% service fee from the selling price. This is great if you want to stay within the Ethereum ecosystem without the expensive costs associated with Ethereum.

NFT Marketplaces

NFT marketplaces are platforms that list and display NFTs and NFT collections. These large e-commerce platforms sometimes allow users to mint NFTs. Of course, NFT marketplaces need to make a profit so transaction fees are a part of the deal and this needs to be factored into the cost of creating an NFT. 

Some marketplaces also require an account fee when setting up an NFT marketplace account. In addition to those fees, marketplaces may also have a listing fee for NFTs.  

OpenSea and Rarible are two of the most popular user-friendly NFT marketplaces. These two marketplaces also allow their users to mint their own NFTs for free. However, there are still listing fees that add to the cost to create an NFT. OpenSea has a service fee of 2.5 percent of the sale price. Rarible’s fees include one percent on the buyer's side and one percent on the seller’s side for each sale. 

Start Creating Your Own NFTs

The simple answer to how much it costs to create an NFT is that it depends. There is no clear range or answer, but there are things you can do to lower the cost, like lazy minting and creating the artwork yourself. 

If you are asking how much it costs to create an NFT project, then you are interested in learning more about the business side of NFTs. Our NFT masterclass is just the thing for you to dip your toes into the world of NFTs and answer some of your burning questions.

Start your NFT journey!

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