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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: January 27, 2024Fact 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
See AlsoOpenSea Sales Gas Fee: The Easy Way to Calculate and MonitorWhat is Lazy Minting of NFTs? How Does it Work? - NFTICALLYGas (Ethereum): How Gas Fees Work on the Ethereum BlockchainHow Much Does It Cost To Mint 10000 NFTs? | Austin Visuals AnimationAccount 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.
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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://help.rarible.com/hc/en-us/articles/13178947664397
- ↑ 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
Written by:
Nicole Levine, MFA
wikiHow Technology Writer
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 19,571 times.
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