The costs to create NFTs – What are they exactly? You’ve been hearing more and more about NFTs and you are thinking about creating some of your own. But before you start on your journey, you might be wondering: How much does it actually cost to make an NFT?
To help answer this, we’ll help break down the various costs that come with each step of the way when creating an NFT…and how to avoid them.
The breakdown of Costs to create NFTs are:
- Creating the Art
- Developer Costs
- Account Fees
- Listing Fees / Deploying your Smart Contract
- Marketplace Fees/ Minting Fees
- Lazy minting or Gasless minting
Costs to create NFTs: Artwork
Most NFTs will need some form of digital artwork attached to them to visually represent the NFT, like a thumbnail, a magazine cover or a picture hanging in a gallery.
This crypto artwork could be anything from complex 3D images, graphic designs, animations, video clips, GIFs, generative art, album covers or even photos.
So the first consideration is how are you going to create this art and how much will it cost you. This of course could be free if you are creating it yourself, however, if you are hiring someone to create the artwork for you, then this will come at a cost depending on how much they charge.
Cost range – $0 – $n/a
Costs to create NFTs: Developer Costs
So you have your artwork created, now you need to create your ‘smart contract’, (What is a smart contract?) which essentially is the code that controls your NFT collection and how it interacts with the blockchain (What is the blockchain?).
For example, how much is each NFT worth, how many NFTs you want to create, how it passes from one wallet to another, how much the royalty fees associated with the NFT are etc. All of this is highly technical to do, so you’ll need to find someone, or somewhere to create your ‘smart contract’ for you.
Hiring a developer to do this would cost you potentially $1000’s. So instead you can create your smart contract yourself using Fair.xyz, for free.
Fair.xyz was built for allowing anyone, regardless of technical ability or experience, to create NFTs, without the need to hire a developer. Fair.xyz will allow you to create your smart contract yourself, all with a few simple clicks.
Cost – $0
Costs to create NFTs: Account Fees
Some NFT creation platforms will charge you to set up your account on them in the form of membership or subscription fees.
At Fair.xyz is completely free to set up your account and create as many NFT collections as you like, with access to all features and tools.
All you’ll need is a cryptocurrency wallet.
Cost – $0
Costs to create NFTs: Listing Fees / Deploying your Smart Contract
So you’ve built your collection, you’ve created your smart contract to go with it, now it’s time to put it on the blockchain for people to buy your NFT.
Placing your artwork and smart contract on the blockchain is known as ‘deploying’ and this will cost you ‘gas fees’ and listing fees.
Gas Fees vary depending on many factors;
- What blockchain you are (Etherium, Solana, Cardona etc)
- What time of day it is i.e. How busy the blockchain is with transactions
- Size of your NFT collection
With this in mind, deploying your contract could cost anything from $5 to $1000.
However, if you create your collection with Fair.xyz, deploying your smart could cost as little as $10 – $20, no matter the size or time of deployment. We use the Ethereum blockchain and will manage the Ethereum gas.
Cost – $20
Marketplace fees / Minting Fees
Finally, once your smart contract has been deployed and your collection is ‘live’, you’ll want people to start purchasing (also known as minted) your NFTs.
(Note – your NFT has not been created until someone purchases it for the first time)
The easiest way for this to happen is through an NFT Marketplace, such as Opensea. When your NFT is purchased for the first time (minted) NFT marketplaces will take a commission from the sale. This could be anything between 0% – 25%, depending on the marketplace you use.
However, with Fair.xyz, when you create a collection, you’ll get your own personalised page and URL i.e. https://fair.xyz/collection/Basquiat_Zombies, you won’t need to go through a marketplace.
Fair.xyz charges a 6% commission when your NFTs are purchased. This is one of the lowest commission rates. Furthermore, we charge no further royalties if the NFT is sold again (secondary sales) to another party. Many other platforms do this.
Cost – 6% of each sale
Depending on a few key factors, the cost of creating an NFT can vary massively. However, by far, one of the cheapest and easiest ways to create an NFT is by using Fair.xyz – the end-to-end solution for NFT creation.
For more information on Fair.xyz, be sure to check out our docs to learn more.
Or better yet, if you have your artwork ready, just connect your cryptocurrency wallet and try it out for yourself completely free of charge.
For all your NFT creation needs, be sure to visit Fair.xyz – We’re is empowering the next generation of creators, businesses and brands to create and launch NFTs, with no code or experience required.
Our goal is to create an industry-leading NFT launch experience for both collectors and creators that is secure, accessible and fair. Our proprietary technology removes gas wars, failed transactions and bots. From creators to businesses, we also work with the globe’s largest institutions, brands and movements in order to bring ground-breaking and bespoke Web3 utility to life.