The Gist:  You might know about the price of NFTs that are in the market, but do you know the cost of creating those NFTs? In this article, we have covered in detail the cost to create NFTs. 

The increasing NFT market today has shown its potential in the world of technology. It has seen an exponential surge from $340 million to $25 billion in just a year. The graph went upward in just the last couple of years. It saw more than 7,200% of growth from 2020 to 2021. This novel technology grabbed the eyes of many people including the leading business news channels and made headlines in the mainstream media.

This made NFT more popular around the world. If you are an ardent follower of NFT and cryptocurrency then you might have come across the expensive NFT artwork the ‘Merge’. Created by the anonymous artist Pak, this NFT was sold for 91.8 million dollars last year. Breaking the record of ‘Everyday: The First 5000 Days’ which was sold for $69 million, ‘Merge’ is the most expensive NFT currently.

Now, more and more celebrities and other popular personalities are stepping up into this new market. Tech giants like Jack Dorsey, CEO of Twitter has sold his first tweet as NFT for $2.9 million. As more celebrities indulge themselves in this novel technology, NFT started gaining more headlines and popularity.

But why did it gain so much popularity in such a short period? Refer to our blog ‘What are NFTs and Why is it Trending’ to know more about it in detail.

What is meant by NFT minting?

If you are creating NFTs for the first time, then you must know NFT minting. NFT minting is the process of creating and registering your NFT collections on the blockchain network. First, you need to convert the video, audio, image, or any other digital art file into a unique token, and then they are sold on the NFT marketplaces.

The digital art or collectibles are stored on blockchain technology, encrypted in a unique identification code. This identification code gives you proof of ownership of NFT collections. Each NFT art thus becomes a token on a smart contract blockchain network like Ethereum, Polygon, Solana, and other such networks. In order to register your NFT, you need a crypto wallet that will help you pay the transaction fees.

What type of costs are associated with NFT?

The cost of NFT is based on the blockchain network you are choosing. Different blockchain networks charge different costs to register your NFT. Three main costs are associated with NFT. Following are those costs that you must know before registering your NFT.

Gas fees: The gas fees are required for registering your NFT on the blockchain network. This fee is charged by almost all the blockchain networks. So this is the least you need to incur for registering your NFT collections.

Account fees: This fee is incurred when you list your NFT on NFT marketplaces. Different platform charges different fees according to their process.

Listing fees: Some platforms do not charge any fees for minting NFTs however, they charge listing fees for listing your NFT for a sale.

As mentioned above, different blockchain networks have different fees. However, it is not the only factor that differentiates the cost of one NFT from another. The gas fees, size of the project, product quality, transaction speed, and minting time all these factors also play an important role in determining the cost of NFTs.

The gas fees depend on the demand and supply in the market. With the increase in the demand, the fees also increase. Furthermore, the creators also need to consider the volatile cryptocurrency market. The value of cryptocurrency also determines the cost of NFTs.

How much does it cost to create NFTs?  

In the above section, we have mentioned the type of costs that are associated with NFT. Now that you know the different types of costs that are associated with NFTs, let’s head further with the cost to create NFTs. NFT costs can vary from $1 to $400 or above depending upon the amount charged by the different platforms.

You can easily mint NFTs on NFT marketplaces like OpenSea, Foundation, Rarible, and many other platforms. There are different types of marketplaces where you can mint your NFT easily. Select the platform that you think is best for your NFT collections keeping project type, finance, and audience in mind.

Blockchain technology is the key point in the cost of NFT as you first need to pay the gas fees for registering your NFT. Ethereum charges the largest sum of money for registering the digital token on its platform. On the other hand, Polygon does not charge gas fees for minting and listing your NFT on their platform.

The main reason for not charging the fees for minting NFTs is its default lazy mint option. Having said that, this platform does charge service fees. A 2.5% of the service fees will be deducted from the selling price of NFT.

About Krazy Kong NFT

Krazy Kong NFT is the latest ape NFT project that aims to contribute to the NFT space. Kong is one of the modern apes who is trying to adjust to the modern human society after having a tumultuous interaction with the humans in the past. He has been grasping information from various sources like entertainment, television, and the internet.

One of the motives of Krazy Kong NFT is to bring social and environmental awareness like inequality, animal habitat loss, conflict within and among humans and animals, and deforestation. We are still in the early stage of our project which is perfect for the investors who are looking for a new and legit NFT project in 2022. If you are planning to buy NFT collections this year then Krazy Kong NFT is for you.

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