Non-fungible tokens (NFTs) have become the hot topic of today’s Web3 world due to their distinct properties and advantages. The year 2021 was a jackpot for these virtual tokens as the global sales of NFTs surged manifold. Various creators minted their unique
NFT collections across blockchain networks and garnered the community’s attention. Products such as artworks, music, video clips, digital cards, generative arts, game assets, plots on virtual worlds, and even physical assets have been registered on blockchains
as NFTs. In this blog, we will see more of the cost incurred while creating NFTs and the factors determining such costs.
Creating an NFT is also known as minting, for which the cost differs between blockchains. While Ethereum incurs high prices, there are networks that incur lower costs and even zero costs. In addition to the blockchain transaction fees, marketplace platforms
where most people will mint NFTs charge a fee for the process. Prices differ with each platform, and you can even find platforms that offer lazy minting services where the NFT gets minted when a buyer initiates the transaction or even free of cost. Creating
your own minting platform and smart contracts will not incur any maintenance fees, although it requires expertise in Web3 technology.
The cost to create an NFT collection will be higher as a lot of NFTs will be made, which requires more involvement from the blockchain network. Yet, it depends on the above factors that dictate the final expenses in creating an NFT collection. If you want
to create an NFT collection efficiently at cheaper costs, there are a few firms that can assist you in the process with their experience in minting NFT collections. These companies work based on customer demands which makes it easier for you
to craft digital tokens for your creative assets.