How much does it cost to create an NFT? The convenience of creating NFT and the opportunity to gain global exposure make almost every artist consider joining this trend. However, most beginners ignore the cost of creating or creating new NFT, and lose money due to miscalculation. Today we will discuss the creation cost of NFT and the process of creating NFT.
1、 How much does it cost to create an NFT?
Each NFT needs to be created separately on the blockchain before it can be sold. Creation basically means converting digital data into passwords. This can be achieved by writing smart contracts on the blockchain where NFT is created. The process from the client is relatively easy. All that is needed is an encrypted wallet, ETH token or other encrypted currencies, depending on the blockchain ecosystem and an NFT market.
However, the actual process of integrating digital data on the blockchain ledger is not so simple. It involves using highly complex computing power and consuming a lot of power. This is why creating an NFT can sometimes cost a lot. As far as restrictions are concerned, there are no restrictions on data types converted to NFTs. Everything from simple jpg images to video and audio formats can become irreplaceable assets through the blockchain ecosystem.
Take OpenSea in NFT market as an example. As mentioned earlier, the total cost of creating NFT varies from market to market. OpenSea is the largest market of NFT, with more than 1 million active users and nearly 10000 NFT projects. The total amount depends on the current price of Ethereum token and the demand for blockchain. You need to pay separately: when you create NFT (from $50 to $300) and when you get a deal (about $10-30).
2、 How to create NFT?
1. Create Asset
The first step is to create works of art that will appeal to buyers. You need to consider market trends and your target audience. Fortunately, in digital assets, the possibilities are infinite. NFT can be hand-painted works of art, music tracks, surrealist illustrations, cultural genes, people friendly avatars, etc.
2. Purchase ETH
You will need a certain number of encrypted tokens to successfully create NFT. The type of encrypted token depends on the blockchain you use. Traditionally, most NFTs are created on the Ethereum blockchain, so the required token is ETH. You need to purchase SOL or MATIC for other blockchains, such as Solana or Polygon.
3. Set up encrypted wallet
You need an encrypted wallet to pay the creation fee. There are many online encrypted wallets on the market. However, please ensure that the wallet is compatible with the blockchain you choose. The most popular wallet of Ethereum blockchain is Metamask, a browser extended wallet.
Setting up your wallet is quick and easy. You only need to provide the required data and create a password.
4. Send ETH to the wallet and link it to the market
The next step is to use an encrypted address to send ETH from your exchange account to your encrypted wallet. This will allow you to pay directly from your wallet. After the funds are in place, the wallet will be linked to the market. Make sure the market supports the encrypted wallet you are using.
5. Create NFT
Now, the last and most important step is to create NFT, which is just like uploading a video on a website or attaching a file to an email.
1) Click the "Create" button.
2) Drag and drop the file to convert to NFT.
3) Select blockchain.
4) Give your NFT a name and description. Confirm royalties.
5) Select the cost structure (the sum of gasoline cost and other charges charged by the market) and continue.
To sum up, this is all about the cost and steps of creating an NFT. In the past year and a half, the popularity of NFTs has risen sharply. The number of NFT trading platforms available and the convenience of accessing them have led to their increasing popularity. However, these markets are not without risks, accompanied by a long list of fees and multiple charges. If you don't understand how things work, you may lose money eventually.