NFTs are the rage these days. Everyone wants a piece of it. That is until you are enlightened to the cost of minting a single piece of NFT token/
Our NewsFirstLine editorial team wanted to find out for ourselves the process and costs involved. We embarked on our discovery by trying to mint on two popular NFT sites – Rarible and Opensea.
(Rarible NFT Contract)
On Rarible, it costs a whopping US$677 for creating an initial collection of NFT token. Naturally, we did not proceed with this endeavour.
Next, we tried with the same artwork on Opensea. Here is what we got.
(Opensea NFT Contract)
Technically, it does not cost us anything to just mint an NFT on this platform, however this is only ideal if your collection is not for sale. To get your items visible for sales, you need to pay for some gas fees to verify your transactions. Opensea’s cost was much “lower” at US$100.
Regardless of either platform, the price of NFT token minting needs to come down in order to entice many more creators to onboard their masterpieces onto the digital realm.
The above minting process was done on Ethereum, the most popular blockchain for NFTs today. Until ETH2 is launched, the cost of minting an NFT with Ethereum will most likely remain high.
Read more: NFT? What’s That?
