In our recent article where our editorial team tried to find out the cost of minting an NFT, all of us were shocked at the result. Even before any creator or artist embark on his or her NFT journey, the process of minting an NFT will set him/her back by several hundred USD.
The economics is staggering considering that most artists have several tens if not hundreds of artworks for sale. Take for example, the famous Beeple, he has several thousands of the art for sale. Minting all these NFTs would costs serious money.
Are NFTs then a playground for the more well-heeled? It would seem to go against the ethos of decentralisation which is to avail this technology to the masses.
There are several NFT-focused projects out there such as Enjin. But, no other project is as well funded and pushed aggressively as Binance. In face, Binance’s own Binance Smart Chain (BSC) has been touted as a strong contender to develop an NFT token.
Until Ethereum gas prices are reined in, most of the NFT developers would be compelled to explore Binance Smart Chain as a lower cost alternative.
[ Read more: How Much Does It Cost To Mint An NFT? ]
