The rise of NFTs on the market is fascinating, and they have joined the ranks of the most Googled words in 2022. You’ve undoubtedly heard about the millions of dollars in sales these digital arts generate.
But have you ever wondered how much it costs to mint an NFT in the first place?
According to an analysis by CryptoMonday, over 1 million unique wallet addresses spent 963,227 Ether (ETH), worth $2.7 billion, minting NFTs on the Ethereum blockchain in the first half of 2022. The majority of minting took place on OpenSea.io.
In the same period, $107 million worth of NFTs were minted on BNB Chain and $77 million on Avalanche. The two blockchains produced a total of 263,800 unique wallet addresses during NFT minting.
What is NFT minting?
According to CryptoMonday CEO Jonathan Merry, NFT minting requires “a significant upfront investment.” He added, “For example, an artist who wants to mint their work as an NFT on the Ethereum blockchain would first have to acquire some Ether to pay for gas fees. They would also need to create an Ethereum wallet address and have basic knowledge of how to use smart contracts.”
NFT Minting refers to a process where someone creates a digital token and stores it on a blockchain. The creator can then sell, trade, or auction the NFT. Minting is often used for art, music, and other digital content that can be verified as genuine and owned by a specific person. Some examples of blockchains that support the NFT token standard are Ethereum, Binance Smart Chain, Polkadot, WAX, and Avalanche.
You should know that the blockchain you select might significantly influence the cost of production. In most cases, the cost of creating a regular NFT may range from $1 to $1,000. The price can be even higher for more sophisticated or popular NFTs.
The process of minting an NFT is usually not difficult, but it can be costly depending on the blockchain you use and the marketplace you select. You should be aware that the value of an NFT can fluctuate greatly. Before you mint an NFT, make sure you understand the risks involved. Full story and statistics can be found here: Over $2.7B Has Been Spent on Minting NFTs in the Last 6 Months.