How much does it cost to put an NFT on OpenSea?
OpenSea's service fees
OpenSea's model is simple—we receive 2.5% of the sale price. That's it. Users and partners can create NFTs for free at any time.
The OpenSea Collection Manager allows creators to make NFTs without any upfront gas cost, as the NFT isn't transferred on-chain until the first purchase or transfer is made.
How Much Does Minting an NFT Cost? The gas price is the fee you pay to the blockchain and plays a crucial role when it comes to creating NFTs. Therefore, your cost to mint NFT may range as low as $0.01 and go into thousands. However, the gas fee associated with minting NFT can cost you an average of $500.
On average, the cost of creating NFT ranges from $0.05 to over $150. The cost of creating NFTs depends on various factors such as the cost of blockchain, gas fee, marketplace account fee, listing fee etc.
This fee goes to the technical people who process transactions on OpenSea. It varies depending on the demand and supply of minting transactions, but typically it ranges between $70 and $400.
To do so, click on the ”Deploy” tab just below ”Solidity Compiler”. Then, select ”Injected Web3”, the right contract, and click on ”Deploy”. Once deployed, you'll receive a contract address that you can utilize to view the NFTs on the testnet version of OpenSea. That's it for this tutorial on how to mint 10,000 NFTs!
Selling an NFT using OpenSea
Select the NFT you would like to sell from your wallet. If you don't have an NFT available to sell, check out our create an NFT tutorial to get started. 3. On the top right of the item page, click Sell.
Yes, indeed, you can create your NFT for free on some platforms. According to The Verge, platforms OpenSea and Rarible let you create NFTs on Ethereum without paying any fees. This is called “lazy minting” as it lets you create an NFT and put it for sale without being written to the blockchain.
In general, listing items is gas-free. However, when you first list an item in a collection, you may be prompted to approve the collection, which does cost gas. For more information about collection approvals, see our help guide.
you can mint an NFT before listing it for sale, usually costing $50-$150. So, minting 10,000 NFTs could cost $500,000-$1.5 million total.
What is lazy minting?
Marketplaces like OpenSea have adopted lazy minting in order to lower the cost of entry for NFT creators. It's a form of NFT creation that defers the costs of minting an NFT until it's sold on the market.
OpenSea's fees are simple and straightforward: OpenSea receives 2.5% of the sale price of your NFT.
It's perfectly reasonable for artists to start selling NFTs at a couple hundred dollars and see where that takes them. As an emerging artist, it's always better to start lower and then raise your prices rather than starting high and having to lower them. The idea is to build loyalty and create interest.
Price your own NFT creation in order to compensate for your time and resources used during the creation. It's important that you demand a fair price, both as a seller and for your consumers. Keep in mind, if you don't have a reputation of some sort publicly, it may be hard to sell your NFT if it's priced too high.
Which Marketplace Has No Gas Fees? You can list an NFT for sale without paying any fees (even if you have 0 eths in your wallet ) if you use Mintable Marketplace or Use the Polygon Network on Opensea. At the time of writing this post, Opensea is the largest and most popular marketplace for NFT artworks.
| Market | Average price | Traders |
|---|---|---|
| OpenSea | $938.99 | 1,387,357 |
| Axie Infinity | $216.15 | 1,624,169 |
| CryptoPunks | $123,690.00 | 5,600 |
| NBA Top Shot | $63.63 | 492,039 |
To make 10,000 NFTs, you need 10 layers with 4 variations each. Of course, it will be very difficult to combine 10,000 images manually. Therefore, you will need NFT-Generator to do so.
How Long Does It Take to Mint an NFT? Depending on your familiarity with crypto platforms, it can take less than 30 minutes or several hours to mint an NFT. Remember, that's just the minting or publishing process. Before you mint an NFT, you have to spend the time to create it.
The most popular way to generate money from NFTs is by selling them on NFT-dedicated marketplaces. Today, there are a variety of marketplaces and platforms where you can create, list, sell, and exchange NFTs including: OpenSea. Mintable.
While it doesn't cost anything to create an account with OpenSea and start browsing, there are a couple of one-time fees you'll see when you list an item on Ethereum for the first time. Let's learn more!
How much does it cost to mint on OpenSea?
The first fee for initializing your account to start selling costs between $70 and $300. The second transaction that grants OpenSea access to your NFTs is about $10 to $30. Naturally, to save your money and pay the fee at its lowest, you want to set up your account on days when gas prices are lower.
People have made a massive profit off their NFTs, while others have suffered major losses. Some claim that NFTs are dying, due to the NFT market's trading volumes decreasing 97% since January 2022. This massive loss in value is worrying, but it doesn't mean certain doom.
Gas fees are used to compensate miners for the computing energy and resources spent to validate transactions and include them in a blockchain. NFT Gas fees are usually high as the complexity of the transaction and the traffic on the network is more.
First, gas fees are expensive because of the cost of ETH. Ethereum is one of the most expensive blockchains in existence. These fees are denominated in gwei, an alternative ETH quantity representation.
Who Pays Fees On OpenSea? The seller will pay the 2.5% transaction fee on OpenSea. If there are royalties associated with the NFT, the seller will pay those as well from the total percentage of the sale.
What is the cheapest an NFT can sell for? Technically, there is no lowest price that an NFT can sell for. A few of the collections we've looked at have a floor price of just 0.001 ETH ($1.30). However, depending on the blockchain an NFT is created on, gas fees can end up being more costly than the NFT itself.
The good news is that Rarible is now providing a new service for artists, creators, or beginners to create NFTs for free, with their new “lazy minting” feature. It means that you don't need to spend a dime from your crypto wallet to mint an NFT.
In brief. Non-fungible tokens (NFTs) are unique digital assets that are generally used to represent works of art and collectibles. Many individual NFTs have sold for upwards of $1M each, with one selling for close to $70 million.
If your mint failed, it's possible that the drop has completed and no more NFTs are available. There are a limited number of items available for mint, and the mints may run out during your transaction. When this occurs, you'll still pay the transaction gas fee.
Understanding the cost of minting NFTs
Network congestion: As networks become more congested and many users try to use the blockchain at once, more energy is needed to validate these transactions. As a result, the network slows down and becomes more expensive to use.
How to mint without gas fees?
Create NFT for Free Using Lazy Minting. The popular crypto marketplace Rarible offers a feature called Lazy Minting. It allows users to mint NFT without paying an upfront fee. The gas costs related to the minting are transferred to the customer that buys your NFT from Rarible.
OpenSea provides its marketplace infrastructure for free—it's entirely free to get started setting up a marketplace and using our platform. As compensation for this service, 2.5% of each sale will go to OpenSea.
What happens if NFT doesn't sell out? Serious buyers want to know that the listing will not change after they buy your NFT. However, once you freeze the metadata it can never be changed. If the item doesn't sell, it can be deleted and re-minted, but that costs more gas fees.
'The Merge' remains the most expensive NFT of all time as of 2023. It was sold at $91.8 million during the month of December 2021.
Once an NFT is minted, it cannot be modified or deleted. Today, the average cost of minting an NFT on Ethereum—considered to be one of the most expensive blockchains—is around 16 to 20 gwei1, or $0.38 to $0.46 USD at the time of writing.
OpenSea doesn't charge you for “minting,” though it may charge you to activate other currencies, or auction types. They do charge you a 2.5% fee on final sale price. You can also edit your collection and set up a royalty on resales of your NFTs.
The good news is that Rarible is now providing a new service for artists, creators, or beginners to create NFTs for free, with their new “lazy minting” feature. It means that you don't need to spend a dime from your crypto wallet to mint an NFT.
Once you have minted a piece of artwork on a marketplace as an NFT, you should never mint it on another platform. If you ever decide to do so, note that most platforms reserve the right to delete the NFT or even ban you from their platform. However, you maintain all commercial rights to the artwork underlying the NFT.
Which Marketplace Has No Gas Fees? You can list an NFT for sale without paying any fees (even if you have 0 eths in your wallet ) if you use Mintable Marketplace or Use the Polygon Network on Opensea. At the time of writing this post, Opensea is the largest and most popular marketplace for NFT artworks.
While it doesn't cost anything to create an account with OpenSea and start browsing, there are a couple of one-time fees you'll see when you list an item on Ethereum for the first time. Let's learn more!
How to sell an NFT for free?
Mintable is another useful site for traders looking for a more cost-effective way to create or sell their NFTs. Surprisingly, it offers a free registration process and charges no fees for producing or offering NFTs for sale, making it a far more attractive option for new and inexperienced traders.