Creating an NFT will be as cheap or pricey as the consumer would like. Some artists create free designs, while others charge for using their images and artwork.
No matter how miniature those fees may appear on the surface. It is a very challenging part to decide on the royalty percentage. When the ratio is higher, it will be better.
Developing an NFT is costly, but the expense varies depending on whether a market for that particular asset already exists and who will develop it.
If any vulnerabilities or opportunities for unfair gain are found within the code, it will be modified.
It may cost anywhere from $7 to $150, which should depend on the elaborateness of the project.
NFT Blockchains And Their Costs To Create
Here we have listed some blockchains that let you create your own NFT.
| NFT Blockchains | Cost To Create An NFT |
| Ethereum | 0.01-0.05 ETH($50-$150) |
| Solana | 0.0001 SOL(0.01) |
| Polygon | Free (subjective to marketplace fees) |
| Tezos | 0.08-3.6 XTZ ($0.2-$8) |
| Cardano | 0.17-1.5 ADA ($0.13-#1.15) |
| WAX | 0.13 – 13 WAX ($0.05 – $5) |
| Avalanche | 0.008 – .02 AVAX ($0.50 – $1.50) |
| Zilliqa | 0.7 – 2.9 ZIL ($0.05 – $0.20) |
The cost to create an NFT on the most widespread NFT blockchains.
Comparison Of Blockchains
To compare these blockchains with Ethereum, why are these all cheaper blockchains than Ethereum?
Presently, Ethereum is a proof of work (pow)blockchain. The PoW blockchain is highly secure but lacks efficiency. As a result, users of the Ethereum blockchain have to pay higher fees or bills to the miners to transact.
Rather than a blockchain like, Solana uses proof of state (PoS) as well as a protocol known as proof of history (PoH).
Solana blockchain provides a more efficient happening result, roughly, 65000 transactions per second due to the assistance of these two protocols.
However, Ethereum perpetrates about 12 to 15 TPS.
Whether you are using the type of blockchain which may decide you to create NFT. There are usually a couple of transactions that will cost you.
Minting
To create an NFT, which is referred to as minting. Minting is usually the expensive process of creating NFT. Minting an NFT is the act of publishing your token on the blockchains.
Henceforth, minting an NFT implies transacting on the blockchains, you must pay a fee to the miners who are actively working to publish your NFT.
On the above blockchains list, the price has been mentioned individually. However, they won’t take into consideration marketplace fees, which may vary depending on the marketplace you use to create your NFT.
With all these, if you don’t have the money for it, you can disregard it.
Marketplace Fee,
By all means, the NFT marketplace needs their piece of the pie too. The compensation for marketplace services is generally obtained via marketplace fees.
Generating an NFT on any of the marketplaces nevertheless of the blockchain means you are subject to the transaction fees. Marketplaces individually select their range of fees that is 2.5% to 5%.
How To Create An NFT For Free?
Since using the polygon blockchain for free to create an NFT. You should utilize the lazy minting methods that enable you to create an NFT free of charge until your NFT sells.
Otherwise, you can use the cheaper blockchains like Solana, Tezos, avalanche, or WAX to create an NFT
Furthermore, these blockchains are not run by a single person, it’s almost used all over the world. They put their time and resources into maintaining each blockchain. Accordingly, users have to pay a fee.
After all this, there is some Ethereum NFT marketplace that offers prospects to decrease the initial cost to mint, and in some cases, eliminate these fees thoroughly.
Conclusion
It is important to comprehend all the costs of creating NFT. There are the most popular blockchains are mentioned above in the list. The Ethereum blockchains are more expensive than the others. It just all depends on your appreciation and which NFT marketplace you want to use.
