How Much Does it cost to make an NFT? Before we start building, let’s explain the basics … What is NFT?
The acronym NFT stands for “Non-Fungible Token”, and you tell me … what is that? What are fungible and non-fungible assets?
A fungible asset is something that consists of units, which can be easily exchanged, and valued based on number or weight, such as fiat money or cryptocurrencies, for example, you have € 10. Can be exchanged for 2 € 5 bills.
And… an invaluable asset, by contrast, means that it cannot be exchanged so easily, because it has unique features, such as a house or painting.
Well, once we know what a non-fingerprint asset is, we’re going to explain:
NFT is a non-fungible token, a unique digital asset on a blockchain network.
What are NFTs used for?
Once we know what they are, the question arises as to what they are for, or what their job is …
NFTs are developed with blockchain technology, are tokenized assets that are authenticated and a series of metadata combine author identity, starting price, purchase price, and all transactions.
The transparency that characterizes the blockchain world is very useful when it comes to ownership verification.
In general, the world of NFTs has become a new collector, with NFT buyers acquiring property, but not copyright.
In addition, they are offering more benefits than the simple fact of owning a property. To this day, the thing that moved NFT the most was the person behind it, but gradually it added additional utilities, such as tickets, subscription services, and so on.
* A very common comment is: “NFTs don’t make sense, I can take a picture of Mona Lisa’s painting and keep it” to say that it is illegal and cause you trouble. Will face it, as I have already commented. Copyright does not replace NFTs, and I believe there will be an AI that tracks copyrights and automates all copyrights through NFTs.
But… let’s create an NFT
The first step is to choose the marketplace where they are for sale, whether it is Solanart, Solana Network Marketplace, or Binance NFT on Binance Network.
But without a doubt, the most frequent marketplace is OpenSea, so we’re going to learn how to sell it there.
The second step is to add one of my Metamask wallets or Coinbase wallet or optional wallet, I always use Metamask.
The third step is to create a collection where we will host our NFTs, for this, we will go to «My Collection اور and from there we will sort the logo, cover, name, description, feature image … Sorting is important since future sales% of the royalty will depend on what is set up in the collection to which they belong, so we should pay attention to that.
The fourth step is to create NFTs. We go to the tab at the top where it says “CREATE” and there we will upload the NFT image, we will enter the name, description, and attributes, and choose the network where it will host. Will be done We also choose where to make it and Creation
Isn’t it easy? How Much Does it cost to make an NFT
Let’s go with the skepticism … How much does it cost to make it in OpenC?
We’ve already seen how it doesn’t cost anything to make NFT, because we didn’t move the blockchain network, for example, to offer it for sale.
We have two options:
On the one hand, the Ethereum network, as we all know, gas fees are quite expensive, and when we want to keep our NFT for sale, we have to pay it, and the buyer has to pay. ۔ This is to buy NFT. Real gas crazes have been observed, so this is not a very economical option.
As an alternative to the Ethereum network, the Polygon network was born, allowing NFTs to be sold for free or almost for free.
Although like any free alternative, it has its own drawbacks, in this case, it does not allow an auction, which will be rectified as soon as possible.
NFTs are a very useful and innovative thing, and although their utility today is very limited, they could represent a great opportunity for many artists in the future.
We’ve already seen that NFT is relatively easy to make, so what are you waiting for?
I hope you enjoyed the post and if you want more style let me know on social networks, Happy Holidays!