Non-fungible tokens are a subset of the Ethereum ERC-721 standard. They are used to prove ownership of unique digital assets that cannot be replaced by another one. Non-fungible tokens are tokens on the blockchain, each of which has its own unique attributes allowing them to be recognized. Each one is different! The most famous NFT at the moment is probably CryptoKitties, where users spend an average of $27 per cat on the platform. This article will talk about how much it usually costs to create an NFT.
The NFT Platform
You can create your own ERC-721 token without a middleman. But if you don’t have a lot of technical experience, it is probably easier to use a platform that will handle everything for you.
There are now several platforms that can create ERC-721 tokens for you, either from a design or a 3D model. You upload your art and they take care of the rest. The price ranges from about $50 to over $200 depending on the complexity of the art and what platform you use. Whether you use jungle nft or another platform, you’ll need to provide ERC-721 compatible wallets with ETH so that users can buy and trade your NFT. This means you’ll need to buy some ETH and deposit it in your wallet. Keep in mind that there are transaction fees when buying and selling on these platforms, but you don’t have to worry about them too much because the platform will likely take care of them for you.
Gas Costs
When you create a new NFT, the network is going to have to send out a transaction. Because of this, you need “gas” which will pay for this transaction. Gas is equivalent to gasoline in your car. If you don’t have any gas left in your tank, then your car isn’t going anywhere! Gas costs are paid in Ether, the Ethereum cryptocurrency.
The price of gas is always changing depending on how many people are using it at a time. For example, if everyone got together and tried to create an NFT at the same time (like when CryptoKitties first came out), then gas prices would go up because there was an increase in usage.
If you want to create an NFT that costs around $50-$100, then it will probably be between 5-10 cents per transaction. The more complex your art is, the more expensive the cost. If you want to create an NFT that costs around $100-$200, then it will probably be about 20-30 cents per transaction.
To put this into perspective, when CryptoKitties was first released, it cost about .3 ETH (about $53 USD) to create a kitty. It would have been less than 1 cent per transaction but there were too many people trying to make the cuddliest cats in the world at once and gas prices went up to stop everyone from making one cat!
For a little while, it was possible to make a CryptoKitty for around 1 cent again. But as more people have started using the platform and making their own NFTs, gas prices have gone up again. At this point in time, it would cost about 5 cents or so to create a kitty.
There are two great things about it costing this much to create an NFT. First, you don’t have to make a lot of money in order for the token to be worthwhile for your art. Secondly, if you do want to earn a profit from your NFT (which is probably why you created it), then there is enough wiggle room with gas prices to make your money back!
For example, creating an NFT that costs $100 would cost about 50 cents worth of gas. If you sold it for twice as much ($200) then you’d have 100 cents worth of income. The good news is that someone who bought the token probably wouldn’t notice or care how much gas was spent!
NFT Contract Costs
While it is probably less expensive to create an NFT on a platform, if you want to understand how the process works then creating your own token can be rewarding.
The price of creating your own token depends entirely on the contract that you use. There are two main types of contracts: ERC-20 and ERC-721.
Turing complete means that the contract behaves like a computer and can do anything that a computer can do. You can program Turing complete contracts in Solidity and Javascript but there is no general guideline on how to do this yet since we’re still figuring out what kinds of things we can do with NFTs. For this reason, it’s not a good idea to spend money on creating the contract since you could just be throwing your money away!
A non-Turing complete contract is simply one that doesn’t allow for Turing complete functions and therefore cannot do anything too complicated. However, there are some great (and free) NFT non-Turing complete contracts that you can use!
ERC-20 is by far the most popular type of contract at the moment. It’s used for almost all ERC-20 tokens so it should be familiar to anyone who has bought an ICO. They are simple and easy to use but not as powerful as ERC-721.
ERC-721 is the better of the two contracts for creating NFTs, but it has to be programmed specifically for that purpose which means you need some solid knowledge before you can use this contract.
The cost of these contracts will vary. If you want to create a contract for an ERC-20 token, then it’s probably going to cost around $50-$100. For the more complex ERC-721 token, it could be anywhere from $200 to $400 or even higher depending on how complicated you want your NFT!
Another important factor is how much extra data you want to put into your token. Some artists are just looking for a simple ERC-20 that functions well, while others might want to add an index of all the artworks in their collection or other interesting information to make it more interactive. This can get expensive quickly, costing anywhere from $20 to $300 or more.
The good news is that there are free and cheap NFT contracts out there if you’re willing to go out and find them!
The good news is that if you’re looking to make an NFT, then there are good and cheap options out there to get started. If you want to make a fun token with some extra data to it (like your name or little bios) then it might cost around $200-$300. If you just want something simple like an ERC-20, then it should cost much less than that!