If you’re new to the blockchain space, you may be curious about the cost of building your own blockchain-based assets.
We’ll discuss how much does it cost to make an NFT, specifically the cost of producing a whole NFT collection. So keep reading to learn how much it will cost to build a single asset or a whole collection of blockchain-based assets!
Before we go down, you can read this article first: How Much Does it Cost to Create an NFT? The Best Guide.
How Much Does It Cost to Make an NFT?
Last year, nonfungible tokens were all the rage as huge shops, athletes, entertainers, and artists marketed digital copies of their products using the new technology. However, recent data indicate that interest in NFTs is beginning to wane.
According to NonFungible, a company that studies the NFT industry, global NFT sales decreased 47% in the first three months of 2022 compared to the prior quarter.
According to Google search volume, “the general public appears to be losing interest in NFTs,” the group claimed in a report.
How much does it cost to make an NFT?
NFTs’ costs vary between exchanges and are influenced by a variety of variables such as project quality. On the Ethereum blockchain, building an NFT can be expensive. A typical NFT can be produced for anywhere between $.01 and $150.
However, during periods of high usage, when the Ethereum network incurs more costs, this price may rise. So, if you’re considering creating an NFT, be ready to spend a lot of money!
By the way, if you are serious about creating an NFT, you can read this article: How Much is a NFT Marketplace? The Important Things Before Building the NFT Marketplace.
Now, let’s move to the next section!
How Much Does It Cost to Create an Entire NFT Collection?
It’s difficult to build a whole NFT collection. It can be expensive, time-consuming, and extremely difficult. However, if you want to have a significant impact on the blockchain community, it will be worth it.
In general, an NFT collection is referred to as a collection of NFTs produced at random. This indicates that the sizes of collections can range from 100 to over 100,000 NFTs. Comparatively speaking, it is much more difficult to sell than some of your own NFT inventions.
The art, metadata and rarities, smart contract, and minting website are the four components that typically make up an NFT collection.
Art is a medium that can be used for a wide range of activities, both personally and professionally. You can make your own artwork using NFTs, which will also enable you to save some money.
It is affordable to hire a freelance artist on Fiverr; you can pay as little as $50 or as much as $100 for each character.
However, it will cost you an extra $12 per trait if you want several variations of your painting (for instance, various expressions on people’s faces). In conclusion, the cost of hiring an artist on Fiverr will depend on the complexity of your project and the number of variations you require.
Metadata and rarities
The crucial data that characterizes the content of an NFT is known as metadata, and it is something that needs to be handled very seriously.
It is a component of every single NFT contract, so in order for your blockchain-based assets to function effectively, it must be 100% accurate. Depending on how much NFT data you have collected, this process typically costs $150 to $500.
But with appropriate planning and preparation, metadata may significantly contribute to proper asset management and improved user experience.
Smart contracts are unquestionably a significant deal in terms of blockchain technology. All you really need for your company to benefit from the special features of the blockchain is a smart contract, which is simply just scripting that enables your NFT collection (a digital asset on the blockchain) to be minted.
For those who are unfamiliar with the term, a “smart contract” is any code-based contract between two or more parties in which each party is certain that the other will abide by the terms of the agreement.
To put it another way, it makes contract execution simple and unchangeable, so preventing future disagreements or misunderstandings.
As previously said, depending on the complexity and skill level required, hiring a person exclusively tasked with writing smart contracts can cost on average $500 per hour.
Therefore, if you’re considering integrating blockchain technology into your company, make sure you have adequate money set aside in advance!
Websites for minting tokens on blockchains are crucial in making this process easier. A website created specifically for this function will serve as a landing page for customers to buy (mint) your NFT collection. Typically, paying someone to build one of these websites costs between $500 and $1,000.
We have described the price of making an NFT collection as well as the price of making an entire NFT collection in this blog post.
We believe that this information will enable you to decide for yourself whether starting an NFT collection is the best course of action for your company. Please feel free to leave any further questions or comments in the space provided below, and we’ll respond to you as soon as we can.