Home Video Games Blog How Much Does It Cost to Create an NFT Collection?

How Much Does It Cost to Create an NFT Collection?

Head of PM at RetroStyle Games | Apr 12, 2024

Ask a Question

After a small decline in 2023, the world of Non-Fungible Tokens (NFTs) continues to experience a new rise in 2024, catching the attention of creators, investors, and enthusiasts. We can’t argue with the fact these unique digital assets, represented by blockchain technology, have transformed the way we perceive ownership, value, and expression in the online world during the last few years.

Nowadays, creating NFTs for everyone is something bigger than a simple element of digitalization. Good NFTs are like art.

However, the desire to create something unforgettable in the NFT world requires a paramount understanding of the costs. To be more specific, it’s about the question of how much it costs to make an NFT and how much it costs to create an NFT collection. Quickly naming the cost, it can range from as low as $0.01 but go into thousands of dollars per NFT.

Creating and trading NFTs involves various expenses, including minting fees, platform commissions, marketing costs, and legal fees. In this article, we’ll help you understand all the financial implications and teach you how to avoid unexpected financial burdens. So, let’s not waste time and delve into the complex and exciting world of NFTs!

Key Components of NFT Creation

Our team of artists has already had experience with NFT projects so we know all about the key components of NFT creation and how much does it cost to create an NFT project. Now we can share with you our knowledge about essential elements that form the NFT cost since we know from our own experience how difficult it is to find relevant information about realistic budgets for NFT projects.

Stage	Description	Cost	Time
Concept	Creation of initial sketches, designs, and concepts for the NFT artwork	400$-800$	From 2 days to 1 week
Art Production	Creation of visual assets such as illustrations, digital paintings, or photographs for the NFT collection	from 10,000$ to 15,000$	From 1 week to 5 months, and more to create 1 collection of 5-10K cards with one and the same character who will have 40-60 different traits/accessories
2D or 3D Animations	Development of animated content, either in 2D or 3D format, for use in the NFT collection	as little as $15-200 per animation	From 1 to 2-3 weeks, and more to create the required amount of animated art and cards
NFT Collection Generating	Compilation and organization of individual NFTs into a cohesive collection, often including metadata and descriptions	from 400$ to 2,000$ per collection	From 4 weeks to 3 months, and more to generate 1 collection of 5-10K cards with slightly changing a character, who has 30-50 different traits/accessories

It is important to note that we can only give a somewhat specific answer to the question of how much do NFTs cost to make. The concrete answer depends on a lot of factors such as the project’s complexity, the skill level of the creators involved, and any additional services required for marketing, platform integration, or legal compliance.

Moreover, the expenses can vary based on the geographical location of the outsourcing provider and various other factors including revisions, modifications, and communication and project management challenges. Collaborating with a trustworthy outsourcing partner capable of offering transparent pricing and effective communication is very important to effectively mitigate these challenges.

Cost of Smart Contracts in NFTs

If you don’t know what a smart contract is, it includes all the coding necessary to allow your NFT collection to be minted on the blockchain. It is difficult to say the specific cost of smart contracts in NFTs from first sight because it can vary depending on several factors. For example, various blockchain platforms have different fee structures for deploying smart contracts. Ethereum charges gas fees for every operation executed on the network, including deploying smart contracts. Other platforms like Solana or Binance Smart Chain also have their unique fee structures.

The complexity of the smart contract code can also impact the cost! More complex smart contracts that require extensive computations or storage on the blockchain incur higher fees. Based on our experience, gas fees can increase significantly during periods of high network congestion, such as when many transactions are being processed on the blockchain.

However, the average cost to hire someone to create a smart contract begins at $500 but usually is between $1,500 and $20,000. Also, you should remember that a minimum of 32000 gas is paid for a contract creation. The biggest factors are the Ethereum price, the size of the compiled contract (in bytes), and the current gas price on the Ethereum network.

Minting Platforms and Costs

Minting platforms for NFTs provide the infrastructure and tools necessary to create and tokenize digital assets on a blockchain. These platforms typically charge fees for minting NFTs. So, we can’t just overlook the importance of transaction fees and should answer the question of how much does minting an NFT cost.

Minting NFTs involves a specialized smart contract transaction, which may incur slightly higher costs compared to typical wallet-to-wallet transfers. This is because transferring tokens consumes fewer resources than storing data on the blockchain. While the cost is minimal on most newer blockchain networks, Ethereum continues to be the industry standard for NFT minting.

However, the question is still the same: What are the costs associated with minting an NFT on various blockchain networks? Sometimes minting an NFT will cost the user 0.0076 MATIC (approx $0.014) so it’s a very unstable number. However, we’ve prepared a brief list based on available for our team sources.

1
Ethereum
~0.00252 ETH, $2.9
Comment from our team: The minting gas fee on Ethereum was $500 but it gets up quickly as the market explodes.
2
Algorand
0.001 ALGO, $0.00018
3
Cardano
17-1.5 ADA, from $0.044 to $0,39
4
Tezos
1 XTZ for an entire collection, $0.82
5
Flow
0.0000000185 FLOW, (approx $0.01)
6
Polygon
200 gwei for batch minting, $0.003
Comment from our team: free with default lazy minting.

Gas Fees and Account Costs

Gas fees are executing transactions or smart contracts on a blockchain network paid in Ether (ETH) or its fraction, gwei. These fees are paid to miners or validators to process and validate transactions on the network.

There is no one specific answer to how much gas fees cost because it is usually somewhere between 0.0000001 ETH – 0.00000015 ETH (100~150 gwei). Gas fees often vary depending on factors such as network congestion, transaction complexity, and the chosen blockchain platform. Ethereum, for example, is known for its fluctuating gas fees, which can sometimes be high during periods of congestion.

Also, some blockchain networks require users to create accounts or addresses to interact with the network. These accounts may come with associated costs, such as initial setup fees or maintenance fees. Additionally, users may need to maintain a minimum balance of cryptocurrency in their accounts to cover transaction fees or participate in network activities.

So, unfortunately, we can’t say how much is gas fee costs. However, we know how to calculate it. The calculation of gas fees involves two key components: the gas limit and the gas price. The gas limit is the maximum amount of work a user estimates a validator will do for a particular transaction. The gas price, on the other hand, is the price per unit of work done. Therefore, the transaction cost is the product of the gas limit and the gas price.

Listing Fee

Listing fees are charges imposed by NFT marketplaces for showcasing NFTs for sale or auction. These fees vary depending on the specific platform and its pricing model. Answering the question, of how much does it cost to list an NFT, this fee usually varies from 1% to 5% of the sale price.

Also, listing fees can be fixed or variable and may be charged upfront, upon sale, or through subscription models.

1
Fixed Listing Fees
Some platforms charge a fixed fee for each NFT listing, regardless of the listing's price or duration. This fee is usually paid by the seller upfront when uploading the NFT to the marketplace.
2
Variable Listing Fees
Other platforms may employ a variable fee structure based on factors such as the listing's price, duration, or visibility on the marketplace. For example, higher-priced listings or featured placements incur higher fees.
3
Subscription Models
Some platforms offer subscription-based pricing models where sellers pay a recurring fee for access to premium features, increased visibility, or reduced transaction fees.

Marketing and Promotion Costs

Work on NFT projects isn’t limited by concept art or 2D/3D animation creation. Marketing and promotion costs are very important NFT process basic components for creators and sellers who want to increase the visibility and exposure of their NFTs. In this case, paid advertising and social media strategies are effective ways to reach target audiences.

Paid advertising involves investing money in promotional campaigns to reach a wider audience. This includes various channels such as search engine advertising (Google Ads), social media advertising (Facebook Ads, Instagram Ads, Twitter Ads), display advertising, and influencer marketing partnerships. In return, building an online presence through social media strategies involves creating and sharing content on social media platforms to engage with followers and attract potential buyers.

So, based on this information, we can say that NFT marketing costs usually vary from $1,000 to $20,000.

How Much does an NFT Painting Cost?

Determining the price of an NFT design services involves several factors, making it a complex process:

1
Quality and Artist Reputation
Just like in traditional art, the quality and reputation of the artist greatly influence the price of an NFT painting. Artists with a higher reputation or those known for exceptional quality often demand higher prices. However, assessing quality can be subjective, and what is considered high-quality to one collector might not be the same for another.
2
Complexity and Uniqueness
The complexity and uniqueness of the NFT painting play a crucial role in its pricing. More intricate and original works typically command higher prices. This is because they offer something unique or innovative that can’t be found elsewhere.
3
Market Demand and Scarcity
The digital art market’s dynamics, including demand and scarcity of particular works, significantly affect NFT pricing. Limited edition works or those from highly sought-after collections can see their prices increase due to high demand and limited supply.
4
Revision and Rarity
If an NFT painting has undergone several revisions or iterations, it might increase in value, especially if these changes enhance its uniqueness or appeal. Similarly, the rarity of the piece – whether it’s a one-of-a-kind or part of a limited series – can also affect its cost.
5
Blockchain and Transaction Costs
The blockchain platform used and the associated transaction costs can influence the final price of an NFT painting. Some platforms might have higher transaction fees, which can add to the cost, particularly for high-value transactions.

Understanding these factors is crucial for anyone interested in purchasing NFT artwork, as they significantly contribute to the final cost of an NFT painting.

Platform-Specific Costs and Features

To calculate platform-specific costs and features for NFTs, we should choose a specific marketplace or platform.

Most NFT marketplaces charge platform fees, which can be in the form of listing fees, transaction fees, or commission fees on sales so it’s individual for everyone. These fees vary widely between platforms and may impact the profitability of NFT transactions.

The percentages that different platforms charge are also different, generally ranging from 2.5% on platforms like OpenSea to 15% on curated marketplaces like SuperRare and Foundation.

Pavel Konstantinov

However, we want to provide you with the most specific information so we'll take a look at some of the most popular NFT creation platforms.

NFT Creation Platforms

NFT creation platforms are online tools or services that facilitate the creation, minting, and management of non-fungible tokens. These platforms offer a range of features and tools to help artists, creators, and collectors bring their digital assets to the blockchain. Specially for you, we’ve prepared a table of comparison between some of the best NFT creation platforms in 2024:

Marketplace	No. of NFTs	Types of NFTs	Cryptocurrencies	Blockchain
Opensea	80m+	Art, Music	150+	Ethereum, Polygon, Solana
Rarible	300,000+	Art	ETH, XTZ, FLOW, MATIC	Ethereum, Solana, Tezos, Flow, ImmutableX, Polygon
Coinbase NFT	100,000+	Art	ETH	Ethereum
SuperRare	39,000+	Art, music, photography	ETH	Ethereum
Mintable	1.3m	Art, Music, Domains, Collectibles	ETH	Ethereum

Overview of Popular Platforms

1
OpenSea
OpenSea is one of the largest NFT marketplaces and creation platforms, offering users the ability to mint, buy, sell, and trade a wide variety of digital assets. It supports multiple blockchain networks, including Ethereum and Polygon, and provides tools for creating and customizing NFT collections.
2
Rarible
Rarible is a decentralized NFT marketplace and creation platform that allows users to mint and sell their NFTs. It offers customizable smart contracts, royalty options for creators, and integration with various blockchain networks.
3
Mintable
Mintable is a user-friendly NFT platform that allows artists to mint and sell their digital artworks as NFTs. Creators can upload their artwork, customize edition sizes, and set prices for their NFTs. Mintable also offers features such as credit card payments and drops to attract collectors.

Is it Possible to Create NFTs for Free?

A lot of people ask us: does it cost money to make an NFT? And as you can understand now, it’s very expensive. However, maybe there is a small secret that allows artists to create NFTs for free?…

…Yes, it is possible to create NFTs for free on some platforms! You are surprised, right? We want to share with you TOP-3 ways to mint NFTs without incurring upfront costs:

NFT Marketplaces with Free Minting

Some NFT marketplaces offer free minting services to users. Platforms like Mintable, Hic et Nunc, and Tezos Domains allow creators to mint NFTs without paying any fees upfront. Instead, these platforms may generate revenue through transaction fees or commissions on sales.

Blockchain Networks with Low Fees

Certain blockchain networks, such as Binance Smart Chain or Flow, have lower transaction fees compared to Ethereum. By minting NFTs on these networks, creators can reduce the costs associated with minting and transferring NFTs.

Community-Led Initiatives

Some community-led initiatives or projects offer free NFT minting opportunities to creators. These initiatives are supported by sponsors, grants, or donations and aim to promote accessibility and inclusivity in the NFT space.

Hidden Expenses in NFT Collection Creation

While creating an NFT collection is an exciting venture, creators need to be aware of potential hidden expenses that often arise throughout the process. Deeping in our experience while working on NFT projects, there are 3 hidden expenses to consider:

1
Legal Fees
Legal fees for copyright registration, licensing agreements, or dispute resolution are very significant and should be budgeted accordingly.
2
Smart Contract Audits
For projects involving custom smart contracts, conducting security audits by third-party experts is recommended to identify vulnerabilities and ensure the integrity of the code. Smart contract audits can be costly but are essential for protecting against potential security risks.

As you can see, there are a lot of hidden rocks in the world of NFT. Sometimes you may spend just 1,000$ to create an amazing NFT collection, but sometimes there are NFT collections for more than 100,000$. However, we’re ready to help you in all the stages of NFT collection creation and bring your NFT ideas to the world!

Key Components of NFT Creation

Cost of Smart Contracts in NFTs

Minting Platforms and Costs

Ethereum

Algorand

Cardano

Tezos

Flow

Polygon

Gas Fees and Account Costs

Listing Fee

Fixed Listing Fees

Variable Listing Fees

Subscription Models

Marketing and Promotion Costs

How Much does an NFT Painting Cost?

Quality and Artist Reputation

Complexity and Uniqueness

Market Demand and Scarcity

Revision and Rarity

Blockchain and Transaction Costs

Platform-Specific Costs and Features

NFT Creation Platforms

Overview of Popular Platforms

OpenSea

Rarible

Mintable

Is it Possible to Create NFTs for Free?

Hidden Expenses in NFT Collection Creation

Legal Fees

Smart Contract Audits