How Much Does it Cost to Mint an NFT – True Cost of Minting

One of the biggest barriers for people entering the NFT market is the cost of minting an NFT.

Not only do you have the minting cost to consider itself, but every mint carries with the cost of the gas network fee.

At times the gas network fee can be as much as the cost of the NFT itself, which is crazy.

This though is dependent on not only the network but also the time of day. In some cases, 70% of gas fee can be saved by aligning with the quieter hours of the world clock.

The minting of an NFT is equal to the pre or public sale price plus network gas fee. On average the cost ranges between 0.07 ETH to 0.12 ETH but can cost less or more. It generally costs considerably less to mint an NFT on the Solana network due to significantly reduced gas fees.

In this article we will not only look at how much it costs to mint an NFT but also how to avoid paying very high fees and future plans on the Ethereum network to reduce mint gas fees altogether.

Average Costs of Minting an NFT

When minting an NFT there are two specific costs to look at.

Average NFT Cost in Ethereum

The first is the price of the NFT itself. This is set as a fixed amount by the person, artist, business or project selling the NFTs.

To calculate an average, we need to look at a sample range of NFTs with which to base our sample.

Here are all the NFT releases yesterday in Ethereum, which will help come to an average:

NFT CollectionMint Cost
Living Dead Pixel Society0.06 ETH
World of LGBT0.039 ETH
House of Queens0.07 ETH
Cryptorapperz0.039 ETH
Real Apes Club0.22 ETH
Rich Shiba Guild0.15 ETH
Shibelon0.05 ETH
Chillin’ Ape Surf Club0.05 ETH
Haze Monkey Society0.08 ETH
Evil Rabbits0.10 ETH
Meta Penguin Island0.24 ETH
Metaverse Kings0.1 ETH
Dark Clouds0.06 ETH
Rich Ape Car Club0.15 ETH
Scribble Apes0.06 ETH
Trendy Twittahs0.07 ETH
Disappointed Fans0.046 ETH
Top Manager0.06 ETH

Based on this range of 18 NFTs, excluding the lowest price NFT and the highest price NFT (to account for large fluctuations or anomaly prices), the average NFT price is 0.085 ETH.

This average NFT price of 0.085 ETH is roughly equal to $249.67 based on today’s Ethereum price.

Average Gas Fee Cost

Gas fee costs are even more difficult to average out.

The price for gas fluctuates wildly. When minting an NFT it is possible to see the Ethereum gas price change from $170 to $90, and back up to $130 in less than a minute.

Peak times, particularly around popular NFT launches, bring demand from thousands wanting to mint. This demand increases price.

This price hike can see the cost of minting an NFT up to $300-$400!

During off peak times it’s possible to see the price of gas to mint as low as $60.

It’s an incredible price shift and driven by demand and the Ethereum price.

In the past three months, the average gas fees are as follows:

  • Month 1 = $94.36
  • Month 2 = $145.54
  • Month 3 = $109.03

(Note: the data for this analysis was provided by YCharts as is based on an average of a 86 day period across all three month)

Across a three-month analysis period the average gas price is $116.31.

During this analysis the day with the daily highest average gas price is $218.55 and the daily lowest average gas price is $58.59.

Average Cost to Mint an NFT

The average cost to mint an NFT is $365.98. This includes an average price of $249.67 to mint the NFT and an average price of $116.31 for gas fees. Mint fees are often fixed but the gas fees can be reduced by minting during off-peak and less demand periods between midnight and noon.

Ethereum Minting Cost vs Solana Minting Cost

So far, the minting costs seen are based on the Ethereum network.

These are considered the highest network fees around. There is an alternative. 

Solana is another network gaining in popularity when it comes to the NFT world of minting, and the benefit Solana offers are heavily reduced gas fees.

We saw on the Ethereum network that the average gas price to mint an NFT across a three-month period is $116.31 – this can though be as much as $300+ during very busy peak periods when demand is incredibly high and when there’s scarcity.

Like everything in the economic world, the moment demand is met with scarcity it naturally creates an increase in price of the commodity on offer. In this case gas.

Solana though is very different.

It’s possible to mint an NFT on the Solana network for just a few dollars.

Solana is gaining in popularity through the Solanart marketplace, which has seen a recent investment and valuation of $1.3billion, but it still has a mountain to climb to take on the might and popularity of OpenSea on the Ethereum network.

As more and more NFT buyers look to shift to Solana, we could see Solana take a real hold on the market during 2022 and 2023 and take market share away from the mighty OpenSea.

Future of NFT Minting Costs

If things continued as they are, there would be no doubt that in the next 18-24 months Solana, and maybe other cryptocurrencies, would start to become the dominant crypto network in the NFT minting and selling space.

There is a very large change happening with the Ethereum network, called Ethereum 2.0, which is set to change the NFT minting industry dramatically.

Ethereum 2.0

Ethereum 2.0 (or ETH2 as it is abbreviated to) is a long awaited major upgrade to the Ethereum network.

Many news and media reports you will have seen around cryptocurrency mining has environmental issues due to the large amounts of energy and electricity used to validate transactions on the blockchain, and keep the Ethereum network secure.

Also, mining has started to become outlawed in various countries, if this trend continues then further scarcity will hit the market which could increase gas and mint prices further.

One of the goals of Ethereum 2.0 is to eliminate the need for environmentally bad miners burning copious amounts of electricity to validate transactions (i.e. mints) and use more environmentally friendly options.

Ethereum 2.0 is moving from a Proof of Work concept to a Proof of Stake concept.

Proof of Work refers to the need for miners to use energy to validate transactions

Proof of Stake refers to the need for Ethereum stakeholders to validate transactions by staking their Ethereum and earning the fees instead.

We are unclear as of yet what reaction and change to the market will have on ‘gas’ fees on the Ethereum market.

Some believe it will lower fees, others believe they will stay the same but will simply be passed to the stakeholders rather than miners.

In Conclusion – Cost to Mint and NFT

The average cost to mint an NFT is $365.98, which includes both mint cost as well as gas fee on the Ethereum network.

Costs can be reduced by minting during off peak hours (if demand for the project allows) or move to minting NFTs on the Solana network where gas fees are considerably lower.

Ethereum 2.0 may reduce gas fees during 2022 and 2023 as it moves from a Proof of Work to a Proof of Stake concept, which will have a positive effect on the strains of the environment as a result of minting an cryptocurrency trading, but the long term effects to the gas price will not be realised until after its launch planned for Summer or Autumn 2022.

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