How to Lower the Costs of Minting an NFT – All Current Hacks

One of the biggest concerns in the NFT industry is the climbing and astronomical gas prices at the time of minting an NFT.

This is particularly true on the Ethereum network as the Solana network has very low gas fees.

The reason for this is the Proof of Work method used on the Ethereum network which relies on high energy costs to validate the Ethereum transactions.

Although the mint cost from the NFT project will remain fixed, it is possible to lower the costs of minting an NFT by using tricks and tools to reduce the overall gas fee.

Costs of minting an NFT can be reduced by minting an NFT at weekends and during the hours of midnight and noon. Demand is lower during these time periods. This can reduce gas fees from $300 to $60 or less for a single transaction. This could represent $1,000 of gas fee saving on the minting of 4 NFTs.

Many NFT buyers are switching to the Solana network where gas fees on minting can be as low as a few dollars. This is also another way to help reduce overall mint costs.

In this article we will look at all the ways to reduce an NFT mint cost, the networks available and the obstacles you may find.

Mint During Off Peak Time to Reduce Costs

One very hack to reduce overall mint fees is to mint an NFT during off peak, and less demand times.

Gas fees are driven by demand and scarcity. The higher the demand the higher the price.

Off peak times where the network is most quiet is between midnight and noon across the US. Of course, the 3 hour time-zone shift between East and West coast may seem confusing, but these are average times, not specific.

One caveat that may be found with this approach is whether this is actually possible.

If an NFT project is particularly popular, and mint time is 19:00 EST, it may sell out in ten minutes. If this happens you may have no opportunity to wait until an off-peak time.

In these cases where you know demand is likely to be higher than supply, unfortunately you have little option but to fight it out amongst the other buyers and absorb the high gas fee as part of the NFT minting price.

If though you find yourself on the white-list of an NFT project you could find yourself with a 24-48 window before public mint starts to mint your NFT.

It can be tempting to jump straight in and buy immediately when pre-sale starts, which may also be 19:00, but if there are 10,000 NFTs on offer and only 1,000 on the whitelist with a maximum of 2 mints per person, you know they will not sell out during the pre-sale period.

This means you can wait for a few hours and make your mint after midnight.

This one small action of waiting a few hours could save you around $250 in minting fees with zero risk to you.

Mint NFTs Launching during Off Peak Periods

Although rarer, it is possible to find some NFT collections begin their mint during off peak hours in an attempt to help save their investors gas fees.

This though is a double edged sword for the NFT founders as off peak hours means less people online buying NFTs and less demand.

The founders receive no less money if their NFT minters pay high or low gas fees, so there is no incentive – other than to try and increase sales for projects without the hype to sell all on mint day – to set a mint time between midnight and noon.

If though through your due diligence the NFT project looks attractive and a return on investment looks probable, then an off-peak mint could save you up to $250 in gas fees alone.

It doesn’t take much to see how just a handful of NFT mint cot reductions could save you $1,000 or more.

Mint Solana NFTs

Ethereum gas fees are notably high, but Solana gas fees are incredibly low.

In fact, it can be cheaper by $300 minting an NFT on the Solana network rather than Ethereum network – even if the NFT has the same fixed mint cost.

So, why does everyone not move to Solana?

Well the reason is the dominance and popularity of OpenSea.

OpenSea is one of the first NFT marketplaces to hit the space, and is the place where all the most popular NFT collections such as Crypto Punks and Bored Ape Yacht Clubs are held.

OpenSea though uses the Ethereum network.

This dominance and higher number of investors continues to see NFT collections launch on OpenSea and mint in Ethereum, than launch on Solanart and mint in Solana.

There are though investors making large sums on money minting, buying and selling Solana based NFTs.

Solanart is no small company. A recent investment saw the valuation of the Solanart company surpass $1billion in 2022.

Solana is not going away soon, and the heavily reduced gas fees are slowly turning NFT investors away from OpenSea and in to Solanart in an attempt to increase margins of return.

This is because on average your NFT has to increase by up to 55% in price in order to just breakeven.

This is not only because of the gas fee you will have to pay when you mint, but also the 5% to 10% of the selling price you will give to the NFT founders when you sell.

On the Solana network your NFT only has to increase by around 10% in order for you to break even.

This is incredibly attractive to NFT buyers.

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