Minting on a budget
On your journey to sell your NFT, creating your art or something else you are good at is the first step. What we will discuss here is your next step and that is MINTING, more accurately the cheapest way to mint your NFT.
What is MINTING?
This term is borrowed from real-world collectibles, where minting represents the process of preserving collectible items. With cards it is putting them in sleeves, similar to comic books or stamps, larger items are put in cases. With all those the idea is the same, preserving the value since the point with most collectibles is that you will need to keep that item for a long time.
When we talk about Mingint NFT, we talk about the process of creating NFT from your artwork.
Right now there are a lot of options regarding which blockchain to use for your NFT, but here we will mostly talk about NFTs on the Ethereum blockchain since it is most compatible with the biggest marketplaces.
With the current price of Ethereum and high traffic on its network, writing anything on the Ethereum blockchain can be really expensive. The reality is that if you don’t already have some following or you are not an extraordinary artist, selling your NFT art is not quite a sure thing. You really don’t want to invest several hundreds of dollars just to try it out and try your luck selling it against hundreds if not thousands of other artists all aboard the NFT hype train. For that reason, we will give you some options on how to save some money or even put your NFT on auction totally free.
On-chain VS Off-chain Minting
The NFT you create is stored on a blockchain, but the metadata for it doesn’t have to be. For example, the picture you minted on your NFT can be on the blockchain, but that alone can be very expensive, the more data you store on a blockchain the more expensive it gets. The alternative is to store your picture somewhere else and to only have the URL to your picture in your NFT. The downside of off-chain data is that it may not be as secure or as permanent, any storage or hosting site can shut down and your data is lost. On the other side, on-chain data like NFT itself is pretty much permanent. So here we will have our first cost-saving step by having our data be off-chain, at the moment for a simple art it is not as important and the amount of money you will save for your entry in NFT is huge.
Minting after the sale
If you are making your NFT on some popular marketplaces you will have an option to mint your NFT after the sale. You have all the same options you do when you mint your NFT normally but you will not have to pay until you sell your art and that is really helpful for people that are just starting since you don’t want to spend $100 plus on your first NFT not knowing what are the chances of it actually selling.
If you choose to sell your NFT on OpenSee, one of the biggest and most visited NFT marketplace, you will have an option to choose to pay for minting only after sale. You can create NFT for free but once you try to sell it you will have to pay some one-time fees to confirm your account, but even that can cost you hundreds of dollars. OpenSee has many advantages by being one of the biggest marketplaces, being decentralized, and having a lot of traffic, but if you really want to create and sell your NFT the cheapest possible way you will need to go to another marketplace.
Zero dollars upfront
If you want to sell your NFT without paying anything in advance, Mintable is for you. On this market, you can make your NFT and put it up for sale without paying anything in advance. You will still need to pay fees to the market and gas fees for minting NFT onto blockchain but all that will be taken from your sale. This is the easiest and cheapest way to try to sell your art, and it allows you to skip that great pay-to-enter barrier that currently surrounds NFT. This method does have downsides compared to standard Minting but you will have to weigh it yourself and see if the cost saving is worth it. In the end, I encourage you to at least try this totally free method and put your own artwork NFT for sale even if you are like me and it’s no more than a doodle.