How Much Does It Cost to Sell NFTs?
What are the fees when selling NFTs?
There are a few costs and fees to keep in mind when selling an NFT and deciding on its price. Since you probably want to make a profit after the sale, you’ll want to make sure your costs are covered in the price. These costs include:
How do I determine the cost of my NFT?
The cost of your NFT will depend on a lot of factors, like the art, community, utility, and on the blockchain you decide to mint and sell on. For example, Ethereum is currently the most expensive blockchains when it comes to network transaction fees, but it is also home to the most valuable NFTs on the market. That means that transaction fees could be a significant upfront cost even before the sale goes through.
If you’re creating your own NFT, then you will have to pay an initial transaction fee to create the tokens. Once the token is minted and put up for sale on an NFT marketplace, you will have to pay a commission once sold. Additionally, if you promised any charitable donation, then you will need to remove that cost as well.
However, don’t set your price too high, as that could defer buyers as well. Look at other similar NFTs and what they are selling for to get an idea of what price point buyers are looking at.
Which blockchain should I sell on?
Ethereum is one of the largest blockchains currently available and currently has the most users and volume. However, it’s also one of the most expensive when it comes to transaction costs. This makes it a difficult environment for those not wanting to spend a lot of money upfront.
They all have similar functionality to the Ethereum blockchain, however, their user bases will be a little bit smaller.