It costs money to create money
- Before thinking of becoming millionaires selling NFT CryptoArt, find out what are the hidden costs of NFT CryptoArt, so before jumping ahead, you can make a better decisions.
- The article is based on my personal experience trying to sell digital arts as NFT CryptoArt.
- For other interesting articles like this one, check it out here NFT & Cryptocurrencies, Android, iOS, Gaming and Games, Tech, Life Tips, or more at JILAXZONE.
Here in this post, I would like to share to readers about hidden cost in NFT that nobody rarely talking about but you should know if you plan to start into NFT world.
The past few weeks perhaps you keep hearing NFT – Non-Fungible Token – and how easy that is to make money in NFT by selling digital arts which can include image, music file or anything digital. Even the CEO of Tesla and SpaceX – Elon Musk himself – sold his recording session as NFT and earned millions. Now hearing all these news for sure gets everyone – including myself – to also join the “NFT craze”, but you should know that before being able to put your digital item on sale, you have to pay for certain fees – NFT world called it as gas fee.
Now what’s this gas fee?
According to ethereum.org, gas refers to the unit that measures the amount of computational effort required to execute specific operations on the Ethereum network. Since each Ethereum transaction requires computational resources to execute, each transaction requires a fee. Gas refers to the fee required to successfully conduct a transaction on Ethereum. Read more here: Gas and Fees at Ethereum.org.
If the explanation looks complicated to you, don’t worry, let me make it simple and short for you: any transactions in Ethereum blockchain, NFT included, require a gas fee. NFT runs on Ethereum blockchain.
What happen when you try to sell your digital arts as NFT CrytoArt?
Again as explained above, digital arts here can be image, music or anything that is digital and can be uploaded into the NFT platform. So what happen when you try selling your digital arts as NFT CryptoArt is the platform will ask you to pay gas fee for the following actions:
1) Approve performing transaction. This is usually cheaper, all it takes is that it approve your selling transaction.
2) Mint token. This is usually much more expensive than the first one. Minting is the process of tokenizing your digital arts (as a contract) and creating as NFT CryptoArt.
How much cheaper and how much more expensive the gas fee needed to sell NFT CrytoArt?
As of the actual cost of gas fees varies from time to time and between transactions. It depends on how large is your token (contract), how fast you want the token (contract) to be executed and how busy is the blockchain network.
Check here the short video from Ethos explaining on the gas and its fee.
Today, where everyone is thinking of becoming millionaires by selling NFT CryptoArt, the cost of approving performing transaction (the cheaper one) is ranging about $10-$25. Where as the cost of minting token (the much more expensive one) is at minimum $100 and above. So in total, you need at minimum $110 in real dollar to sell your digital arts as NFT. Again, gas price and fee fluctuates overtime, so take $110 for your reference only.
Bring it all together
So for those thinking of becoming millionaires or buying home or buying cars by selling NFT CryptoArt, while there’s no one stopping you to do so – I do believe after reading this article, it’s you, yourself, who are stopping to do it, now you know the hidden costs of selling NFT CryptoArt. There’s no such thing as “from zero to hero” in the NFT world. It costs money to create money!
PS: Reminder and wake up call: You’ll “create” money only when you manage to sell your NFT CryptoArt.
Hope you guys don’t get it wrong. I am not against NFT, in fact I, myself, had tried to sell some digital arts as NFT CryptoArt at Rarible. I’m posting this, so that you guys are fully aware of the hidden costs in selling NFT CryptoArt, because most people are getting trapped after executing the 1st one: approve performing transaction (the cheaper one), and then stopped on the 2nd one: mint token (the much more expensive one) and never made it through, because of huge fee required.
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