Minting an NFT is sometimes expensive. There are gas fees and hidden selling thresholds that could take the lion’s share of your hard-earned money. On the other hand, there are ways to create non-fungible tokens that don’t cost tons of money or tie up any of your earnings with gas fees. So, what are the cheapest ways to mint an NFT?
Minting non-fungible tokens is a great way to reward fans or possibly build wealth. Unfortunately, the world of NFTs can be daunting even for those who are experienced in the trade. However, if you are new, there will be a few learning curves and maybe some homework to do before listing on the marketplace. So, read on and learn the cheapest ways to mint an NFT!
How to Cheaply Mint an NFT
Lazy minting is the name given to those NFTs that are created without any gas fees or when gas fees are deferred to the buyer at the time of purchase.
Coin Market Cap has an amazingly easy-to-understand definition of gas fees, “Gas fees are the transaction fees that users pay to miners on a blockchain protocol to have their transaction included in the block. The system works on a standard supply and demand mechanism. If there is more demand for transactions, miners can choose to include the transactions that pay more, compelling users to pay more to have their transactions processed quickly and efficiently.”
Of course, there are transaction fees that can be added by the many platforms NFTs are sold on. Transaction fees can be added each time you make or sell one, which can add up to tons of extra cash if you don’t time your release and design correctly.
The most effective ways to cheaply mint an NFT are:
- Lazy Minting – Lazy minting is the term used for those NFTs who aren’t gassed through the process. Lazy minting takes a bit longer, but some favor it because it doesn’t have a negative impact on the environment like gassed-up tokens do. Just because they are slower doesn’t mean that they can’t be big earners! Rarible has released an ultra cool way to market your NFTs on their platform prior to minting your NFT. The NFT gets minted at the time of purchase and the buyer pays for the whole process.
- Submission Times – Knowing when to submit the NFT to save on gas fees is an art form. Some days work better than others, and the gas fees will be much less whenever there are fewer people on the platform of your choice. Pay close attention to the Ethereum pay scales as these give a key to which days work best.
- Fee Dodging – There are times in the day that are better for dodging the transaction fees from Ethereum. These times will take some work to find, but once you have a rhythm, you can save tons of money by just being patient with your releases. Keep an eye on the market for a sound strategy on dodging fees.
It goes without saying that issuing different NFTs can require different strategies for minting. Saving money should always be part of the equation, and if you are working with a tight budget, all three of these could be the process you need. Once you find a system that works, you can better estimate how much to expect with each build.
To even educate yourself further on gas fees and to look at some real-life examples you will want to check out:
Find an App that Allows Lazy Minting
Some of the NFT creation and sales apps might not allow you to create without paying a fee. Others hide the upfront cost until your tokens become profitable, then they swoop in and take a nice fat bite out of your profits. So be careful when choosing a platform, and don’t just choose the first one you try.
Some reasons to find an app that allows lazy minting are:
- Price – The last thing you want to do when working hard on a unique token for your fans or patrons is to drop loads of money on an NFT. Lazy minting allows your non-fungible treat to mature to the sales level by using greener methods of production. Thus less harmful gas fees for you and the environment.
- The People – Another hidden benefit of using a free minting company is having message boards. These message boards can be fantastic research and teach teams how to create different NFTs or tackle problems with the platform. If you have a question the people on the message boards will have your back and get you back to minting.
- Freedom – The best thing that NFT creation applications offer lazy minting do is provide tons of creative freedom for the creators. This means that teams can take all the time and effort they need to push their token to market. In addition, freedom to add any type of file type or media gives creators the room to make a token they are proud of.
There are times when you need to strike while the iron is hot and get your NFT out while the prices are high. That cannot be done with lazy minting. It takes time for the token to mature, and if you want results fast, you can expect to pay for them. Also, remember that there are tons of apps for NFTs. Try several before choosing your platform.
If you want to learn how to Lazy Mint on the Rarible platform this article will help.
Learning When to Submit Your NFT Will Save Money
Another cheap way to mint an NFT is to search the fee scale. There are certain parts of the day that allow you to save money just by sitting on your design for a short time. The market floods with NFTs every hour, but some hours don’t see as much traffic. These times are another great way to save money during the process.
Some times to submit your NFTs to avoid high gas fees are:
- Friday – One of the least used days for gas fees is Friday. Creators often release their works earlier in the week to catch investors and collectors at work. Unfortunately, miners also tend to shy away from working on the weekends. So keep Friday in your mind as the day to release your token. It is, across the board, the least used day of the week.
- Sunday – Sunday is a slow day for most industries. However, if you are looking to release your token with fewer fees, Sunday could be the day for you. Since there are fewer miners and fewer publishers, you can get a deal on costs.
- Tuesday – The best day during the week to get your NFT on the marketplace is Tuesday. People usually spend Tuesday getting back in the weekly groove, and the lack of movement on the gas market shows.
Cheap fees can come from being patient and watching the trends. There are a few different days of the week that have less traffic on the marketplace. Choose these days to save a bit of change while trying to mint. Or check out the gas fee grid we posted in this article here.
Software Changes can Mean Fewer Gas Fees
Changing the application’s software settings is another excellent way to save money on gas fees when minting. Changing the application’s software settings is another. Apps often come with standard settings that will run smoother on different machines. This generic setting could give you a flat fee for gas shows, but there are ways to adjust the setting.
The process for changing the software is:
- Wallet Settings – The first thing you need to do is go into the settings on your wallet. Starting here, before NFT creation, means that you have a standard set for how much gas you are willing to allow for each transaction. Be warned; miners don’t often pick up low gas fee transactions.
- Use the Advanced Tab – Once you are in the settings menu, click on Advanced. In these settings, you can click on gas controls and move the marker customized transaction to on.
Now that you have the settings clicked, you can get into the NFT creation process. Go through the normal hoop-jumping of creation but be on the lookout for another pop-up window that will address your new fees.
- Edit Gas Fees – In the menu that appears, you should be able to edit your gas settings for the transaction. This only applies to the NFT you are presently working on. Each new creation will require going back through the process. Set the gas fees low with hopes that miners will pick them up.
- Pick your Speed – Platforms could use a different term, but there is always a speed that you want your NFT to mature. Fast settings will open the gas floodgates, and going with the slowest setting will save you money.
It is critically important to get to know your software. The process will become quicker over time, but you should go through and learn how to remove and set gas fees with every project until you find a compensation scale that works best for you or your team.
Best Apps for Publishing NFTs with No Gas Fees
There are some great apps out there for publishing NFTs. The freedom of the crypto market is not lost on them, with each app having its way of publishing. Remember that minting takes time while going the free route. Find ways to save money during the process in case your time is right to mint your token.
OpenSea is the Godfather of Minting NFTs
When it comes to minting an NFT without gas fees, OpenSea is the innovator in the industry. They have an open platform that allows people to build and list their NFTs. Saving money on gas fees occurs due to the built-in sales process. The gwei, or unit of gas added, is so tiny that it compounds with sales and overrides any gas fees.
Some benefits of using OpenSea are:
- Secure Login – Knowing that your information is protected when you log in to the site is essential. OpenSea has one of the most secure platforms around. They work with IT to develop a secure system from outside attacks while being easy enough for most computer operators.
- No Coding – There could be a bit of coding needed to mint the token with other platforms. With OpenSea, there is no coding, and the user interface is friendly enough that anyone can jump in and make an NFT.
- Corporate Backing – OpenSea is so dependable that they have investments from large corporations, unheard of in the crypto market. The backing is substantial because it shows the token will have longevity and not lose value; in short, the gas fees will be much less.
OpenSea is the innovator in minting NFT with no additional fees. Their no gas minting process has made them the top dog in NFTs, and there is no end to their reign in sight. Choosing them gives you a fast and reliable service that has billions of dollars in sales to back it up.
Like I Said Rarible is Another Great Place to Lazy Mint
When it comes to being a number two, Rarible has it down to a science. They have an out-of-this-world interface that gives the creators all the space o make something substantial for the market. They also have a few tricks up their sleeve that they made by listening to their users.
A few of the reasons that Rarible could be the platform for you are:
- Feedback – The users at Rarible are some of the most vocal in the world of crypto. They have a message board section that allows some users from the platform to interact with the designers and engineers who make the site work. It improves customer functionality and satisfaction.
- User Amount – If OpenSea isn’t for you, going to the next largest competitor is the way to go. The people who make the site work with their opinions are also part of the large crowd, making the NFT site so profitable.
The thing about Rarible that people enjoy is what makes it so great. The platform is responsive and can lazy mint with the best of them. There are several reasons to choose Rarible, but it’s easiest to take it for a drive and find out yourself. Remember that creating could take a team, and knowing your software could be a massive part of that collaboration.
I even have a few pieces listed on Rarible here.
Conclusion
Minting an NFT the cheap way is much easier than you would think. There are tons of apps and sites out there that allow you to skirt high gas fees. Getting around these gas fees could take a few adjustments to the application settings or just picking times that there aren’t any users submitting their tokens.
But I should say just because you can mint an NFT doesn’t mean you’re to sell it. That’s why we created this awesome article to help you get sales:
The platforms for minting an NFT are going to be some innovative and fun to use tech. They have prominent places to create your token while also having a thriving marketplace that allows you to buy and sell as you see fit.
Not sure where NFTs are going? Well, I know they are heading in the right direction which this article sums up: 10 Reasons Why NFTs Will Change the World. To the moon!