Often, people are confused about the process of minting NFT on polygons and how much it costs to mint an NFT on polygons blockchain.
In the simplest of terms, minting a Non-Fungible Token (NFT) on Polygon is incredibly similar to minting an ERC-721 token on Ethereum, with some minor differences.
As we know, an NFT can be an artwork, a popular post, gaming, audio, videos, and a variety of other digital assets, but none of them can be called an NFT unless they are launched on a blockchain.
The NFT marketplace helps to tokenize your digital asset on a blockchain (which can be etheruem, polygon, solana, BNB, etc.), making it immutable.
Tokenizing a digital asset requires a miner to create some blocks, and these miners are rewarded for that. So for minting your NFTs, there are some gas fees associated with it.
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What is the minting of NFTs?
Newbies are always confused about the difference between the minting of NFT and buying. These two concepts are different.
Minting an NFT is the process of uploading your digital assets, such as music, digital art, photo files, and others, to an NFT marketplace so that they can be tokenized on a blockchain.
Buying NFT, on the other hand, is the process of paying for the ownership of an NFT minted by someone else.
The process of minting an NFT is very simple. Once you have your digital asset, you then look for a popular NFT marketplace and upload your work to them just like the normal way of uploading a file from your computer to a database.
If you are minting your NFTs on the Ethereum blockchain, you may need to pay some gas fees. This gas is used to pay miners who validate or create blocks used to tokenize your work.
However, you can utilize the lazy minting method in which the gas fees are paid at the point of selling the NFT.
Note: When the NFTs are sold, either the buyer or the seller will pay for the gas. A buyer pays the gas cost if he buys the NFT at a fixed price, and the seller pays the gas cost if he accepts an offer on an NFT, like in a bid.
How Much Does it Cost to Mint an NFT on polygon?
Anyone can mint NFTs with personalized utilities and pay no gas prices by using the newly updated NFT Minter from the Polygon team.
However, the marketplaces at which these NFTs are minted collect some charges whenever these NFTs are sold. Most NFT marketplaces charge between 2.5% and 10% gas fees once you sell these NFTs, and this is subtracted from the selling price.
Note that, despite the fact that you are utilizing the Polygon network to mint your NFT, the selling price will be in ETH.
Benefit of Minting NFTs on Polygon
Because there are no gas costs associated with minting NFTs on Polygon, you can mint a large number of your pieces without being limited by gas costs. You will also have 100% profits once you sell your NFTs since you didn’t covered any gas costs.
Disadvantages of Minting NFTs on Polygon
Considering the fact that Polygon is not well known, it will be easier to sell NFTs minted on popular blockchains such as Ethereum than it will be on Polygon.
Which NFT marketplace supports Polygon Network?
Considering the cheap gas fees on the polygon network, many NFTs marketplace has adopted it for easy minting of NFTs. Popular polygon NFT marketplace are OpenSea, Refinable, NFTrade, tofuNFT, and LootEx.
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