One of the biggest barriers for people entering the NFT market is the cost of minting an NFT. Not only do you have the minting cost itself to consider, but every mint carries the additional expense of the gas network fee. At times, the gas fee can rival the cost of the NFT—a surprising reality that depends on both the blockchain network and timing. Strategic minting during off-peak hours can slash gas fees by up to 70%.
The total cost to mint an NFT combines the pre-sale/public sale price and the network gas fee. On average, this ranges between 0.07 ETH to 0.12 ETH but can vary significantly. For context, minting on Solana typically costs far less due to its lower gas fees.
This guide explores:
- Average NFT minting costs
- Strategies to avoid high fees
- Ethereum’s future plans to reduce gas fees
Average Costs of Minting an NFT
Minting an NFT involves two primary expenses:
1. NFT Mint Cost (Fixed Price)
The NFT’s base price is set by the creator or project. To gauge averages, we analyzed 18 recent Ethereum NFT launches:
| NFT Collection | Mint Cost (ETH) |
|---|---|
| Living Dead Pixel Society | 0.06 |
| World of LGBT | 0.039 |
| Real Apes Club | 0.22 |
| Meta Penguin Island | 0.24 |
Excluding outliers, the average NFT mint price is 0.085 ETH (~$249.67).
2. Gas Fees (Variable Cost)
Gas fees fluctuate wildly based on network demand. Key observations:
- Peak times (e.g., popular NFT drops): $300–$400
- Off-peak times: As low as $60
- 3-month average: $116.31
👉 Discover how to track real-time gas fees
Total Average Minting Cost:
- **$365.98** ($249.67 mint + $116.31 gas)
Ethereum vs. Solana Minting Costs
Ethereum
- Pros: Dominant network (e.g., OpenSea).
- Cons: High gas fees ($100+ on average).
Solana
- Pros: Gas fees under $10; growing via Solanart.
- Cons: Less established than Ethereum.
Tip: Solana’s affordability makes it ideal for budget-conscious creators.
Future of NFT Minting Costs: Ethereum 2.0
Ethereum’s upgrade to Proof of Stake (PoS) aims to:
- Reduce energy consumption by ~99%.
- Potentially lower gas fees (though impacts remain speculative).
Expected Launch: Late 2022–2023.
FAQs
1. How can I reduce NFT minting costs?
- Mint during off-peak hours (12 AM–12 PM UTC).
- Use Solana for lower fees.
2. Why are Ethereum gas fees so high?
High demand + Proof of Work (PoW) validation strains the network.
3. Will Ethereum 2.0 eliminate gas fees?
No, but it may reduce them significantly.
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Conclusion
The average cost to mint an NFT on Ethereum is ~$366, with gas fees being the volatile factor. Solana offers a cheaper alternative, while Ethereum 2.0 could reshape fee structures long-term. Stay updated on network upgrades to optimize your minting strategy.
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