Do you know what Batman, Deadpool, & Micheal Jordan have in common?
No, we aren’t talking about their savage nature. Instead, it’s the launch of their NTFs or Non-Fungible Tokens.
NFTs are the rage right now! The endless opportunities this industry presents have gained the mainstream attention of several investors, analysts, and celebrities. With the possibility of turning teenagers into millionaires, this industry is about selling your unique digital art at the best possible prices.
However, the opportunity comes with a cost, commonly known as ‘high gas prices.’ While today we have more cost-effective platforms and developed more efficient ways for minting these NFTs, the general notion around gas fees continues to be similar; it’s expensive.
So to help you save these high costs, this blog explores the possibilities of free or cost-effective NFT selling. Continue reading as we explore the different steps involved in selling your NFT collection for free or minimum gas fees.
Costs Associated With Selling NFT Collections
Before you’re all set to sell NFTs for free, it’s essential to understand the price correlation with your sales. In general, when creators sell their NFTs, they should expect to spend some money to complete the transaction.
Most NFTs are developed over the Ethereum Blockchain and rely on the same program for validating transactions. Therefore, creating and selling NFTs involves money as gas or transaction fees.
However, the amount of money that will be charged to your collection is Ethereum ‘gas fees.’ Interestingly, it also depends on the time of the day and the platform where you sell your collection.
Here’s an overview of the general fees associated with NFT collections:
- Average of $70 to mint an NFT
- $15 to list your digital art
- $50 to begin the auction of your NFT
Besides, if at some point you want to abandon the sale of your NFTs, you’ll be charged some money for destroying the digital asset.
Therefore, selling NFTs for free is nearly ‘impossible.’
But, while you cannot avoid the gas fees per transaction, there are ways you could minimize them in different ways. Here’s an insight into some of them:
- Wait for the gas fees to go down and complete the transaction while it’s at its lowest. However, maintain a time frame (an hour maximum) for examining the gas prices as there are chances the price might go higher in the next hour.
- The Ethereum gas fee is unique for different platforms. So take some time to explore the different options before selling your NFT over anyone.
- Some platforms save you the costs of bearing a gas fee by charging it directly to the buyers. Try looking for such unique platforms, as they allow you to sell your NFT collection at almost no extra cost.
While choosing a low-cost NFT platform might sound easy, it’s not. Adding to it, the introduction of new platforms every other day makes it almost impossible for beginner NFT creators to assess the value of their collections. So we’ve come up with pocket-friendly exchanges to list and sell your collection.
Top Platforms That Allow You To Sell NFT Collections Almost Free
Rarible
Kicking off our list of affordable platforms to sell your NFT collection is Rarible, one of the most reliable exchanges to sell your collection. Interestingly, while this platform doesn’t allow you to sell your collection for free, it doesn’t cost you any money.
Rarible’s new “Lazy Minting” feature allows creators to develop NFTs without paying gas fees or creating any smart contract to initiate the minting process. Users can now mint free NFTs using a few lines of the platform’s pre-existing code. Thanks to the ‘Lazy Minting,’ the fees for purchasing a collection are added to the selling price, ultimately being borne by the buyers rather than the seller.
Therefore, unless any NFT is acquired, the digital art remains a part of the marketplace while the data for the same is retained on IPFS (decentralized storage). Lastly, you must sign the mining authorizations via your wallet to establish and initiate the procedure.
OpenSea
OpenSea happens to be one of the most famous marketplaces for buying and selling NFTs. The platform has earned its name around providing a user-friendly experience for its creators. Once signed up, you can create and list your NFTs effortlessly and in real time.
However, the platform isn’t entirely free as it charges some fee to its users for selling their NFT. So while creating your collection is free, selling the same might attract some gas fee which is comparatively lower than the other exchanges in the industry.
So if you’re a user looking for an NFT platform with a large collection of digital art, OpenSea is the platform for you.
Mintable
Last, we have Mintable, another reliable NFT platform for users looking for a cost-effective exchange to purchase or sell their NFT collections. Interestingly, this is one of the few platforms that charge no gas fee on registration, minting, or listing your collection for sale.
Mintable is a reliable platform for artists looking for a platform with little to no investment and significant returns. With no minting and gas fees at the time of sale, it is among the most famous marketplaces where the user finally gets their answer to how to sell NFT for cheap.
However, before signing up, you must know how the platform works. In addition, Mintable needs a beginner-friendly UI and has low traffic due to the lengthy sign-up procedure. All these drawbacks make it a less desirable option for users with zero industry experience.
Selling Your NFTs Needn’t Be A Hassle
Selling NFTs isn’t as easy as creating art and making billions of its sales. First, you need to create a community and uniquely market your NFTs to ensure you attract buyers.
Being a beginner NFT creator, you must first focus on creating a community around your collection. Since platforms like OpenSea accepts NFT art via social proof, you must use at least one count of the social media platforms that you use to manage and share your NFT collection with the public. All the best!
