What is the cost to mint an NFT and do all the transactions. Thankfully there is a YouTube video that outlines what it cost to put your Artwork online on the Foundation platform. This was done on Ethereum.
Right now it seems expensive as there is a lot of Hidden “Gas Fees” involved if you are using ETH platforms.
The Youtuber had to pay 78% of the revenue to put his artwork on the blockchain. He only took back about 20% back. That is less than the App store fees.
I think this gives a chance for opening up new platforms and crypto platforms to make it cheaper and more efficient.
At the end of the day everything has a cost even selling a NFT on the blockchain.
I do think there is potential for this for new IP creators to use NFT as a monetization method for super fans if they can show their IP would appreciate in value though it should not be the only strategy.
Other Costs
Found another video not to sell NFT. One of the big problems is there is no buyer to the flood of NFTs. You need a huge social currency to sell NFTs and the other issues is copyright theft. Some tried to sell Batman NFT and other Art Theft. There is still legal issues that need to be sorted out with copyright on the blockchain.
There is going to be a lot of marketplaces that are not verifiable or useful.
- Timestamps:
- 0:00 Introduction
- 0:35 Environmental Concerns
- 3:17 Unrealistic Expectations
- 5:13 Gas Fees
- 5:52 Little Support on Platforms
- 6:42 Copyright Theft
- 8:13 Crowded and Unorganized Platforms
- 8:38 Bonus Problem
Honey & Absinthe Podcast NFT
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