While doing my morning treadmill workout, I found out that OpenSea's latest policy changes includes nerfing of the zero-creator-cost "lazy minting" program.
WTF?!
That's why I chose them in the first place!
But later, I found out that the impact to me as a creator is actually quite minimal.
TLDR:
After a long hiatus, I decided to drop some new NFTs on OpenSea.
Previously, using the "lazy minting" method, I could mint NFTs with zero fees.
Furthermore, it was totally free for me to create new collections too.
That's not the case anymore.
But…
Considering the size, market penetration, multi-chain capabilities and creator options, it is, IMHO, very cheap for me to mint on OpenSea.
Consider this.
Creating a new collection and minting an NFT - using the Polygon Network as your target blockchain - costs 0.01 USD's worth of MATIC* tokens.
You read that right, just one measly penny - a cost of doing business I can easily swallow without choking.
[DISCLAIMER:
This is NOT financial advice and provided for educational purposes only.
Please checkout the current laws in your country with a competent corporate tax expert to assess your individual circumstances and tax obligations.]
Last I checked, NFT creators that are properly set up as business owners (i.e, Sole Proprietorship or LLC), can write off all expenses incurred while creating, marketing and selling their products using the traditional multi-year amortization schedules or lump sum asset expending.
*Polygon plans to rename its MATIC token to "POL" before 2024.
May you and yours be well and loving life today.
In Lak'ech,
JaiChai
