Crypto News: NFT Artists Triple Mint Fees During Bear Market



NFT

NFT artists are more than tripling mint fees to avoid fiat losses during the broken market in June 2022.

Last week, the NFT project WAGMI Beach increased the price tag of its Bubblegoose Ballers collection from two SOL to seven SOL. WAGMI Beach released the NFT collection when 2 SOL was worth around $300 – today, 2 SOL is worth just $63.

“Because we are a prime example of an NFT that is actually bridging the gap between web2 and web3, our required funding is viewed in fiat rather than SOL,” the company tweeted. “Therefore, our mint price is still tied to that $250-300 range, not 2 SOL.”

Many NFT marketplaces like OpenSea do not charge creators to list (aka mint) their collections. Instead, blockchain gas fees are passed on to the customers who first buy an NFT asset.

Minting an NFT on the Ethereum blockchain can cost between $50-$50 depending on how busy the network is. Added onto this is the 2.5% fee OpenSea takes in exchange for letting creators list their NFT collections for free – with both the OpenSea commission and blockchain gas fees passed onto the customer.

Not all NFT artists are rising fees – but they’re all feeling the pinch

The 9GAG social media website launched a Memeland NFT collection called YOU THE REAL MVP with prices at 5.3 ETH on June 9.

The price of Ethereum dropped from $1,800 at the beginning of June to under $1,000 by June 16. That 5.3 ETH went from a fiat value of $9540 to around $5,000.

Nevertheless, the Memeland project put out a Tweet saying it maintained mint prices to avoid ‘a wrong message that we would change the price to maximise gain’.

Regardless of whether NFT creators are raising or maintaining mint prices, NFT sales are down more than 20% in volume over the past week. June 2022 is seen by many as the month crypto officially entered a bear market, with Bitcoin and Ethereum prices down to 18-month lows.

BNB Chain NFT marketplaces – low-cost minting

Many NFT marketplaces charge customers $50-$150 just to buy a digital asset – i.e. this cost does not go to the creator.

But not all NFT marketplaces charge high initial mint fees. This is especially true for the BNB Chain, which is powered by BNB and part of the Binance ecosystem.

The new NFT marketplace from EverGrow Coin – LunaSky – costs $0.30-$0.40 for gas fees and to mint a digital asset. In a Twitter video, one of the EverGrow Coin community managers takes viewers through the three-minute process of minting a picture, document, audio file, video and more onto LunaSky.

The mint cost just 0.00115 BNB. At the current BNB price, this would be just $0.24.

LunaSky is part of the EverGrow Coin ecosystem which aims to become the top crypto for passive income. All profits from LunaSky will directly benefit investors by burning EGC tokens to remove them from supply and raise token prices.

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