NFT investments have continued to increase at a rapid rate over the past year. When newcomers to the industry are asked “where do you purchase your NFTs from?”, the thought of an open marketplace such as Opensea is often formed. However, what if you were told that everything you knew was wrong and that the end of the product life-cycle is open marketplaces. So, where does the beginning of the product life-cycle start?
Minting. See, artists often launch an entire collection of NFTs rather than singular art pieces. Imagine how long it would take to create 10,000 NFTs, let alone the costs of minting them to the blockchain? That is where lazy minting comes in. Artists and brands use an NFT generator to generate their collections based off of their artwork, and offer a mint sale straight off of their own website. The mint sale allows each user to pay the “minting” transaction fee to the network, as well as an additional fee to the creator. This mint sale offers an early-entry towards potential investors, and often provides the best prices on NFTs before the NFT is even known of, or made available on secondary marketplaces.
Generate NFT Online, a privately held NFT platform built for artists and creators, has launched its NFT Minter Dapp on March 4th, 2022. The NFT collection minter enables artists to generate and launch their very own mintable NFT collection sale without any programming experience. The company, based out of Canada, aims to provide tools for NFT artists and brands to break through the many hurdles of the NFT industry.
In December of 2021, Generate NFT Online launched their randomized NFT collection generator. The generator enables artists to upload their artwork and turn them into large NFT collections of up to 10,000 NFTs per collection. With widespread adoption, their main question by their users became “how do I mint a NFT collection?” Therefore, their new NFT Minter Dapp provides the answer to not only NFT minting, but further provides services such as hosted mint pages and embeddable mint buttons.
Artists and brands now have the ability to deploy a smart contract to Ethereum, Polygon, and Binance smart chain for their mint sales. The features of the contract are managed through their mint management dashboard, providing features such as presales and whitelisting, airdrops, pre-reveals, and price management.
What are the costs involved in NFT collection minting?
You must first generate a NFT collection, which could run you anywhere from USD 99.99-279.99. You will then have to launch your minting smart contract to the network. In the case of Ethereum, this could cost anywhere from USD 100-500 in transaction fees, opposed to Polygon being around USD 2-5. Generate NFT Online also takes a 3.9% fee on all initial mint sales through the smart contract. If we take the mean average of the above numbers, and assume you created your own artwork, the estimated cost would be around USD 480 + a 3.9% fee on your NFT mints.
In conclusion, regardless of the overall sentiment of cryptocurrencies and the prices, generated NFT collections seemingly continue to thrive as the number one strategy.
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