I am doing feasibility study on the project using solana, may I know the estimated gas fee on minting a NFT and then transfer from mint account wallet to end user wallet? Is there any hidden cost I should count ?
Hi @Cheetah_TT and welcome to the forum!
There are a few different fees I know about that you need to take into account, but as a disclaimer, I haven’t done any NFT mints on mainnet myself, so I can’t be sure I’ve gotten everything. This is just my best effort guess.
If you want to be more sure, you should be able to go through the process of minting and transferring NFTs on the Solana devnet, where the tokens are not real, and you can test things without risk of monetary loss.
For the dollar prices of SOL, I’m assuming 1 SOL = $200.
Here are my best estimation of the fees I know of currently, without doing any testing specific to minting NFTs:
- Solana transaction fee:
- Each Solana transaction will cost $0.001 in transaction fees
- You will use one Solana transaction to mint an NFT
- You will use one Solana transaction every time you transfer that NFT
- Platform fees:
- Some platforms for minting NFTs will charge their own platform fee.
- For instance, I think I heard someone say that the platform charged them $20 to mint an NFT, but I would have to double-check that
- This platform fee would not apply if you manually minted the NFT, using something like the Metaplex commandline or another UI for Metaplex.
- FYI: Metaplex is a smart contract on Solana designed for creating NFTs
- Image storage fees:
- You will be charged storage fees if you want to host your NFT’s image permanently on the Arweave.
- I think the current price is about $0.01 per megabyte
- You can choose instead to host your image on IPFS, but it doesn’t guarantee that your file will be hosted permanently. You have to ensure that there is some server/computer in the world somewhere pinning your NFT image so that other people can access it over IPFS.
- Solana data storage fee:
- Creating the data necessary to track the NFT on the Solana blockchain cost some SOL. I haven’t tested exactly how much Metaplex NFTs cost to store, but I think it would probably be less that $2. This is the biggest one I’m not sure exactly how much it cost, because I haven’t tested it out yet.
So that brings an estimated total for minting to less than $3. For transfers of the NFT, I don’t think it will cost more than $0.001.
Sorry I can’t be more exact, and I hope that helps!
Hi @zicklag, thank you so much for your detail explanation. That’s very helpful information. But, I’ve got some questions
- Which fee is calcualted by SOL?
- Is it possible to use Metaplex but not using Arweave?
Please advise, thanks.
All fees are calculated in SOL, other than the Arweave one.
I’m 99% sure that it is possible. I think the image for the NFT is set with a URL. Typically URLs on the web are rather fragile, though. For instance, if you gave a URL to a normal website, anybody could take that website down, or even host another image under the same address. This would be bad if you bought a really awesome looking NFT, but then somebody swapped it out with an ugly looking one!
That is why it’s best to use something like IPFS or Arweave. In IPFS and Arweave, the address of some file is unique and based on the contents of the file. This means that no two images will have the same ID, and any given ID will only ever match one image.
If you don’t want to use Arweave, IPFS is the only other option that I know of that is suitable.
I haven’t deployed any NFTs on Metaplex myself, yet though, so I’m not aware of all the details of the process yet.