Spend on minting NFTs exceeded $2.7 billion in last 6 months

August 12, 2022

By Murtuza Merchant

In the first half of 2022, over 1 million different wallet addresses spent 963,227 ETH, or $2.7 billion, minting NFTs on the Ethereum blockchain, with NFT marketplace OpenSea.io witnessing the majority of the minting, according to research by CryptoMonday.

NFTs worth $107 million and $77 million, were minted on BNB Chain and Avalanche respectively, over the same time frame.

While minting NFTs, the two blockchains generated a total of 263,800 distinct wallet addresses.

The number of unique NFTs up significantly

On May 22 alone, 69 new NFT collections were released, producing a daily minting volume of more than 120,000 ETH. 28,986 unique NFT inventions and sales were noted in the first half of the year (from January 1 to June 30).

140 collections raised more than 1,000 ETH, or more than two-thirds of NFT initiatives, which raised less than 5 ETH on average.

On Ethereum, the top five NFT collectives accounted for 8.4% of the total minting.

Examples are World of Women Galaxy, Moonbirds, VeeFriends Series 2, Genesis Box, and Pixelmon-Generation 1.

NFT Minting: What is it?

Jonathan Merry, CEO of CryptoMonday, says that minting NFTs needs “a significant upfront cost.”

“For example, an artist who wants to mint their work as an NFT on the Ethereum blockchain would first have to acquire some Ether to pay for gas fees. They would also need to create an Ethereum wallet address and have basic knowledge of how to use smart contracts,” Merry says.

While the specifics of minting an NFT may differ from blockchain to blockchain, the fundamentals are often the same.

How to mint NFTs

The digital material that has to be minted as an NFT should first be created.

This may be a picture, a movie, some music, or anything else that can be digitally recorded.

Finding a market that permits the minting of NFTs on the chosen blockchain is the next step.

The NFT token standard is supported by a number of blockchains, including Ethereum, Binance Smart Chain, Polkadot, WAX, and Avalanche.

Once a reliable exchange has been identified, one may register there and follow the on-screen directions to mint their NFT.

How much does it cost to mint an NFT?

You should be aware that the blockchain you choose might have a big impact on production costs.

The price of producing a typical NFT can often vary from $1 to $1,000.

Even more expensive NFTs may be available if they are more advanced or well-liked.

Usually, minting an NFT is not difficult, but depending on the blockchain you use and the market you choose, it may be expensive.

You need to be aware that an NFT’s value might change drastically.

Make sure you are aware of the hazards before you mint an NFT.

About the author

Murtuza Merchant is a senior journalist and an avid follower of blockchain and cryptocurrencies.

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