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...
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