NFTs Archives - FASHION LEAGUE

How Much Does it Cost To Make an NFT?

NFTs (non-fungible tokens) continue to attract more artists and developers to the idea of legitimized, authentic ownership of digital artwork and assets.

However, it’s understandable that many interested in minting their digital artwork as an NFT may not yet have much experience in cryptocurrency or the costs associated with selling art on the blockchain.

While it may seem overwhelming or complicated, navigating the NFT marketplace is not much more complex than navigating any other conventional market. Still, many people are confused about the costs associated with minting an NFT, which can often vary from platform to platform.

But fret not. We’re here to help you navigate all the nuances of NFT finance.

 

Opening A Cryptocurrency Wallet

Before getting into the NFT marketplace, you’ll need to download a crypto-wallet to connect to your account. Luckily, this step is usually completely free.

The following wallets have no required subscription fees or download costs and allow you to store crypto for free:

  • Coinbase Wallet
  • Zen Go
  • Metamask
  • Trust Wallet

Some platforms may have transaction fees for credit cards or bank transfers when purchasing cryptocurrency. Also, it is pretty standard for crypto-wallets to charge a small percentage withdrawal fee.

While there are some ways to navigate around paying these fees too steeply, you should expect to have to give a small cut of the money you exchange through crypto-wallets and NFT marketplaces alike.

 

Gas Fees

Gas fees are the most common costs associated with crypto-wallets and NFT marketplaces.

Maintaining and authenticating thousands of transactions simultaneously on the blockchain is no small task. It requires massive computing and electronic power to do this. This is why most of the popular NFT and crypto platforms depend on only a few blockchains with the most power available, such as the Ethereum blockchain.

 

Keeping the Lights On

These blockchains need to charge fees for the costs associated with compensating blockchain miners for maintaining and verifying transactions. These are gas fees because they contribute to ‘powering’ transactions.

This gas fee can vary quite a bit depending on your platform, the type of transaction you’re making, and market performance.

Day by day, even hour to hour, depending on traffic, the average gas price for Ethereum transactions can rise or even fall by triple. So expect to deal with a fair measure of volatility regarding gas fees.

And if you’re working with a platform on the Ethereum blockchain, you’ll have to buy at least a little bit of its native cryptocurrency ETH to pay these fees.

 

NFT Minting: Fees To Expect

NFTs are non-fungible, meaning they can’t be exchanged like conventional or cryptocurrencies. Still, they are verified as tokens on the blockchain, much like cryptocurrencies, and must be minted.

However, when we talk about minting an NFT, we’re just describing the process of making that NFT purchasable and verifiable on an NFT marketplace through the blockchain.

Minting an NFT can be quite taxing on the blockchain, depending on how many assets are being verified. The fees associated with minting can vary from platform to platform.

 

Free To Look

Many popular NFT Marketplaces, such as Opensea, SuperRare, Foundation, or Rarible, do not charge subscription fees for creating an account.

However, when it comes to transactions, expect to have to connect your crypto-wallet and exchange their blockchain’s native cryptocurrency.

While it’s usually free to browse, some NFT marketplaces like Opensea or Rarible will charge between 2% and 3% for the cost of purchasing or listing an NFT. Other platforms can charge upwards of 15%.

Additionally, some platforms have introduced features that allow users to trade paying gas fees for slower speeds and less computing power in an effort toward environmental sustainability.

 

Volatility in Minting Costs

The price to mint an NFT can differ wildly depending on the blockchain and the time of minting. Indeed, this price is subject to change from minute to minute.

Some blockchains can cost less than a dollar to mint an NFT on, but they may not have a broad user base – and most NFT artists want to choose a marketplace that many users browse.

This means that the more prominent and popular blockchains, such as the Ethereum blockchain, with more computing power available, can expect to attract more NFT traffic consistently, should their fees stay reasonable.

However, the trick is that as traffic increases on the blockchain, fees begin to skyrocket. The more busy the blockchain is, the more its power is being drained, and the compensation price for using the blockchain will soar.

It’s essential to keep track of gas prices on your or your marketplace’s blockchain of choice before trying to mint or buy an NFT.

 

NFT Gaming: A Loophole

While fees can always be somewhat expected when dealing with a blockchain, whether in NFT marketplaces or even when dealing with cryptocurrency, there are some creative ways to avoid hefty minting costs and other fees.

If you’re interested in NFTs as an entrepreneur and you’re not necessarily trying to mint your artwork as an NFT, you may find some opportunities in gaming.

NFT games are video games that allow the player to farm, scavenge or craft for rewards in the form of NFTs. Many of these games are free-to-play or offer free-to-earn options.

Just for spending time playing, gamers can earn real monetary value from NFTs and then trade or sell those NFTs in the game’s marketplace.

Additionally, many of these games allow the purchase of digital land or real estate, which can then be rented out to players for cryptocurrency or developed and sold as an NFT.

Depending on the game, some will charge the player little to no gas fees, as the NFT is issued as a kind of “reward” for in-game effort.

 

Fashion League: Free and Fun To Earn

Fashion League is an NFT RPG taking on the gaming world as one of the first female-centered NFT mobile games on the blockchain.

Like other NFT games, Fashion League is free-to-play but offers options where players can invest in a storefront or plot of land. By building and developing their store, a player can attract the attention of digital buyers and even fashion companies looking for new ideas.

Players can interact with other players, collaborate on ideas, and hear critiques on their storefront and the fashion they design.

Additionally, they can purchase and exchange avatars and cosmetic items as NFTs.

 

Virtual In-Game Player Economies

Fashion League allows players to compete for rewards by designing their clothes and creating their brand to stand out, and helps them have their fashion designs minted as NFTs.

As players exchange their favorite brands and ideas, they can watch their most loved designers grow and expand their businesses in real time.

Fashion League is pushing the frontiers of digital fashion by offering a virtual space like the Metaverse, where digital style can be displayed, talked about, and browsed by users worldwide, allowing virtual fashion empires to spring up and prosper.

Players can also trade in-game cash for crypto in the form of Fashion League’s DSIGN token or NFTs by competing in weekly conversion events or winning design contests and fashion events.

Or, as a Land Owner, a player can make a passive income from tenants paying rent on their plot of digital land.

 

Gameplay in Fashion League

What players will find appealing about Fashion League is its Fun-To-Earn gameplay model, wherein the player can earn real NFTs within the game.

Regular gameplay events allow players to earn crypto or NFTs while showing off their avatars and outfits.

Fashion League will offer the player creative freedom in designing their store and outfits to stand out and win contests. You can personalize your whole space, as well as your aesthetic.

You can even team up with merchandisers to sell and trade your products.

 

Conclusion: Costs Are Volatile

Whatever step of the process you’re in, you’ll likely see fees changing quite a bit. You’ve probably noticed that even just from reading this article.

Gas fees are always subject to change depending upon the degree of traffic in the blockchain at that moment, and those fees can be applied both to cryptocurrency exchanges and NFT minting or purchasing.

Many entrepreneurs go virtual, cultivate their digital economies, or create businesses within NFT games.

So pay close attention to traffic on the platforms and blockchains you use, and invest promptly. There’s an ever-expanding world out there waiting to see your future NFTs. Get started today with Fashion League.

 

Sources:

Rarible Introduces Zero-Cost NFT Minting Feature | CoinTelegraph

How Much Does Minting an NFT Cost? | Pastel

Ethereum Average Gas Price | YCharts

Coinbase Fees- How to Avoid Them | Boxmining

Women-Led NFTs: Top Collections Changing the Industry

The NFT marketplace has a deep and powerful potential to lift voices that hadn’t always had the same opportunities as the traditionally wealthy and powerful. Women entrepreneurs, investors, and business owners are empowered daily by the options available through NFTs (non-fungible tokens).

NFTs have allowed women to claim authentic ownership over their artistic expression and protect their work. Digital creators can safely grow their voice and pursue their creative vision through the patronage they can earn through the NFT marketplace.

 

The Top 3 Women-led NFT Collections

Let’s look at some top NFT projects led by female creators, leaving a significant mark on the industry.

  1. Boss Beauties
  2. Fashion League
  3. Grimes

1. Boss Beauties

Boss Beauties released an NFT collection entitled Boss Beauty Role Models, inspired by the Gen-Z women who are changing the world today.

A series of portraits, each piece represents a different woman, with a diverse background, culture, or career, who changed the world in history or is changing it today in modern times.

These portraits have generated a fair amount of buzz after being the first NFTs displayed at the United Nations.

Lisa Mayer, founder, and CEO of Boss Beauties acknowledged that the unveiling was a historical moment. Such an event has undoubtedly changed the NFT industry, establishing a trend toward inclusivity and empowerment in artistic expression.

The Impact of Boss Beauties

Besides the empowerment and inspiration that comes from the artistic expression itself, from sharing the histories of so many strong women, Boss Beauties also has a noble goal.

Boss Beauties is an extension of the company founded by Lisa Mayer, called My Social Canvas. This company works to empower women emerging into the artistic and technological marketplaces by providing scholarships and mentorships.

Boss Beauties not only wishes to express empowerment creatively but to work practically toward a brighter, more inclusive marketplace for women.

Ripple Effect 

Thanks to the popularity of projects like Boss Beauties, Grimes’ NFT collection, and numerous others, the influence and drive toward inclusivity continues to grow with many new NFT collections.

Collections like WOW (World of Women NFT), WomenRise, Sad Girls Bar, and Remarkable Women all strive to create representation for women in the NFT art world. At the same time, these collections have helped secure equal opportunities for women digital artists in the crypto and web3 space while educating a future generation of makers.

 

2. Fashion League 

Fashion League is developing a virtual space to empower women entrepreneurs in fashion and design. 

Fashion League is one of the first female-centric NFT RPGs on the blockchain. It will allow women, and other players, to grow their brand voice and fashion business in a virtual space while earning real cryptocurrency and the opportunity to mint their unique clothing as NFTs.

The whole mission behind Fashion League is to give everyone opportunities in the NFT marketplace and the Metaverse at large.

Fashion League is helping women business owners seize their moment by providing digital space to build virtual businesses.

Fashion League Has a “Create-And-Own” Gameplay Model

While it would be unwise to undercut the financial opportunities available in Fashion League, it’s important to mention that Fashion League is still a mobile game. It’s committed to not feeling like work but following a Fun-To-Earn and Create-And-Own model. 

Empowering women gamers as well, Fashion League rewards players who complete in-game tasks with the ability to convert in-game rewards into Fashion League’s own utility token that can be exchanged into real cryptocurrency.

Without necessarily being a passionate designer or ambitious business owner, Fashion League provides entertainment for any gamers.

Like any RPG, your commitment and persistence within the game will earn you worthwhile rewards.

Creativity, Community, and Customization with Fashion League

Fashion League also offers a creative space to the player. A focal point of the experience of playing Fashion League is creating your storefront, clothing designs, and brand voice.

Players will compete to have their clothing designs minted as NFTs and made purchasable on the NFT marketplace, along with avatars and in-game cosmetics.

This NFT RPG is creating a community of players who can visit each other’s stores, collaborate on ideas, and try out other new and established brands from independent creators and significant companies.

 

3. GRIMES

Pop-star and innovative female artist Grimes made a giant splash last year in the NFT community by selling her digital NFT art collection for 6 million dollars. After being reported on by multiple media outlets, this success has opened up mainstream recognition of digital assets’ value in the music and art worlds combined.

Already hailed as an innovative, avant-garde force in the art world, Grimes followed the newest wave by putting her support toward the NFT marketplace, contributing art that was sure to catch the eyes of even the most skeptical viewers and becoming an NFT artist in the process.

Her support through her fanbase is undoubtedly strong, abiding, and valuable. The value of authentic ownership over one of her works was sure to create a lot of buzz around her own NFTs. Best of all, Grimes’ artwork was able to be protected and authenticated thanks to the blockchain.

The GRIMES NFT Collection

Grimes’ collection included ten original digital artworks sold on Nifty Gateway. These artworks included images, videos, and music. 

One major piece in the collection was called “Death of the Old,” a video that included haunting, spiraling imagery featuring crosses, biblical lights, and angels. 

The whole piece feels surreal with a desert setting and strikingly mixes the virtual with the mystical and spiritual. The video is set to an original song by Grimes describing insomnia, spiraling thoughts, and feeling beat.

Although under a minute long, the NFT sold for over 300 thousand dollars.

“Earth” and “Mars” Earn a Huge Profit for GRIMES

Grimes also sold the pieces entitled “Earth” and “Mars,” featuring similar surreal, science-fictiony, and biblical imagery with original songs. These NFTs, however, had thousands of copies each, sold for upwards of 7,000 dollars a pop. 

It’s no wonder that the influential pop-star Grimes made out with millions, leaving a memorable mark on the digital art industry as a whole and raising the eyebrows of fellow artists.

 

More About Fashion League NFTs

Fashion League is building a collaborative space that will serve as a solid support base for the empowerment of women within the NFT marketplace, the Metaverse, and the NFT gaming world at large.

 

Sources:

L’Oréal calls out lack of female representation in NFT space | Marketing Dive

Boss Beauties to Unveil Latest NFT Art Collection at the United Nations | PR Newsire

Grimes sold $6 million worth of digital art as NFTs | The Verge

What is a Minted NFT? What You Need to Know

The world of non-fungible tokens (NFTs) is constantly expanding and evolving as more and more entrepreneurs contribute to and develop blockchain technology. A new digital frontier, NFTs are a great way for digital creators to build their brand and earn money for their work.

With such rapid changes in the crypto and NFT industries, it can be hard to stay updated with new advances and terminology. But it’s important to give yourself a foundational knowledge of the blockchain, cryptocurrencies, and all the ins and outs of navigating NFT marketplaces.

Luckily, we’ve got you covered. Our breakdown will help you explore the ever-changing digital world of NFTs and learn how to mint your own.

 

What Is “Minting” an NFT?

The same concept applies to cryptocurrency: “Minting” is when a new token like Bitcoin (BTC), Ethereum (ETH), or Binance Smart Chain’s Binance Coin (BNB) is made. The concept of minting is one that’s been around as long as money itself. In the traditional sense, minting meant to create a new currency or to stamp a new coin.

For cryptocurrency, the minting process involves the token being published on the blockchain — an ultra-secure digital ledger with smart contracts — and stored in digital wallets.

NFTs participate in the same digital exchange as cryptocurrencies. Therefore, minting your first NFT or an entire NFT collection is just the process of creating and publishing it on the blockchain for purchase or exchange.

Even if that NFT is a piece of art, we would still describe its creation and publication on the blockchain as an authentic, viable token with a legitimate value as “minting.”

 

A Token but Not Quite a Currency: What Are NFTs?

NFTs are inherently non-fungible

Physical money and cryptocurrencies are both fungible

Although NFTs use blockchain technology in a similar fashion to cryptocurrencies and are technically minted as tokens, there is an essential difference in how NFTs (non-fungible tokens) and cryptocurrencies (fungible tokens) actually function.

NFTs are Inherently Non-fungible

They cannot be replicated or exchanged with each other. Within their metadata, they have a unique digital identifier that is securely recorded into a blockchain, preserving their authenticity. This means that NFTs cannot be traded in the same manner as cryptocurrencies can.

Physical Money and Cryptocurrencies are Both Fungible

They can be traded for one another quite easily. For instance, you could swap one $20 bill for another and have the exact value in your hands. Similarly, the value of 20 Ethereum can very easily be converted into a corresponding value in fiat currency or even another cryptocurrency like Bitcoin.

Trading NFTs would be like trading one famous painting for another or swapping one piece of property with another, except with digital files. While the two might have similar values, they won’t ever be identical.

So, even though NFTs are “minted” as tokens, undergoing a similar process of legitimization as physical currencies and cryptocurrencies, they still function much like real works of art.

 

Minting Your Very Own: The Basics

To have your very own minted NFT and sell NFTs, you’ll have to get familiar with cryptocurrencies, the digital marketplaces where they are exchanged, and the NFT minting process.

While it may seem tricky to navigate at first, the minting process is facilitated by a wealth of websites that offer easy user interfaces for blockchain publishing. Once you see the process step by step, you’ll likely find it quite easy to mint and exchange your very own NFTs.

 

A Step-by-Step NFT Minting Guide

As digital items, NFTs can take many forms. You might create an NFT from a piece of digital art, a gif, a song, a video clip, or a meme. Or, you might create a different asset like digital property, avatars, or cosmetics in a virtual game or virtual world.

Regardless of your creative goals, here’s a step-by-step guide to help you understand the basics of the NFT ecosystem.

 

Get a Digital Wallet

First things first: In order to mint your own NFT, you’ll need to have a digital wallet. These are used to store and exchange cryptocurrencies.

Luckily, you don’t need to be a technology expert to have your own cryptocurrency wallet. You can use wallets like Coinbase, Metamask, and a host of other public platforms to buy and save your cryptos in a safe, secure place.

These websites are generally as easy to learn and use as any stock-trading site or online marketplace.

 

Join an NFT Platform

Next, you’ll have to find an NFT platform — an online marketplace — that can publish and sell your NFT creation. This is an easy process that will allow people to pay for your assets or artwork with cryptocurrencies.

Some popular NFT marketplaces right now are OpenSea, Rarible, and SuperRare — all fairly user-friendly. If you’re feeling extra ambitious, you can even try to create your own NFT marketplace with a low-code NFT marketplace builder through Amazon’s AWS Marketplace.

If making your own feels daunting, though, there are plenty of other NFT platforms to try. Just do some research and find the one that feels best for you.

 

Pay the Gas Fee

Next, you’ll want to purchase a minor amount of cryptocurrency to cover the minting cost of your NFT. Most NFT-related transactions are carried out using well-established coins like Ethereum, but there are plenty of different crypto exchanges to choose from.

The minting cost exists because maintaining a blockchain requires significant electrical energy and computing power. Therefore, platforms like the Ethereum blockchain have to charge small fees known as gas fees to “keep the lights on,” so to speak. These fees are paid for in cryptocurrency.

As the scale of the blockchain has grown, alternative scaling solutions have been devised to help minimize the gas fees and significantly lower energy consumption. Of these, layer 2 scaling solutions like Polygon offer an higher transaction per second (TPS) capacity than Ethereum. Polygon is on the same level as Visa at 7,000 TPS, while Ethereum is much less accessible at 13-17 TPS.

The type of NFT you are making and the price you are charging for it will largely determine the cost of your gas fees.

Depending on market volatility, minting large projects may cost significant sums of money. If you are just a single creator with a few digital art pieces for sale, though, you typically won’t have to worry about paying anything more than a nominal minting fee.

Some marketplaces like OpenSea have also adopted a process called “lazy minting,” which mints the NFT at the moment of purchase to lower creators’ barrier to entry. This helps you avoid upfront fees until you’ve actually made a sale.

 

Put Your NFT up for Sale

Once you link your crypto wallet to the NFT marketplace of your choice, you will essentially have your own digital storefront ready to go. Next, you’ll turn your digital asset into a file that is compatible with the marketplace of your choice.

For example, if your NFT is a piece of digital art or music, your file type may need to be a JPEG, PNG, or MP3 file, depending on the art piece and platform. (This goes without saying, but make sure this digital asset is original — not copyrighted, owned, or made by anyone else).

You will typically be able to choose between uploading a single NFT or a collection of NFTs.

At this point, you’ll be prompted to enter a name, description, and a starting price for your crypto asset. Once that’s done, you’ll click the “create” button.

And that’s it! You now have a published, minted NFT.

 

Fashion League and New Frontiers for NFTs

While NFTs are primarily known as a new way to buy and exchange digital artwork, their use extends well beyond the world of art. Minting an NFT is a great option not only for digital artists but also for gamers and simulation developers.

As assets are becoming increasingly digitized, NFT games are making strides to create entertaining, virtual, online spaces where one can earn, sell, and store NFTs in the form of in-game items, characters, and spaces — all while making money in the form of cryptocurrencies.

 

Fashion League: The First Female-Centered NFT RPG

Fashion League is one such pioneer. We’re unique for being the first female-centered fashion game on the blockchain, bringing utility to digital assets like NFTs.

Fashion League’s free-to-earn model encourages gamers to play for in-game rewards such as resources, cash prizes, upgrades, or digital assets like land, avatars, or cosmetics.

As they collect funds, property, and materials, gamers will be actively discovering their own voice in digital fashion, building their brand from the bottom up, and creating their own digital storefront.

This is a fashion-oriented, empowering virtual NFT marketplace that jointly functions as an RPG (Role Playing Game) where you can explore, socialize, have fun, and build with friends — all while making money and contributing to a unique digital economy and virtual community.

Ever wanted your own storefront? Or a gallery to display your designer outfits without the real-world limitations and setbacks of business ownership? Then Fashion League could be the beginning of your new NFT fashion empire. Check us out today!

 

Sources:

What Does It Mean To Mint an NFT and How Do You Do It? | ArtEssere

What Is an NFT? Non-Fungible Tokens Explained | Forbes

How Much Does It Cost To Mint an NFT? | Just Creative

Lazy Minting | NFT School

The 5 Best Ethereum Layer 2 Solutions | MUO