In order to avoid fiat losses, NFT artists are increasing the mint fees by more than thrice amidst one of the worst crashes experienced by crypto in history.
The price of Bubblegoose Ballers, an NFT collection by the project WAGMI Beach, was increased to seven SOL from two SOL last week. The NFT collection, whose price was 2 SOL at the time of its release, was around $300. However, today 2 SOL is worth about $63.
In a tweet, the company stated that they are paving the way by being an NFT that bridges the gap between web2 and web3 as their funding is viewed in fiat instead of SOL. Further saying that their mint price is fixed between the $250-300 range, not 2 SOL.
Various NFT marketplaces such as OpenSea have no charge fees for listing (aka mint) their collections for creators; the blockchain gas fees are transferred to the first purchasers of an NFT asset.
All Artists Are Feeling The Wrath
On June 9, 9GAG social media website launched a Memeland NFT collection dubbed YOU THE REAL MVP with 5.3 ETH as its price.
At the start of June, the Ethereum price dropped to under $1,000 from $1,800 by mid-June. Meanwhile, 5.3 ETH used to be worth $9540; it went to around $5,000.
The Memeland project, in a tweet, stated that it preserved mint prices in order to avoid the wrong message that they can alter the price to maximize gain.
NFT sales are down by over 20% in volume in the past week, in spite of whether NFT creators are increasing or maintaining mint prices. With prices of Bitcoin and Ethereum down to 18-month lows, the month of June was considered the official month in which crypto entered a bear market.
Several NFT marketplaces charge just $50-$150 for purchasing a digital asset which means that the creator does not get the cost.
However, not every NFT marketplaces charge high initial mint fees, particularly for BNB and part of the Binance ecosystem.
Source: https://www.thecoinrepublic.com/2022/07/04/nft-artists-increase-mint-fees-by-more-than-thrice-amidst-bearish-trends-in-crypto/