Top 7 Factors to Consider Before Minting NFTs in 2024

Minting NFTs has become popular due to the NFT market’s growth. However, there are a few important decisions to make while minting NFTs that can influence the value or the tradability of the NFT. These are final decisions that can not be rolled back. Therefore, users need to decide on them carefully. In this article, we will explore the factors that you should consider before minting your own NFTs. 

Have the right expectations

Every day there is news of some NFTs being sold for millions of dollars and 15 and 12 year olds making thousands of dollars from selling NFTs. Combined with reports mentioning the average prices of an NFT in the thousands of dollars, it is easy to get hyped about becoming rich by selling NFTs, but the reality is different.

1- Creating does not mean selling

It is not hard to mint an NFT and list it for sale on marketplaces but, the listing does not mean selling. Rare success stories are newsworthy and become well-known. However, there are more than 80 million NFTs listed on OpenSea alone, so it’s not so easy to stand out. 

2- Average prices are not informative

Average NFT prices are quoted frequently. However, the average price does not inform the user about the median prices since averages are impacted by extreme values. Therefore, average prices are not a good indicator of your NFT’s sales price.

3- Prices are volatile

Currently, average NFT price is around $1,400 but it reached more than $6,000 in May 2022. Future prices are hard to predict, given the volatility in global markets.

Figure 1: Average NFT transaction price

Source: NonFungible

Decisions to make before minting an NFT

There are many choices to be made when it comes to deciding on minting NFTs. We will be going over these choices: 

4- Choose the correct blockchain

Each blockchain has its advantages and disadvantages. Factors to consider when choosing a blockchain :

• Transaction speed
• Transaction fees
• Safety 

Ethereum blockchain is the most popular blockchain for minting NFTs but other blockchains are emerging.

It is important to choose the correct blockchain as it is not easy to transfer NFTs to another blockchain. You can learn more about the advantages & disadvantages of Ethereum & other blockchains in our top NFT blockchains article.

5- Choose the correct marketplace

NFTs are sold in a marketplace. It is important to choose a marketplace that matches your needs. Each marketplace is different in the terms of:

• Payment systems
• Commissions
• Supported blockchains 
• Supported cryptocurrencies

6- Types

There are different types of NFTs available, such as:

• Collectible NFTs
• Community-based NFTs
• Gaming NFTs
• Fundraising NFTs
• Art NFTs

We have compiled a comprehensive list of different types of NFTs with examples. Feel free to check. 

7- Use case

NFTs can be more useful than collecting JPEG pictures. They can be used in:

• Music 
• Gaming
• Luxury goods
• Supply chain
• Ticket sales
• Metaverse 

You can find detailed explanations of NFT’s use cases in different industries in our article.