As we previously discussed in the last article The Easiest Guide for NFT Artists: Budget Plan for Minting an NFT, every artist needs to prepare budget typically amounting over 100 USD for the first minting. Probably, you want to cut it down as much as possible to be honest, don’t you? Don’t worry, it is a common pain every artist holds at the beginning. But if you are aware of some technical tips, you are very much likely to half down the cost with no painstaking hard work!
Wait until Ether Goes Low
You will pay all the fees in ETH, so why don’t you wait until the ETH goes down? Crypto downfall is a nightmare for investors, but not really for creators. When ETH is low, it is time to mint your masterpieces as well as collectors are highly motivated by the lessen bidding gas fees. Although the timing cannot be precisely anticipated, but ETH always go up and down as well as other cryptocurrencies. Keep yourself always updated with trend charts would be the key to catch the wave!
Choose the Right Day and Time
Besides the ETH price fluctuation, gas fee is also changing dynamically along with real time network traffic. As we explained in The Easiest Guide for NFT Artists: Budget Plan for Minting an NFT, you need to pay higher gas fee when the network is busy. This means you don’t need to pay much gas fee if you mint in a time range less people are active in the ETH market. Now you can somehow imagine when it would be, right? Yes, it basically works the same as the stock market.
There is a typical weekly tendency. If you are in the EU, that gas price gets lower in the midnight and gets higher afternoon to evening. Typically the gas price goes the lowest in Sunday’s midnight (early morning on Monday). Friday and Saturday are relatively better days compared to other days of the week.
All these trends can be checked in the report Ethereumprice provides and easily anticipated by yourself. Also, you can check the current gas price at etherscan.io. Go nocturnal might bring you a lucky!
Be Aware of Schedule of Ethereum Update (Hard Fork)
If you are not an investor, you don’t need to follow tech news related to crypto so keenly. But being aware of Ethereum Hard Fork will definitely help your financial strategies.
Hard Fork is scheduled technical updates of Ethereum, to make future ETH transactions smoother and safer and to provide more customer oriented transaction with lower gas fees. So theoretically, ETH price goes high before a hard fork and then gas price goes low when the hard fork is complete.
The schedule of hard forks is open to public, so keep yourself updated and be ready for the next upcoming hard fork.
Choose the Right Platform for You
You should note the pricing structure varies on each marketplace platform. Some platform charges more gas fee and commission than others. If you are looking for the cheapest option, you will want to sign up on Mintable. This platform offers an affordable option called “Gas-less” so you will not be asked to pay any gas fee at minting and you will only be charged the commission fee after your works are sold.
Go Financially Sensible
Even though your main duty is creating art, artists need to be financially sensible in the NFT world. The more money you save, more resource for creating you will grant. I hope a penny you save in the old days would lead to your future tremendous success…