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The first NFT

Getting started was actually a little more frustrating than expected.


First I had some problems with the Coinbase Wallet disconnecting from Rarible (NFT platform), so I decided to make a Metamask Wallet, which is the commonly used wallet on Rarible. That part was actually not so difficult.


I have seen that mining costs and gas fees can be rather high, and for me, it is also a little unclear how the price of the NFT and the number of copies affect the fees. On the examples I saw, which were rater expensive NFTs it seems like mining cost would range from about $90 to about $400. And for me it is also a little unclear who pays the gas fee (transfer cost), and that this one also could be pretty high.


So I thought it would be smart to make a test to follow the steps and see the fees, and then cancel it before it was published.


As I understand there is a new feature where you can decide if you want to pay for the mining cost, or if you want the buyer to pay for the mining cost. I obviously wanted to mine myself, especially when doing the test to see how much this would cost.


The other steps were pretty simple, actually a little too simple, because one later I had created my first NFT and published it on my Rarible profile for sale. First I thought "Cool", but then I realized that I must mistakenly have checked for "buyer pays for mining" because I was not charged any money.



What I also realized was that it is not possible to edit the NFT except to lower the price. And I realized that I cannot burn (delete) it, because the mining cost has not been paid yet. And it would cost about $90 to delist it (not sure if it would cost about $90 to make it for sale again later). And I even tried to test what it would cost to transfer one of the 8 copies to my coinbase wallet, which would cost about $400 in gas fees! Wow! So then I am a bit caught in the middle, and can't really do much about it for now. If buyers face the same gas fee I guess this one will be unsold for some time.


But the NFT itself is pretty awesome! https://www.ecryptonite.com/ecryptonite001


But hopefully, I will do things the right way the next time I create an NFT. It seems like mistakes can be costly. Lesson learned.


Cheers,

Øystein

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