How much does it cost to tokenize art?
The short answer is to budget around $2000 canadian dollars or about $1,700 US dollars.
It is not possible to know exactly how much you will have to pay because the cost of ‘minting’ — creating and uploading the Token to the blockchain — varies constantly. There are site fees and gas fees (for the cost of powering the computers at the time of creating).
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Budget around $500 to use a service like OpenSea or Rarible.
Budget around $150 to purchase a good crypto wallet. You will need of course a tablet or computer that accesses the Internet.
Budget around $200 for secure, encrypted storage in the Cloud for your digital creation, so that you can assure buyers your one-of-a-kind tokenized artwork is not publicly available.
Lastly, budget several hundred dollars for a lawyer and a good sales contract.
You want to be iron clad about what you are selling, who pays ongoing costs, your retention of copyrights, your right to have a copy of the digital work stored privately, (that you could use in the future when exercising your right to use your Intellectual Property) AND royalties on all future re-sales of your tokenized work.
Most sites that explain the ‘nuts and bolts’ of NFT creation strangely leave out the part where you go to a lawyer, who understands the current rules and laws of digital art and sales contracts, to get your sales contract drawn up.
Once you get familiar with the process, you may be able to reduce costs significantly. You aren’t required to use a lawyer for every sale, you can use the same contract again with the new information for the new sale. And you won’t have to purchase a new Wallet every time either.
