When Fees Are Charged, When NFTs Are Minted, and How Customers Can Pay for NFTs
If you're interested in creating or selling NFTs on Single, it's important to understand the fees, minting process, and payment options available. Here are some FAQS to help you navigate the process:
What Can Be Minted On Chain?
Users are able to mint image-based NFTs. These digital assets can represent various types of visual content such as artwork, photographs, digital illustrations, and more.
What Blockchain Does Single Utilize for Minting?
Single utilizes the Solana blockchain for minting and managing image-based NFTs. Solana is known for its fast transaction speeds, low fees, and high scalability, making it an ideal choice for the growing NFT market.
Are There Service Fees for Selling or Bundling NFTs?
Single charges a flat $2 fee per NFT to mint, as well as a variable fee to cover transfer, gas, and network fees (around $1). Single takes a 0.5% fee of secondary market sales.
- For more info on secondary market sales and NFT royalties, see HERE.
When Are Service Fees Charged?
Service fees are charged only when a customer purchases an NFT and it is minted. In other words, you won't incur any upfront costs for publishing a Collection to your store.
When Do NFTs Get Minted?
An NFT is only minted after it has been purchased by a customer. This is known as "lazy minting" and prevents you from paying to mint all of your collection upfront. You also mean won't have to pay for unsold NFTs, as they are only minted when they are purchased.
What Happens If I Don't Sell Through the Total Supply?
If you end your mint before selling through the total supply of your Collection, the total supply will be updated to the total number of NFTs minted.
For example, if your total supply was 100 but you decided to end the mint after only selling 60, the total supply will be changed to 60 - and you'll only be charged for what you sell.
How Do Customers Pay for NFTs?
Customers can purchase NFTs just like they would any other product in your store. This means they could pay via fiat currency (debit card, credit card, etc.), or even crypto depending on what payment processor you have set up in Shopify.