Mint Your Space
Information about minting inside of MoNA
An overview of Minting Your Space with Mona
How to Mint your Space on Polygon.
- Once all the files have been submitted accurately, your Space will then enter our QA process.
- As soon as your space passes QA, you will be notified, and the mint button on your Space Draft page will be enabled.
- You will need either ETH or Matic in your wallet for the gas fees. See below for more on this.
- Click the Mint button to begin the process.
- Once you mint your space, you will see a link in your Space Drafts page to view your Space NFT on Opensea, where you can sell it to a collector!
- Note: it may take 10-15 mins for your Space NFT to populate on OpenSea after minting
- You will have a choice between minting on either Ethereum or Polygon
- There are several things to consider when choosing between Ethereum and Polygon, but one of the main factors is the gas fees.
Over the process of minting and selling your space there will be a number of gas fees, or the fees related to the amount of electricity the transactions require. The fees include the following :
- Minting Gas Fee
- One time Initialization Gas fee with OpenSea (first time users only)
- Listing fee (Optional, only about $30)
- Sale Gas Fee (if your space sells below 1 ETH in value)
The amount that each Gas fee costs depends on the Blockchain you use and can vary greatly over time. More info on those below, but here is a quick summary.
* Sale fee will be charged if your sale is under 1ETH in value, and may be charged if over.
** Generally speaking, with a little patience, you will probably pay around the middle of these two numbers.
*** If you don’t have Matic it is possible to have a bridging fee to MATIC (GasFee $0-$500), There are alternatives however. See below.
Once sold, expect a 10% drop of the sale price in your wallet. This is made up of the following :
- 2.5% OpenSea fee
- 2.5% Mona Fee
- 10% Creator Royalty (which comes to the Creator at the end of the month after your Space has been sold)
- Ethereum is where most NFTs (including high-end art and collectibles) are currently minted. Ethereum is more popular than Polygon, and NFTs minted on Ethereum are easier to sell and re-sell. With that popularity comes more network traffic and higher gas prices.
- Ethereum has higher gas fees. This means that in order to mint your space on Ethereum, you will be prompted to pay a fee in order to do so. The amount varies greatly, from $25-30 (Feb 2022) up to $300-$500 (October 2021) per transaction. Unfortunately, this is the norm for minting on Ethereum, for any platform right now. The gas fees fluctuate wildly throughout the day, so if you're seeing high fees now, you can check back an hour later or even in another few minutes and you might see them a bit lower (or higher).
- While the gas fees are high, the financial upside for an artist minting on Ethereum is significantly higher than minting on Polygon.
- Polygon (previously known as Matic) is a proof-of-stake chain, which is built on top of Ethereum. While not as popular as Ethereum, Polygon has gained a lot of traction in the community. NFT artists seeking a cheaper, more environmentally friendly solution have been turning to Polygon to mint their work.
- Polygon has significatly lower gas fees when compared to minting directly on Ethereum. Fees are typically less than $1.
- While Polygon is cheaper for those who are less familiar with crypto, keep in mind that saving money upfront on minting fees may not balance out with the possible resellability of a space. So consider all the factors when choosing which chain to mint on.
- Currently, we only support minting on Ethereum and Polygon. We are working on supporting other chains, especially those that are carbon negative, such as Algorand. If you'd like to recommend a certain chain, please send us a message in our Discord.