Issuing a token on NEM too expensive?

Technical Discussion
#1

Forgive me if I’m getting something wrong here, but is it actually feasible to issue a new token on the NEM platform? Given that most tokens have a supply of millions or tens of millions, and that NEM seems to use mosaics to create tokens (which cost 10xem each), wouldn’t it be incredibly expensive to issue a token on here in any large number compared to something like the Waves platform?

#2

Mosaics cost 10XEM to create, this is a one time charge when creating the mosaic/amount. Any time you send the mosaic, it costs a small amount of XEM, starting at .05XEM

https://nemproject.github.io/#transaction-fees

1 Like
#3

Exactly as @Saul told.
For mosaic creation you need to rent namespace (100 xem per year). But in one namespace you can create many mosaics.
You should test this on testnet. I can send you some xem if you give me your testnet address ( starts with T)

#4

Thanks for your replies, however if I wanted to actually create a new cryptocurrency with a supply of say 10,000,000 or even just 1,000,000 tokens, then this would be 1,000,000 mosaics, wouldn’t it? At a cost of around $3.50 per mosaic (even at today’s very low price) that would mean a total cost of $3.5 million (or $35 million for 10,000,000 supply). This doesn’t seem to be a very feasible way of creating a new currency which is suitable for trading.

#5

How did you calculate this?
It’s 100 XEM for namespace (you can use this for many different mosaics creation)
It’s 10 XEM for mosaic creation (entire supply)
And of course you need XEM for transactions but I don’t count this as token creation.
So 110 XEM is now 38.5$ and creating next mosaic (entire supply) will be 3.5$

#6

According to this tutorial the cost is 10xem for EACH mosaic (not for the entire supply). As you can see in the example, 50 are being created and the cost is 500xem

https://docs.nem.io/en/nanowallet/mosaics/create-mosaic-asset

#7

I’m going to try it out on the testnet. I just need to get some testxem to my address.

#8

It’s very old example… Fees was lowered in the meantime.

#9

Ah OK!!! Now I understand! I almost gave up on NEM after watching that example as it’s the one on the official site :frowning:

Thanks for your help :slight_smile:

#10

I think you’re confusing the fee to create a token as like an entity as opposed to the fee to create individual tokens. The fee to create a token is the same regardless of the supply. I think you have figured it out though. Goodluck!!!