Amazing news for NFT lovers, as Nonfungible token (NFT) marketplace Rarible has introduced a new functionality called “lazy minting” which will allow for zero cost minting of non-fungible tokens.
Traditionally when you create a ERC-721 token, you mint it on blockchain at the same moment, so have to pay the gas fees. Currently minting a single ERC-721 token cost around 0.022ETH in gas fee, which is $82.08(at current Eth price), but the minting cost can get significantly high in the hours of high network traffic. This exuberant minting cost acts a deterrent for many talented artists.
So “lazy minting” is offering the NFT creators a work around all the gas fees required for minting NFTs. Contrary, to standard NFT minting in which data is stored on the blockchain immediately after minting, in “lazy minting” NFTs are not minted at the moment of creation and instead they are minted on the moment of purchase. So, the 1st buyer will actually pay the cost of minting the NFT. NFT created will show up like regular NFTs, with data stored on a decentralized peer-to-peer storage system called IPFS.
It is like create all the NFTs you want and let the buyer decide if your NFT is worth paying the minting cost. All you need is a customer willing to pay the gas fees to bring your created NFT alive on blockchain. This is cool, as it lets the market decide which piece of art deserves to be minted on blockchain.
Rarible has already been experiencing a massive influx of new users as 10,100 unique users got signed up in last 30 days. Platform's native token RARI has also got a significant pump, rising by 80% in one month compared to the one year lowest price in late September.
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