In Brief:
- Rarible launched a new functionality called “lazy minting.”
- This will allow users to create non fungible tokens for free.
- The buyer will be responsible for paying the gas fees when buying an item.
The NFT marketplace Rarible has announced a release of a new functionality titled “lazy minting” which allows users to create non-fungible tokens (NFTs) for free while improving the platform’s environmental sustainability.
As opposed to the traditional method, in which data is stored on the blockchain immediately after minting, Rarible’s new program will mint NFTs not when they are first made, but when they are purchased. Because the buyer is responsible for paying the gas fees when buying an item. The data will be stored in a decentralized peer-to-peer storage system called IPFS.
Rarible Analytics reports that the average cost of minting a single ERC-721 token at Rarible is 0.022ETH, or $82.26 at current prices. Gas fees can rise to hundreds of dollars during times of high network activity, so this is a great time for minting NFTs.
Rarible’s implementation of this technology will therefore be viewed positively by the community, although its impact on the wider market is yet to be seen.
With an increasing demand for NFTs, global crypto exchanges also launched NFT marketplaces. It started with Binance and FTX, Coinbase also followed the trend. With the announcement of launching the NFT marketplace on Coinbase, it receives over 1 million sign-ups on the waiting list for the marketplace.
