Rarible, a nonfungible token (NFT) marketplace, in a bid to lower the Ethereum gas fees that restrict investors from NFTs has developed a new feature called “lazy minting” that allows the creation of NFTs for free.
Rarible announced Monday that, instead of the standard approach of storing data on the blockchain immediately after minting, NFTs will be “minted not at the moment of creation, but at the moment of purchase” under its new program.
When acquiring an item, the customer is responsible for paying the gas costs.” Data will be saved in this case on IPFS, a decentralized peer-to-peer storage system.
During the recent rush of new retail participants into the NFT sector, a major segment has been irritated by the Ethereum network’s continually high gas prices, raising their barrier of entry and driving many investors to other blockchains such as Solana.
According to Rarible Analytics, the current average gas price for minting a single ERC-721 token on Rarible is 0.022ETH, or $82.26 at current pricing.
In comparison to frequent times of high network activity, when gas fees can soar to hundreds of dollars, now is really a good moment to make money on the platform.
As a result, the Rarible implementation will be viewed as a beneficial endeavour by the community, even though its potential influence on the wider market is still uncertain.
Coinbase, FTX, and Binance, among the most well-known cryptocurrency exchanges, have recently expressed interest in developing NFT-related goods and services.
Coinbase’s planned launch of its NFT marketplace drew a lot of attention on social media, with 1.1 million email signups in the first 24 hours. After a week, the amount has risen to 2.35 million.
To put this amount in context, the leading NFT marketplace OpenSea has seen over 263,000 unique users in the last 30 days, in addition to over $3 billion in total volume.
According to Coinbase’s most recent shareholder report, the company had 68 million verified users and 8.8 million monthly active users in the second quarter of 2021.
Rarible has logged 10,100 unique users over a 30-day period, according to DappRadar analytics. RARI, the platform’s native token, has shown good growth over the past month, gaining 80 percent from one-year lows in late September to its current value of roughly $22.20.