Rarible Offers the Cheap NFT Minting Feature

The non-fungible token (NFT) marketplace Rarible has opened a new feature for users called “lazy minting”, which makes it possible to create NFTs very cheaply.

According to Rarible’s announcement, thanks to a new feature, NFTs are “minted at the time of purchase, not at the time of creation.” And the buyer pays for the gas by purchasing the goods. The data is stored in a decentralized peer-to-peer storage system called IPFS.

Given the growing popularity of NFT over the past year, most users were worried about the persistently high gas fees on the Ethereum network. The high tariffs have led many investors to turn their attention to alternative blockchains like Solana.

According to Rarible Analytics, the current average gas price on Rarible for minting one ERC-721 token is 0.022ETH ($82.26 at the time of writing). That is why the innovation from Rarible is likely to be accepted by users as a positive initiative, although its potential impact on the wider market is not yet known.

Analyst data from DappRadar shows that Rarible registered 10,100 unique users in a 30-day period, and RARI, the platform’s own token, has seen positive gains over the past month, climbing 80% from its annual low in late September to its current level of about $22.20.

Coinbase recently garnered huge public attention for the upcoming launch of its NFT marketplace, registering 1.1 million email subscriptions in the first 24 hours. A week later, that figure is 2.35 million.

Post a Comment