Thanks to NFT marketplace Rarible, you can now create NFTs for free! The platform has introduced a new “lazy minting” feature using which you can create NFTs free of cost. Moreover, the feature makes Rarible more sustainable as it brings down the number of unnecessary transactions.
“We’re excited to further lower the entry barrier for NFT creators from all over the world, allowing everyone to showcase and monetize their creativity at no upfront cost,” Rarible wrote in a blog post.
Why is this important?
When you are creating NFTs in the conventional way, you are likely to mint the NFT right away. In this case, the data is stored in the blockchain after minting. However, to mint your NFT, you have to pay the transaction fees, or gas fees.
Recently, gas fees have been skyrocketing, due to the increase in network activity. According to Rarible Analytics, the current average gas price for minting one NFT is 0.017 ETH or about $65 (at the time of writing). Usually, the figure goes much higher.
Thus, to help NFT creators avoid paying high gas fees, Rarible introduced the “lazy minting feature”. With this, NFTs are no longer minted “at the moment of creation, but at the moment of purchase.” This means, instead of creators paying gas fees while creating the NFT, the buyer pays it while purchasing the piece.
“Until then, your NFT is listed on the marketplace just like any other NFT, and the data is being safely stored on IPFS (decentralized storage),” Rarible adds.
How to create NFTs for free
If you are completely new to this space, you will have to set up your crypto/NFT wallet first. If you are confused about which wallet to choose, how to set up your account, or how to transfer the cryptocurrency to your wallet, don’t worry, we have got you covered! Here’s a detailed guide that will answer all your wallet related queries: How To Choose The Best Crypto Wallet And Start Buying NFTs Today.
Once you have set up your wallet, here are the steps to create your NFTs for free:
- Go to Rarible.com. From the top right corner, select ‘My Profile’ and then sign in with your wallet.
- Once this is done, choose the ‘create’ option. Here, you can fill in all the details about the NFT you wish to create.
- Then, select the ‘free minting’ option and click ‘create item.’
- Now, you have to sign the free ‘minting authorizations’ with your wallet. This allows you to be in charge of all the NFTs you create.
- Once someone buys the NFT, it will be minted to your wallet and then sent to the buyer automatically.
However, currently, the feature is only available for the Rarible default collection. The platform will soon expand the feature to owned collections. Additionally, you have to pay the gas fees to burn a lazy minted NFT.
To dive deeper into web3 platforms like this one, check out our guide on NFT marketplaces!
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
