NFT (nonfungible token) market Rarible has launched a new feature called “lazy minting”. Users will be able to produce nonfungible tokens at no cost as a result of this. All while improving the platform’s environmental sustainability.
Rather than the usual technique of storing data on the blockchain immediately after minting, Rarible said on Monday that NFTs are “minted not at the moment of creation, but at the moment of purchase” under its new scheme. When acquiring an item, the customer is responsible for paying the gas expenses”. Data will be saved on IPFS, a decentralised peer-to-peer storage system.
Ethereum network’s high gas costs irritate new retail participants
During the recent surge of new retail participants into the NFT market, Ethereum network’s constantly high gas costs have been irritating a substantial portion of those new participants. 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 today’s rates. In comparison to regular periods of heavy network activity, when gas prices can skyrocket to hundreds of dollars, this is really a good moment to make money on the platform.
As a result, the community will hail the Rarible implementation as a beneficial move. Even though its potential influence on the larger market is yet uncertain.
Crypto exchanges giants show interest in developing NFT-related goods and services
Coinbase, FTX, and Binance, among the most well-known cryptocurrency exchanges, have all expressed interest in developing NFT-related goods and services. Coinbase’s forthcoming NFT marketplace drew a lot of interest on social media. With 1.1 million email signups in the first 24 hours. After a week, the number has risen to 2.35 million.
With that said, the top NFT marketplace OpenSea has had over 263,000 unique users in the previous 30 days. With over $3 billion in total volume.
According to Coinbase’s most recent shareholder report, the company has 68 million verified users. And 8.8 million monthly active users in the second quarter of 2021.
Rarible has registered 10,100 unique users over a 30-day period, according to DappRadar analytics. RARI, the platform’s native token, has shown significant growth over the last month, increasing 80% from one-year lows in late September to its current value of about $22.20.