Rarible introduces zero-cost NFT minting feature

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The Rarible NFT Marketplace has introduced a new feature called “lazy monting” which promises users the ability to create non-fungible tokens at zero cost, while improving environmental sustainability on the platform.

Instead of the traditional method whereby data is stored on the blockchain immediately after keystroke, Rarible announced on Monday that under its new program, NFTs are “not struck at creation time, but at time of keystroke. of the purchase. It is the buyer who pays the gasoline costs when purchasing the item. In this case, the data will be stored on a decentralized peer-to-peer storage system called IPFS.

Amid the influx of new retail participants into the NFT space over the past year, a large segment has been disrupted by the still high gas charges on the Ethereum network, increasing their barriers to entry and diverting many investors towards alternative blockchains such as Solana. .

According to data from Rarible Analytics, the current average gas price on Rarible for minting a single ERC-721 token is 0.022 ETH, which equates to $ 82.26 at current prices. This is actually a good time to strike the platform, compared to frequent periods of heavy grid activity where gas costs can run into the hundreds of dollars.

This is why the implementation of Rarible will be welcomed as a positive initiative by the community, although it is not yet known about its potential impact on the wider market.

Related: Rarible’s Daily Transactions Are Dropping Rapidly

Popular cryptocurrency exchanges Coinbase, FTX, and Binance were among the latest iterations of crypto companies expressing their intention to build products and services in the NFT space. Coinbase has garnered huge social attention for the upcoming launch of its NFT Marketplace, registering 1.1 million email registrations in the first 24 hours. A week later, that figure is now 2.35 million.

To add further context to this figure, market leader NFT OpenSea has registered just over 263,000 unique users in the past 30 days, in addition to over $ 3 billion in total volume.

Coinbase registered 68 million verified users and 8.8 million monthly active users in the second quarter of 2021, according to its latest report to shareholders.

Analytical data from DappRadar reveals that Rarible recorded 10,100 unique users over a 30-day period, RARI, the platform’s native token, has seen positive growth over the past month, dropping 80% from the lowest one year at the end of September at the current value. of approximately $ 22.20.