Rarible introduces a free NFT minting feature

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The marketplace for non-fungible tokens (NFT) Rarible has introduced a new functionality called “Lazy Minting” that promises users the ability to create non-fungible tokens for free – while improving the environmental sustainability of the platform.

Rather than the traditional method of storing data on the blockchain immediately after it is embossed, Rarible announced on Monday that as part of its new program, NFTs will be “embossed at the time of purchase, not the time of creation. It is the buyer who pays the gas fees when the item is purchased. ”In this case, the data is stored on a decentralized peer-to-peer storage system called IPFS.

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Amid the influx of new retail entrants into the NFT space last year, a large segment has been troubled by the consistently high gas fees on the Ethereum network, raising their barrier to entry and redirecting many investors to 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 0.022ETH, which at current prices is $ 82.26. This is actually an opportune time to mint on the platform, compared to frequent periods of high network activity when gas charges can soar to hundreds of dollars.

Because of this, the Rarible implementation is being welcomed by the community as a positive initiative, although its potential impact on the broader market is still unknown.

Related: Rarible’s daily transactions are rapidly decreasing

Popular cryptocurrency exchanges Coinbase, FTX and Binance are among the latest crypto firms to express their intention to develop products and services in the NFT space. Coinbase generated tremendous social attention for the upcoming launch of its NFT marketplace, registering 1.1 million email logins in the first 24 hours. A week later it is now 2.35 million.

To put that number in context, leading NFT marketplace OpenSea has seen just over 263,000 unique users in the past 30 days, on top of a total of over $ 3 billion.

According to its latest shareholder report, Coinbase had 68 million verified users and 8.8 million monthly active users in the second quarter of 2021.

Analytics data from DappRadar shows that Rarible had 10,100 unique users over a 30-day period. RARI, the platform’s native token, saw positive growth last month, rising 80% from an annual low in late September to its current value of around $ 22.20.