You can now create NFTs for free thanks to the NFT marketplace Rarible! The platform has added a new “lazy minting” feature that allows you to create NFTs for free. Furthermore, by reducing the number of unnecessary transactions, the feature makes Rarible more sustainable.
“We’re excited to further lower the entry barrier for NFT creators worldwide, allowing everyone to showcase and monetize their creativity at no upfront cost,” Rarible wrote in a blog post.
What is the significance of this?
When you create NFTs the traditional way, you are likely to mint the NFT immediately. In this case, after minting, the data is stored in the blockchain. However, in order to mint your NFT, you must pay transaction fees, also known as gas fees.
Due to increased network activity, gas prices have recently skyrocketed. According to Rarible Analytics, the current average gas price for minting one NFT is 0.017 ETH (approximately $65 USD) (at the time of writing). Typically, the figure is much higher.
As a result, Rarible introduced the “lazy minting feature” to assist NFT creators in avoiding high gas fees. NFTs are no longer minted “at the moment of creation, but at the moment of purchase” as a result of this. This means that instead of the creators paying gas fees while creating the NFT, the buyer pays them when they buy the piece.
“Until then, your NFT is listed on the marketplace like any other NFT, and the data is safely stored on IPFS (decentralized storage),” Rarible continues.
How to Make a Free NFT
If you are completely new to this space, you will need to first create your crypto/NFT wallet. Don’t worry if you’re unsure about which wallet to use, how to set up your account, or how to transfer cryptocurrency to your wallet; we’ve got you covered!
After you’ve created your wallet, follow these steps to create your NFTs for free: Visit Rarible.com. Select ‘My Profile’ from the top right corner, and then sign in with your wallet. After that, select the ‘create’ option. Fill in all of the details about the NFT you want to create here. Then, choose ‘free minting’ and click ‘create item.’ You must now use your wallet to sign the free’minting authorizations.’ This gives you control over all of the NFTs you create. When someone purchases the NFT, it is automatically minted in your wallet and sent to the buyer.
However, the feature is currently only available for the Rarible default collection. The feature will be extended to owned collections in the near future by the platform. In addition, you must pay the gas fees to burn a hastily minted NFT.