The presence of NFTs (Non-Fungible Tokens) is expected to increase further in 2022. NFT sales on the Ethereum blockchain reached approximately 44,600 transactions in early 2022.
Minting NFTs on the blockchain mainnet usually costs some money, as writing data to the blockchain requires a gas fee (a fee the blockchain charges) for computation and storage. This can present a hurdle for NFT creators, especially those new to NFTs who may not want to invest a lot of money before knowing if their work will sell.
Using some advanced technology, it is possible to defer the cost of minting an NFT until it is sold to the first buyer. In this article, we will be discussing NFT Lazy minting and a step-by-step guide to NFT Lazy minting.
What are NFTs?
NFTs are a new way for artworks and other collectibles to become verifiable digital assets and traded on blockchain-based marketplaces.
Unlike Bitcoin or Ethereum, NFTs cannot be exchanged or substituted for other identical assets and have the same value. In contrast, NFTs are unique assets, so no two NFT projects are the same.
NFTs create a scarcity among available assets. The item even comes with a certificate to prove its authenticity to collectors. NFTs can take the form of GIFs, tweets, virtual trading cards, virtual real estate, in-game items, and more.
What is NFT Lazy Minting?
Lazy minting is when NFTs are available “off-chain” or outside the blockchain and are only minted after the NFT has been sold.
By using lazy minting, developers don’t have to pay gas upfront for mining NFTs. In contrast, gas fees are paid after NFT works are purchased and transferred on-chain.
Therefore, the responsibility for the NFT minting lies with the buyer, not the NFT creator.
Not only is this approach cost-effective, but it also reduces unnecessary computing power since only sold NFTs are minted.
NFT Lazy Minting Step-by-step
As the NFT trend evolves, many NFT marketplaces currently offer lower cost or free minting methods.
For lazy minting, you can do it on OpenSea or Rarible. Below is a guide to lazy minting NFTs on OpenSea and Rarible.
1. Connect your ETH wallet to your OpenSea account. You can choose from different wallet options such as MetaMask.
2. Create an OpenSea Collection by clicking Create Collection in the OpenSea Dashboard.
3. Set up your first NFT collection on OpenSea. Check logo, banner, name and description.
4. Select the blockchain of your choice. To make your minting process gas-free, you can choose the Polygon blockchain for minting.
5. Start minting your NFT by clicking on the “Collection” and “Add Item” options.
1. Go to Rarible.com, click “Sign In”, and connect your wallet.
2. Click Create and fill in all the information about your NFT.
3. There are many options for NFT minting. Select “Free Mint”.
4. Click on “Create item” and sign free authorisations with your wallet.
5. After Completion, your NFT will be minted.
Once the purchase is complete, the NFT will be minted into your wallet and automatically transferred to the new owner. The Lazy Minting is currently only available in the Rarible default collection. This feature will soon be applied to custom collections.