Rarible introduces zero-cost NFT minting feature

Rarible, a non-fungible token (NFT), marketplace, has added a new function called “lazy minting”, which promises users the ability create nonfungible tokens at no cost while improving environmental sustainability on the platform.

Rarible announced Monday, instead of using the traditional method of storing data on the blockchain right after it is created, that NFTs will be “minted not at creation, but at purchase.” The buyer pays the gas fee when buying the item. In this instance, data will be stored in a peer-to-peer decentralized storage system called IPFS.

Despite the increase in NFT participants over the last year, many investors have been diverted to other blockchains such as Solana due to the high gas fees on Ethereum.

Rarible Analytics data shows that the current average Rarible gas price for minting one ERC-721 token, equivalent to $82.26, is 0.022ETH. This is a good time to mint tokens on the platform, as opposed to times when there is high network activity and gas fees that can reach hundreds of dollars.

The community will welcome the Rarible implementation as a positive initiative, even though the potential impact on wider markets is still unknown.

Related: Rarible’s daily transactions experience a rapid decline

Coinbase, FTX, and Binance are just a few of the many crypto companies that have expressed an interest in building products and services for the NFT market. Coinbase received a lot of social media attention due to its NFT marketplace launch. It registered 1.1 million email signups within the first 24 hours. This number has now risen to 2.35 million a week later.

This figure is a bit more context because OpenSea, a leading NFT marketplace, has seen a little more than 263,000 unique users in the past 30 days, and has generated over $3 billion in total volume.

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

DappRadar analytics data shows that Rarible has 10,100 unique users in a 30-day period. RARI, the native token of the platform, has seen positive growth over the last month, increasing 80% from its lows in September and reaching $22.20 at the moment.

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Jason Basler

Jason Basler– Financial Updates My Name is Jason Basler and I am also the main source from the ‘Topnewsscoop.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor. Address: 4830 Crim Lane Dayton, OH 45402, United States of America Phone Number:  +1 937 727 7917 Email: [email protected]

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