Are you looking forward to selling your artwork as NFT and afraid of paying the heavy minting fees? Well, who would not? So, here is a post that will tell you about the Marketplaces To Mint NFTs For Free.
NFT Marketplaces are like real-life markets where we can sell or purchase things. As the blockchain network secures NFTs, you must mint your assets before buying or selling them. Minting is the process by which you can register your NFT and prove its ownership.
By minting your NFT, your artwork remains safe and secure on the blockchain. The drawback of the minting process is the minting fees. The minting fee is what you have to pay for minting your NFT. Once you pay the minting fees, the minting process starts, and after that, you can sell your NFT on the marketplace.
To be a successful artist in the NFT field, you need to understand how to mint NFTs for free, its process, and the marketplace to mint NFTs for free. Without losing time, let’s get into it.
What Is Minting?
Before we can put your NFTs on sale in the marketplace, we have to mint them. Minting is the process of registering your digital art on the blockchain so that it can’t be changed or tempered. It is security for your artwork. The traditional process of minting costs a lot of money because of the gas fees involved. This created a hindrance for creators and artists from putting their work on sale. First, they were required to pay the gas fee, and then they could put their artwork or NFT on sale. They were never sure if their artwork would sell in the market or not. This kept many artists from joining the NFT space.
What Is Lazy Minting Of NFTs?
Lazy Minting was launched in 2020 and was soon adopted by the top-ranking marketplaces like OpenSea, and Rarible. Minting means “just in time,” and Lazy Minting means minting at them at the time of purchase.
With this concept, the creators were allowed to sell their NFTs without paying the gas fees initially. The gas fees would be paid when the artwork is sold.
In this concept of Lazy Minting, a creator or an artist can mint their artwork for FREE!
This is because you won’t have to invest initially in selling the artwork. Gas fees will be deducted from the purchase amount. This concept brought down the risk factor to zero. Now artists and creators freely mint their artwork or resale their NFTs, boosting the NFT market.
Process Of Lazy Minting / Free Minting
Although the process of Lazy minting is different for each marketplace, the general process of Lazy minting can be done in just three steps.
Step 1: You will need a smart contract to do Lazy Minting—for example, Rarible.
Step 2: You have to create a signature for the NFT, which will be signed with your private key.
Step 3: When someone purchases your NFT, he pays for both the minting fees, and the buying price.
Marketplace To Mint NFTs For Free
5. Nifty Gateway
Some of the most expensive NFTs were sold on Nifty Gateway. Celebrities purchase NFTs from this marketplace. This marketplace also supports free minting. If your NFT collection is premium, this marketplace is perfect for you. The world’s most expensive NFT was sold on Nifty Gateway for $91.8 million.
4. Async Art
Async Art supports NFT creation on Ethereum blockchain only. It is based on programmable art only. Async Art provides gasless minting of NFTs. Anyone can mint NFT for a base price as well for a fixed number of NFTs. After that gas fee varies based on the market value.
3. Binance NFT
Binance is one of the largest cryptocurrency exchanges in the world. Binance is a good place to sell your NFT as a fresher. It provides an option to cash out your money in fiat currency. Currencies supported are BNB, BUSD, or ETH. Binance has its own token BNB. Binance charges 0.005 BNB for minting your NFTs. Binance also provides the first 10 NFTs for free without paying any minting charges.
Rarible is another top-ranking marketplace to sell your artworks. Rarible has its own token Rari. It supports Ethereum, Flow, and Tezos cryptos. Rarible also supports lazy minting. You can mint your NFTs for free and at the time of selling this NFT, your gas fees are charged. Tezos also reduces the gas fees, you have to pay $0.5 to mint NFT on Tezos.
OpenSea is the biggest NFT marketplace right now. It hosts some famous NFT collections like BAYC and Azuki. With its easy-to-use UI is very easy to buy and sell on OpenSea. It supports all formats of digital artwork. It supports a range of cryptos. You can sell your art in more than 150 cryptocurrencies. OpenSea allows free minting of NFTs and charges 2.5% when you sell your NFT. OpenSea also provides 10% royalty to the creator and authors.
There are many scams taking place in the marketplace. You need to rely on the best marketplaces to remain safe. These 5 marketplaces are the best and most secure for selling and buying NFTs. You just have to visit these marketplaces and start selling your NFTs without paying the gas fees.
Leave a comment below to know more about minting NFTs.
Frequently Asked Questions
Q1. How is Lazy Minting or Free Minting Done On OpenSea?
OpenSea is also promoting the Lazy Minting of NFTs. OpenSea offers some more features.
- Content Editing.
Once you put your artwork on the OpenSea marketplace, you can edit and format its description. If you require more space or link external websites, this can be easily done on the OpenSea marketplace.
- No Gas Fees.
OpenSea also encourages developers and creators to upload more and more artwork for sale. OpenSea charges for the first artwork minted and then you can upload as many as you like without any gas fees.
- Unlockable Contents.
If you are purchasing an artwork NFT on OpenSea, you can get unlocked content. This exclusive data can be used for new NFTs.
You can create different galleries once they are approved by OpenSea. These galleries can be used to keep your artwork sorted.
Q2. What Does Free Minting Mean?
Free minting allows users or creators to create NFTs for free. Free minting is also called Lazy Minting in which a creator creates an NFT without paying any gas fees.