Are you an investor or creator in the Metaverse? Are you fed up paying gas fees for the artwork NFTs you want to mint? If yes, then here is good news for you. Now you can mint your NFTs without paying any gas fees. Yes, it’s possible by the concept of Lazy Minting of NFTs.
NFT marketplaces like OpenSea and Rarible came up with a new concept of minting. The traditional way of minting NFTs discouraged new creators to mint their NFTs. It was a risk for them, to mint NFT. They had to pay a lot of gas fees and then, they were unsure if their NFT would be sold or not. Lazy Minting of NFTs came as a relief for such creators.
This post is all about Lazy Minting NFTs for new creators and developers. In this post, we will be going through the concept of Lazy Minting NFTs and how Lazy Minting of an NFT works. Let’s get into it.
What Is Minting?
If you are a creator or an investor in the NFT marketplace, then minting is the only thing to earn money in Metaverse. Before we can sell NFTs on the marketplace, we have to mint them. Minting registers your digital art on the blockchain so that it can’t be changed or tempered. Traditionally, the process of minting costs a lot because of the gas fees involved. This gas fee hampered creators and artists from putting their work on sale. They had to pay this huge fee and then they were unsure if it would work for them or not. This kept many artists at a huge loss.
Also Read, How To Create 3D Models/NFTs in Decentraland | Mint Your 3D NFTs
What Is Lazy Minting in NFT?
Before getting straight up to how to do Lazy Minting of NFTs, let’s know what it is!
Lazy Minting was launched towards the end of 2020 and was soon adopted by the top-ranking marketplaces of NFT, OpenSea, and Rarible. Minting means “just in time” and Lazy Minting means minting at them at the time of purchase. This concept soon became famous among the creators as it allowed them to sell their NFTs without initial investment in gas fees.
In this concept of Lazy Minting, a creator or an artist can mint their artwork for FREE!
This doesn’t mean you don’t have to pay the gas fees. You will pay the gas fees once your artwork is purchased and from that money, gas fees will be deducted. This concept brought down the risk factor to zero. Now artists and creators freely mint their artwork or resale their NFTs without taking any risk of loss.
Also Read, How To Buy Bored Ape Yacht Club NFT? A Step-By-Step Guide For Beginners
How Is Lazy Minting Of NFTs Done?
So far, you have understood the concept of minting and Lazy minting. Now let’s find out how Lazy Minting of an NFT can be done. Lazy minting can be done in just three steps.
Step 1: You will need a smart contract that has the ability 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 fees, the minting fees, and the buying price.
Lazy Minting Of NFTs On Rarible
To illustrate this process a little more, let’s look at the process of Lazy Minting an NFT on Rarible. This process is also known as free minting on Rarible.
Step 1: Upload your data on IPFS, a decentralized database.
Step 2: Generate the token Id. Token Id is needed in Lazy minting as your NFT isn’t minted yet. NFT is not yet stored on the blockchain. It remains with Rarible only, so a token Id is a must.
Step 3: Creating Lazy mint. This is where the actual lazy minting is done. Depending on your art, lazy mint can be in the form of tokens like ERC 721, ERC 1155, royalties, creator, and much more. You need to sign in using your digital wallet like MetaMask and your private key.
Step 4: The last step is to post it on Rarible API.
Also Read, How To Get Free Ethereum (ETH): Money Saving Hacks
So far, we have discussed everything about Lazy minting an NFT. We also discussed the process of Lazy minting on Rarible. Metaverse is a fun place to play with, now with the introduction of Lazy minting, the fun for creators doubled along with the money in their pockets.
With the recent launch of the mobile app by Rarible on both android and ios, Rarible has now added a new feature of lazy minting in their mobile app. Now users can use Lazy Mint NFTs from their mobile phones easily and more quickly.
If you are interested to know more about any topic, leave a comment below.
Frequently Asked Questions
Q1. What Is The Difference Between Minting And Lazy Minting?
|Need a smart contract like Rarible or OpenSea||Need a smarter contract like Rarible|
|You pay the gas fees before minting||You don’t have to pay the gas fees initially.|
|Then someone can buy your NFT||When someone buys, then your fee is deducted from the purchase.|
Q2. How To Mint NFT On OpenSea?
Here is the process of Minting your NFT on OpenSea. Step by step process has been discussed.
Q3. What Is Lazy Minting 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.
Q4. 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.