Today, the world is revolving around digital media. Everyone is actively participating in the whole technology web, from online platforms to the crypto world. One of the most influential drivers of this technological growth is the evolution of cryptocurrencies.
Every year, there are numerous cryptocurrencies being introduced in the market. Some fail miserably while some gain rapid pace. However, crypto trading is not as smooth-sailing as it seems. There are various obstacles faced by an active trader.
These problems can be the low speed of supercomputers, technological barriers, etc. However, there are more severe problems when minting NFTs (Non-Fungible Tokens). It refers to the units of data present in the blockchain. These can be present in any form like GIFs, tweets, virtual graphics, etc.
One of the most challenging obstacles in NFT minting is the gas fees. In order to increase blockchain efficiency, more computational power is required. In the entire process, enormous gas is needed. As a result, high gas fees are paid during the minting process.
In order to tackle this issue, experts introduced lazy minting. In simple words, lazy minting refers to the payment of gas fees only after the trade of NFTs. In this case, the NFTs are not available inside the blockchain. Therefore, it gives convenience as the payment is not required upfront.
There are various information sources a person can refer to while gaining knowledge about NFTs and lazy minting. Platforms like nftschool.dev are reliable sources for getting more information about lazy minting and how it works. However, the following section also gives a detailed overview of this technique and its benefits.
Top 3 Prominent Marketplaces For Trading
Before understanding the process of lazy minting, it is crucial to know where the person is minting. In simple words, which marketplace is their target for lazy minting. There are three central marketplaces, shown hereunder:
This trading platform was launched recently and is widely used for buying and selling Ether cryptocurrencies. The Ethereum blockchain supports the bidders/auctioneers without any extreme restrictions.
This is the ideal location for lazy minting as OpenSea marketplace is the most trusted & stable marketplace. It is the most used exchange platform. It provides users with various features and accessibility. This marketplace is also a gas-free place for trading.
Rarible marketplace comes with the major target of connecting the sellers with the potential buyers. These sellers can be meme creators, graphic designers, etc. The original work is converted into tradable units, i.e., NFT, using the rarible software.
Working Process Of Lazy Minting
The most desirable platform for applying lazy minting is the OpenSea marketplace, where the platform does not charge any gas fees. It seems impossible when the marketplace is gas-free. This is achieved through unique features. Apart from OpenSea, Rarible is also a trusted place to try lazy minting.
The entire process of lazy minting is explained in the following points:
Firstly, the person attaches their NFT like memes, graphics, etc., on their desired platforms like OpenSea or Rarible.
These uploaded NFTs do not get transferred to the blockchain. This means that there is no intake of energy while uploading.
When the seller gets their first potential purchaser of the content, the NFT will move to the on-chain.
After the transfer, a digital token will appear. This token is called lazy minting.
The working can be summed as a function whereby NFT creators surf through their Ethereum account’s secure password. They make a private digital signature using data.
This signature acts like a coupon used at the time of buying NFT. This ticket consists of various details useful for the NFT purchase. This crypto signature is proof of the NFT’s authenticity.
How To Do Lazy Minting On OpenSea & Rarible
As mentioned earlier, Rarible and OpenSea are the two most appropriate platforms for trading. Users can follow the below process for performing lazy minting.
Lazy Minting On OpenSea
The first step to launch into lazy minting is to connect the Ethereum wallet to the OpenSea platform account. Once opened, the person will see various alternatives for the wallet.
Choose the best wallet option from the list.
Make your collection of various media files on the OpenSea dashboard.
Design or make an NFT collection on the platform with the help of different elements.
Choose a blockchain for the minting purpose. The most suitable blockchain in most cases is the Polygon blockchain.
The final step in the lazy minting process is to click on the ‘collection’ button and add items to start minting.
Lazy Minting On Rarible
Visit the official website of Rarible, i.e., rarible.com. Sign in to the account.
If the account is not created, register on the site and connect the wallet with the platform.
Click on the ‘Create’ button. Choose the NFT collectibles (either single or multiple).
Choose a multimedia file and transform it into NFT.
Select a price or quotation for selling the NFT. The user can also select a variable price according to the auction bidding.
The most crucial advantage of lazy minting is that it is a highly reliable [pocket-friendly option for traders. There is no investment before the final sale of NFT. But, on the other hand, there is a significant drawback of lazy minting. Initially, it will require investing a small amount for trading or minting an NFT.
Lazy minting has become a booming trend in the digital market. People have started relying on this technique as it is convenient for sellers to quote their unique NFTs at high prices, enhancing their overall profitability. This profitability is otherwise cut short due to rising gas charges.
However, people should understand their needs before opting for lazy minting. It can be beneficial in the long run if they have engaging content and are handy with OpenSea or Rarible.