Are you an artist or creator looking to get into the world of non-fungible tokens? If so, then you know that minting NFTs can be expensive. With high gas fees and a complex process, many would-be creators are put off by the cost associated with minting. But there is an alternative: lazy minting of NFTs.
Lazy minting is a relatively new concept that allows users to create digital collectibles. You don’t need to pay those exorbitant gas fees involved with traditional minting. This method of token creation enables people to easily move their artwork onto the blockchain. That too with a fraction of the cost compared to traditional methods. In this blog post, we’ll explain what lazy minting is and how it works so you can decide if it’s right for your project!
What is Lazy Minting of NFTs?
Lazy minting is a way of creating NFTs that helps minimize the cost and risk associated with traditional minting. It’s an innovative way to create digital assets without having to pay any upfront fees. Gas fees and account/marketplace fees are some of the upfront fees we need to pay in traditional minting.
With lazy minting, you don’t have to pay any money until you sell the NFT. The fee for minting is included in the sale transaction that assigns the token to its buyer. This means you won’t have to invest a lot of money before knowing if your work will sell. This is a major benefit compared to traditional minting.
Not only does lazy minting save creators time and money, but it also makes it easier for them to track their profits and losses. This is possible because all details regarding ownership and transactions are embedded in the block of data. Creators can easily access information on who owns their asset and where it was stored. This makes it easier for them to stay on top of what is going on with their asset and ensure they’re making a profit from it.
The concept of lazy minting can help reduce the barrier to entry for artists to some extent. They can focus more energy on developing their creative ideas instead of worrying about expensive up-front costs. As a result, lazy minting is beneficial for NFT creators and digital artists compared to traditional minting.
How Does Lazy Minting of NFTs Work?
Lazy minting of non-fungible tokens is one of the ways to mint digital art and collectibles on the blockchain. Traditional minting involves “calling a contract” and creators need to pay gas fees for publishing the tokens on the blockchain. In lazy minting, instead of creating a non-fungible token directly, the creator makes a “voucher” or ticket. This voucher can be redeemed for the token during the sale. It contains all the necessary data that will go into the actual NFT, including a smart contract.
The NFT creator authorizes the signature, which is a crucial part of making sure that the voucher is authentic. The signature is public data that verifies that it was indeed created by them, so buyers can trust its legitimacy. To make dealing with signed vouchers easier and more secure, Ethereum developers have come up with EIP-712. It is a standard for signing digital claim tickets. Signatures created with this protocol are proof of validation from a specific network’s smart contract.
When using lazy minting, creators don’t need to pay for “calling” their token directly to the blockchain. Creators can authorize it for sale with their signature even before paying the minting fees. When the buyer purchases, he will pay both the minting fees and the cost of the non-fungible token. Now, the token exists on the blockchain and resides in the buyer’s wallet. This process helps ensure authenticity and prevents fraud since buyers can be certain that only verified tokens will make it into circulation.
Advantages of Lazy Minting
- Lazy minting helps to mute the impact of gas fees. It allows NFT sellers to incorporate the fee into their pricing models and make the process more affordable for artists.
- It helps to lower the barrier to entry. And, makes it possible for more people to join the NFT marketplace.
- Lazy minting encourages liquidity since buyers won’t have to wait indefinitely for the transfer of tokens after the sale.
- It also allows buyers and sellers greater flexibility when it comes to timing their transactions. Because they can opt for instant or delayed transfers depending on their needs.
- The process also offers greater security since all NFTs are verified before the transaction. It ensures that they are genuine products and not counterfeits.
- Furthermore, it provides a convenient way of tracking ownership rights. And, prevents any disputes that may arise from miscommunication or misunderstandings about the ownership of a token.
Disadvantages of Lazy Minting
- Loss of control: By opting for lazy minting, the seller no longer has the final say in who purchases their work.
- Potential for fraud: Artists or developers have the incentive to sell their NFTs to cover the gas fee. But this could potentially lead to fraud if they never actually mint or transfer the token after selling it.
- Higher overall costs: Depending on the fees taken by the marketplace, lazy minting can have higher overall costs than traditional minting.
- Increased vulnerability: When a smart contract is signed off-chain, it is more vulnerable to fraud and hacking attempts. This makes security an additional concern for those who choose to lazy mint.
How to Lazy Mint NFTs on Popular NFT Marketplaces?
Here, we’ll take a look at how the lazy minting process works on two of the popular NFT marketplaces – OpenSea and Rarible.
Creating a lazy mint of a non-fungible token on OpenSea is a simple process. It allows artists to quickly list their tokens for sale. Here is how to do it step by step.
- Navigate to the OpenSea website (opensea.io) and create an account if you have not already done so.
- Click the “Create” button in the upper-right corner of the page.
- Upload your digital artwork, photos, or videos, then fill in all necessary information about your token. Make sure to provide a name and other details for your NFT.
- Click the blue “Create” button to finish creating your non-fungible token.
- After that, you will see the asset’s page where you can sell it by clicking “Sell”.
- Set the price and duration of your listing. This determines how long it will stay on OpenSea before expiring automatically. And then, click “Complete Listing”.
- Finally, sign the message from your wallet which confirms that you are officially selling this specific asset on OpenSea.
That’s it. You’ve just successfully listed and lazy-minted a non-fungible token on OpenSea!
Lazy minting NFTs on Rarible is a fast and simple process that can be completed in just a few steps. To begin, you will need to register for a Rarible account and connect your wallet.
- Go to rarible.com and click the “Sign Up” button in the top right corner of the page. Create an account using your email address or sign up using your existing social media accounts such as Twitter, Facebook, or Google.
- After creating your account, you need to connect your wallet by entering its address in the designated field on the page. You can use wallets such as Metamask, Coinbase Wallet, or Trust Wallet to connect with Rarible’s platform.
- Once connected, click on “Create” in the upper-right-hand corner of the page. You can see the item creation page where you can enter information about your NFT including title, description, and image (optional).
- Enable “Free Minting” on Rarible and then click “Create Item” once everything is filled out correctly. Here, you will get confirmation that your token has been successfully created and queued for minting on Rarible’s network.
- Lastly, sign all authorizations with your wallet by clicking “Confirm Transaction”. Once you authorize all transactions successfully, you have officially lazy-minted an NFT on Rarible. Congratulations!
Lazy minting is an easy and efficient way to create non-fungible tokens. You don’t need to go through the complex and time-consuming process of traditional minting. By using lazy-minting, you can quickly list your digital artwork on popular marketplaces like OpenSea and Rarible. However, it’s important to remember that with this convenience comes some potential drawbacks. With these things in mind, make sure you consider all the pros and cons before opting for lazy-minting.
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