Rarible introduces ‘lazy minting’ for NFTs

Rarible launches lazy minting to cut gas costs.

The Rarible platform has introduced a feature that allows issuing non-fungible tokens (NFTs) without transaction fees.

According to the statement, the option is designed to lower the entry barrier for creators. It is also a ‘step toward sustainability’ for the marketplace, as it reduces the number of unnecessary Ethereum transactions associated with issuing unused NFTs.

In traditional token issuance, the token appears on the blockchain immediately. This means the issuer must pay the transaction fee, according to Rarible.

“Thanks to the new lazy minting feature, your NFT is issued not at the moment of creation, but at the moment of purchase. The gas fee is paid by the buyer. Until then, the NFT trades on the market like any other, and the data is securely stored in IPFS (a centralised storage).” — the project team explained.

When creating a digital item, the user can choose the ‘Free Minting’ option and sign the token through a wallet.

After purchase, the NFT is automatically minted to the linked wallet and transferred to the new owner.

Rarible also warned that ‘lazy minted’ NFTs can only be burned with payment of the transaction fee, as with ordinary tokens.

Earlier in June, Rarible raised $14.2 million in a Series A funding round.

Around the same time, the platform became a partner of Twitter in releasing a collection of 140 NFTs for the social network.