The world of Non-fungible Tokens (NFTs) is rapidly expanding where new digital assets are constantly being generated and exchanged. Well for many creators there always has been a block in their NFT creation journey when you have got your digital asset ready and you are willing to share it with the world, you get to know about the awful gas fees. Gas fees are the cost that the creators need to pay while performing transactions on the blockchain network which can prove to be very costly for a growing artist. This is when “lazy minting” comes to the rescue, which allows them to create NFT for free.
What are NFTs?
Non-fungible tokens (NFTs) are cryptographic assets based on blockchain technology with unique ID codes and metadata. Unlike other cryptographic assets, NFTs are non-fungible which means they can neither be replaced nor interchanged because they have unique properties. NFTs can also replicate real-world assets like works of art, real estate, etc. NFTs help make transactions involving these real-world tangible assets more efficient and reduce the probability of fraud.
What is NFT minting?
NFT minting is a process of creating and deploying a unique digital asset on a blockchain network as a Non-fungible token (NFT). Well, choosing the right blockchain to mint your NFT can be vital. If you want to share your digital asset with the world and at the same time also want to make sure that everyone knows that you are the rightful owner of that digital asset, that is where blockchain comes into play. NFT minting is like registering your creation in the blockchain pages which would make your digital asset unique and verifiable as well. This results in our digital assets becoming an NFT, a digital treasure that can be bought, sold, or traded as it is recorded on the blockchain.
What is lazy minting?
Lazy minting is a way of creating NFTs that helps the creators minimize the financial cost and the risk associated with it. This allows the creators to avoid paying the upfront amount until their NFT is sold. The minting fee gets integrated into the final transaction when the NFT is transferred to its buyer.
Lazy minting also reduces the entry barrier for creators to step into the NFT space. As they are allowed to avoid the upfront cost, they can spend more time nurturing their creative ideas, resulting in an exceptionally beneficial option for creators compared to the conventional minting process.
In the above illustration, when a user mints an NFT using lazy minting, the NFT is stored on a centralized database. If someone comes to buy that NFT, it moves from the centralized system to the decentralized system (the blockchain) and the cost of transferring the NFT will have to be paid by the buyer, which reduces the risk associated with NFT for the creator.
How to create NFTs for free using lazy minting?
The steps to create NFTs for free using lazy minting are as follows:-
- Select your Platform - miniOrange NFT marketplace is a great choice for minting the NFT for free. It provides Lazy minting of NFT, which enables rising creators to mint their NFT without any risks.
- Create an account - Sign up for an account on the miniOrange NFT marketplace and complete the necessary profile setup steps.
- Upload your digital asset - Prepare the digital item that you want to turn into an NFT. This could be digital painting, song, videos, or any other digital asset. Upload your item to the miniOrange NFT marketplace and provide relevant details, such as title, description, and royalty percentage.
- Select the Lazy minting option - Look for the lazy minting option on the miniOrange NFT marketplace, which allows you to mint your NFT without paying any upfront fees. This option may be referred to as "Free minting" or "lazy minting".
- Set the Price and Royalty - Set the price for your NFT and specify the royalty percentage that you would like to receive for future sales. Royalty percentage is the percentage of the sales price that you will receive as the creator whenever your NFT is sold or resold in the future.
- Publish your NFT - Once you have set the price and royalty percentage, you can publish your NFT on the platform and it will be listed for sale, where the potential buyers can purchase it just like any other NFT.
- Minting upon sale - When a buyer purchases your NFT, the lazy minting process will automatically take place. The NFT will be minted to the blockchain, and the buyer will receive the authentic NFT along with ownership rights.
Steps for lazy minting in the miniOrange NFT marketplace
Go to hascoin.io and create your account.
- After logging in, go to the dashboard and deploy your smart contract.
- Then, go to Mint NFT, provide your NFT details like NFT image, metadata, price, etc. Select lazy minting, and click on the List NFT button.
- A wallet pop-up will show up and ask you to sign the voucher with NFT details with your wallet address.
- After signing the voucher with your wallet, your NFT will successfully list on the marketplace.
- When someone wants to buy the NFT, they just click 'Buy NFT,' and use cryptocurrency to make the purchase.
- After the buyer pays for the cryptocurrency, the NFT will be minted on-chain and transferred to his wallet.
Benefits of lazy minting:-
- Cost-effective: Traditional methods of minting NFTs often require creators to make payments, which can pose a hurdle for those who are just starting out. However, with minting authors can avoid these expenses and find a more budget-friendly solution.
- Risk-free: With minting, you don't need to worry about paying the minting costs before your NFT is sold Resulting in not losing any money if your NFT doesn't get sold.
- Flexibility: Lazy minting offers authors the freedom to experiment with pricing options without having to invest in fees which allows the creators to make adjustments to their NFT marketing strategy based on the market feedback.
- Accessibility: Lazy minting makes the process of creating NFTs available to a range of creators who may not have the financial means to cover upfront minting expenses.
In conclusion, we can say that free NFT creation finds itself in the capable hands of the miniOrange NFT Marketplace. In summary, lazy minting creates an affordable opportunity to produce NFTs at no cost. By employing lazy minting strategies, artists can minimize upfront investment related to standard minting practices. Thanks to its affordable prices, versatility, user-friendliness, and widespread appeal. Lazy Mint allows hopeful content creators to enter the NFT space effortlessly. Creators looking to explore NFTs can use miniOrange NFT Marketplace to produce and offer their tokens for free through the process of "lazy minting". Happy minting!