On many occasions, Creators of Pixel Art have renounced to follow the whole process to create NFT (their art) online because of increasing fuel fees. These fuel fees are due for the minting process of the NFT and have become increasingly expensive due to the ETH (Ethereum) ever raising price.
All Nonfungible token (NFT) marketplaces charge Minting fees upon creation of the Pixel Art on their space. There is actually no Free Minting as such. Minting Fees actually did not disappear. They have been delayed: let me explain you how AND you will be surprised at the end of this article by the person who will from now on paid these fees ! (Read carefully till the end)
Competition between NFT Market Places
Rarible, one of the most famous Nonfungible token (NFT) marketplace, has change the timeline of charging the Minting Fees recently. Before, any creator of NFT had to pay the NFT Fee related to the creation and registration of the pixel art on the blockchain at the Minting time.
Now, this fee will be charged to the creator only a the time of the first NFT purchase of the token. This is a breakthrough that will open the gates to many more creators, who so far could not pay this fee upfront (not knowing when and if their art will find a buyer).
The daily transaction volume on NFT auction site Rarible has dropped significantly since peaking in April 2021 and has not recovered sinceCoinTelegraph’s Article in July 2021
These fees have recently represented about 0.022ETH, some how equivalent to $82.26, which is a big amount of gas fees. Especially if you want to create a full NFT Collection of hundreds of Tokens. A lot of creators and investors had to choose alternative marketplaces with lower barriers of entry such as the ones using Solana for example.
Where can you get Free Minting?
While Raruble was taking a deep, one of his competitor’s (Opensea) was benefiting of a surge in visitors the overall cryptocurrency market entered a bearish cycle.
As a consequence of Rarity’s decision, we can expect to see a huge flow of newly created NFTs in the weeks to come. Rarible is said to have recorded more than 10k unique users in the last 30 days period.
You can read our article on how to create your first NFT and test the Rarible platform today.
Rarible has made the first move on the delayed Minting Fees processing and will gain a market advantage, but who knows for how long ? will his competitors follow this clever approach to attract more creators?
How to create NFTs at zero cost
You need to create your NFT the “new” way by selecting the “lazy minting” feature. The beauty of it is that the buyer will pay the gas fees when purchasing the Pixel Art Token. Prior to that the latter will be listed on the market place as any other Token and safely stored on IPFS (decentralized storage). Important: you need to sign the “minting authorizations” with your wallet. This option is free, and guarantees you always remain in possession of your creations.
- Go to Rarible.com, connect your wallet
- Click “Create” and fill in all the information about your future NFT as usual
- Choose “Free minting” option
- Click “create item” and sign free authorizations with your wallet
- Boom! You’re done Baby!!
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