Are You An NFT Creator? Learn How Lazy Minting Saves You Money!
Lazy minting is a fantastic development designed to save new digital artists upfront expenses!
First, let’s look at traditional NFT minting before we look at how lazy minting disrupts this archaic method and makes it easier for small digital artists to save money and increase their profit margin.
How Does Traditional NFT Minting Work?
Minting an NFT is the process of how your NFT (artwork) is created and uploaded onto a blockchain.
There are three stages of traditional minting:
- The smart contract to create an NFT
- Paying the gas fee
- The NFT is available to purchase
Minting an NFT costs the creator an upfront fee. If the NFT is created on an expensive blockchain like Ethereum, this cost could be $20 or more in gas fees. These costs multiply as many NFT artists wish to mint Multiple NFTs for sale.
This system creates a risk (barrier) for new smaller digital artists as they need to spend money before making money. What if the artist doesn’t sell their NFT? They lose money.
Now let’s look at how lazy minting disrupts this traditional, costly method.
What Is Lazy NFT Minting?
What if an NFT creator could create an NFT and list it for FREE without needing to pay the minting gas fee?
Enter … lazy (free) minting!
There are three stages of lazy minting:
- You need a smart contract that allows lazy minting
- The artist creates a signature for the NFT, signed with their private key
- An investor purchases the NFT and pays both the minting fee and the listed sales price
As you can see, lazy minting doesn’t require you to create an NFT directly, instead, the NFT creator prepares the NFT for sale using a signature.
The signature (signed data) acts as a “ticket voucher” that can be redeemed by a buyer for the NFT.
A new token (NFT) based on the voucher is created and transferred in the form of the NFT to the buyer.
What Is The Benefit of Lazy Minting For New NFT Artists?
Lazy minting removes the barrier to entry for small NFT artists. This onboards more artists to NFT marketplaces and allows them to create more NFTs for sale.
What Are The Potential Risks Of Lazy Minting?
As with anything, there are risks involved.
It is possible to create a signature without any context of which chain the NFT mints. This opens up issues for purchasers. However, this is a problem already being addressed.
You can also visit our NFT resource directory to find useful links to help you invest in NFT more effectively.
Visit us today at spendingcrypto.com
Author:
Jonathan Titley
Founder:
spendingcrypto.com
Co-founder:
https://fomomagazine.io
https://twitter.com/MagFomo
(NFT industry magazine and project reviews)
Co-founder:
https://nftave.io
(NFT marketplace and educational Web3 academy)
We also offer NFT consulting for individuals and NFT projects. Contact us.
