How to create and sell NFTs for free; know details

Business Today explains how you can mint your NFT for free on three platforms.

Do you know what is common between Kalpana Chawala, Deadpool, Amitabh Bachchan, Neo from Matrix, Micheal Jordan, Batman and the Ukrainian flag? 

All of them have launched their own Non-Fungible Tokens (NFTs). NFTs are all the rage right now. But don’t worry, you don’t need Bruce Wayne’s fortune to launch your own NFTs, you can do it for free.

While some NFT minting platforms charge high gas prices, others have developed more efficient and cost-effective minting processes and, in this guide, we would be exploring three such platforms. Moreover, no code is required to mint your NFTs on these platforms.

But first, let us understand what minting an NFT means.

Minting is the process of integrating your NFT onto the blockchain. It occurs when the immutable and tamper-resistant digital public ledger, i.e. blockchain, accepts and stores your NFTs. 

There are significant gas fees associated with minting an NFT on the blockchains. The more congested the blockchain, the more expensive the fees become. Fortunately, thanks to the efforts and assistance of certain programmers, users have discovered a less expensive method. Artists can now avoid paying for gas and mint their NFTs for free.

Several NFT marketplaces have updated their pricing structures over time to ensure that they continue to attract a broader audience. Three of them are discussed below.

1. Rarible

Rarible has added a new “Lazy Minting” option that requires neither gas fees nor the creation of a smart contract. Users can mint a free NFT by using Rarible’s few lines of pre-existing code.

This subsequent move has been attempted to strengthen the platform’s sustainability by obviating the requirement for an Ethereum blockchain and redundant transactions. As a result, there is no initial investment associated with monetising your work.

How does “Lazy Minting” on Rarible work?

To produce an NFT in the usual manner, users must mint it on the Ethereum blockchain. This necessitates immediate payment of a gas fee, which is pricey. However, the new lazy minting functionality enables users to bypass the minting procedure entirely when creating NFTs, which are then created during the purchasing process. This means that the fees will be borne by the buyers rather than the seller.

Thus, unless an NFT is acquired, it remains on the marketplace and the data is retained on IPFS (decentralised storage). While establishing an NFT, you would need to sign the “mining authorisations” using your wallet, which is free and secures your ownership rights, ensuring that your inventions remain yours.

2. OpenSea

OpenSea is a well-known marketplace for purchasing and selling NFTs. It provides a user-friendly creation experience that allows creators to create NFTs quickly and efficiently. However, it does charge its authors a fee for selling an NFT. This means that while creating an NFT is free, selling it is not, and the users can adjust the cost in the selling price of their NFT.

OpenSea is a popular platform that is trusted by a large number of NFT traders. Additionally, the platform includes certain advanced features that have contributed significantly to its reputation. For instance, it enables NFT holders to sell their NFTs in bundles with other sellers.

3. Mintable

Mintable is another useful site for traders looking for a more cost-effective way to create or sell their NFTs. Surprisingly, it offers a free registration process and charges no fees for producing or offering NFTs for sale, making it a far more attractive option for new and inexperienced traders.

Mintable has developed a platform that is ideal for artists seeking zero investment and great returns. With no minting fees, it has the potential to quickly become the most frequented marketplace. 

While the website is less user-friendly, it does provide NFT developers with a free minting and sale process, the site has low traffic due to the lengthy registration process.

Published By : Business Today

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