The non-fungible token market (NFT) Rarible has introduced a new feature called lazy mining that promises users the ability to generate zero-value, non-innate tokens – all while increasing the platform’s environmental sustainability.
Instead of the traditional way of storing data on the blockchain right after it has been minted, Rarible announced on Monday that under its new NFT program it was “not flagged at the time of creation, but at the time of purchase.” The buyer pays for the gas when purchasing the product. In this case, the data will be stored in a decentralized peer-to-peer storage system called IPFS.
With new retailers pouring into the NFT space over the past year, a large sector has been concerned about the ever-higher gas fees on the Ethereum network, increasing their barrier to entry and leading many investors to alternative blocks like Solana.
According to Rarible Analytics, the current average gas price for Rarible for the ERC-721 token is 0.022ETH, which equates to $82.26 at current prices. This is actually a good time to make money on the platform compared to the frequent periods of high network activity where gas fees can run into hundreds of dollars.
This is why the Rarible app will be welcomed by the community as a positive initiative, even though its potential impact on the broader market is not yet known.
On the topic: Rarible’s daily transactions are dropping.
Popular crypto exchanges Coinbase, FTX, and Binance were among the latest iterations of crypto companies that have expressed their intention to build products and services in the NFT region. Coinbase has received a great deal of public attention for the upcoming launch of the NFT market, recording 1.1 million email signups in the first 24 hours. A week later, the number was 2.35 million.
To give this more context, the leading NFT marketplace OpenSea has registered just over 263,000 unique users in the last 30 days, as well as over $3 billion in total.
According to the latest shareholder report, Coinbase had 68 million authorized users and 8.8 million monthly active users in the second quarter of 2021.
Analyst data from DappRadar shows that Rarible registered 10,100 unique users in a 30-day period, while RARI, the private platform token, saw positive gains in the past month and rose 80% from an annual low in late September to today’s level. About US$22.20.