As the NFT space develops, more and more projects are adopting gasless minting. After all, gasless minting lowers the barriers of entry into the NFT market by essentially reducing the costs associated with creating an NFT.
Why NFT developers are moving towards gasless minting
We’ve heard of NFT sales worth up to $60 million. However, it’s still the major companies that are reaping the great rewards. On the other hand, startups and smaller companies are finding it hard to sell their NFT products.
Almost all the NFTs in the market are Ethereum-based since this is the most popular network in the crypto space. Furthermore, all Ethereum-based transactions rely on gas fees. The miners receive this payment for recording and validating the transactions.
The increase of DeFi assets on Ethereum has resulted in a flood of transactions overall. Ethereal processes an average of 7 to 10 transactions per second, but this isn’t enough to cope with the number of transactions. As a result, the average gas fees have increased over time.
While improvements in network performance have stabilized the price, the cost is still quite significant. This is especially true for smaller NFT artists who are just entering the NFT space for the first time.
Here is a breakdown go the process that goes into minting an NFT:
When you are working on digital art, NFT technology provides you with a valuable key to a more global audience. You get the opportunity to target clients beyond your local borders. Additionally, the NFT market gives you a reliable platform where you can showcase your creations and impress potential clients.
The opportunity to sell your art without relying on a middleman is a worthwhile reason to consider making the leap into the NFT space. That means you can make more money from your creation. Not to mention, you don’t have to invest so much just to get access to a major gallery with prospective buyers. Selling on a virtual marketplace means you can transform your art into a form that’s unique.
At a time when we’re living more of our lives online than ever before, a non-fungible token is the perfect form for you to sell art in. It allows you to keep your art original, and clients can purchase and own the rights to these art pieces online. That’s worth celebrating, right? After all, you are transacting with the buyers directly. This also means you have a fair chance to reach prospective audiences. There’s just one catch. Every time you create an NFT, you should expect to spend some money on gas fees.
What are gas fees?
Gas fees are basically the amount of ETH (Ethereum’s native currency) that is required to transact in the network. These gas fees are used to compensate miners for the energy they need to consume to verify each new transaction. In addition, the gas fees cover the cost of securing the Ethereum network against scammers and hackers.
The concept of gas fees is valuable in principle. After all, charging gas fees on every transaction is a good way to incentivize the same miners who need to verify that transaction. However, gas fees can get prohibitively expensive, especially when the network is congested.
Creating a single NFT doesn’t cost much. However, when you decide to venture into large-scale production of NFT assets, these costs can add up. For instance, if you are creating 30 NFTs, you can easily spend $150 upfront. Of course, you can adjust the cost of your tokens to cover this cost. However, even if you do this, you have to wait to sell your products before you can recover from the gas fees. On top of that, it will still cost you more in gas fees to actually sell and transfer the NFT to the buyer. After all, gas fees apply to each transaction you perform with your NFT.
How to use gasless minting
If you’re an NFT artist, then you’ll no doubt be looking for ways to save the gas fees we’ve talked about above. In order to pay less money in gas fees, you should give gasless minting a try.
What’s gasless minting?
If you’ve never heard of gasless minting, that’s because it’s a relatively new concept in the NFT space. Moreover, only a few NFT marketplaces currently include features for gasless minting.
Choosing this route means you will still leverage smart contracts to create your NFT. However, the main difference – aside from this route costing less money – is in where you store your NFT. Normally, you would transfer the token to your wallet after minting. With gasless minting, you don’t have to transfer the token to your wallet. Instead, you can keep it in the smart contract. You essentially bypass the gas fees by storing your NFT in the smart contract rather than in your wallet.
How does gasless minting help you save money?
When you choose to use gasless minting, you can still showcase your art pieces as the seller. That means prospects can come around and see what you have to offer. If some of them show interest and want to buy the NFT, you can transfer it directly to their wallet. What that means is the cost of the transaction is halved. Before, you would have spent money twice – once to transfer the token to your wallet, and again to transfer it to the buyer’s wallet.
The existing gas fee for Ethereum is currently relatively low. As such, you may not see a significant saving when you use gasless minting for one or two NFTs. However, if you venture into commercial or large-scale NFT production, you will definitely see the difference. This is good news for artists who are just venturing into the NFT space and hoping to make a living here. You will also appreciate the benefits of gasless minting when the network you’re using gets congested and the gas fees go up.
How to promote your NFTs once you’ve launched them
List them on an NFT marketplace
One of the easiest ways to put your NFT assets in front of the right eyes is by listing them on a well-known NFT marketplace. This will help you reach potential buyers faster and give you the credibility you need to make the sale.
Create a media kit to showcase your NFT assets
A branded media kit is a valuable visual asset that you can use to highlight the best aspects of your NFT art. In order to create an eye-catching media kit, you need high-resolution images and the help of a skilled graphic designer. By signing up for a PR package at Pressfarm, you can get help with your media kit from expert designers who have worked with several NFT developers.
Create educational content on NFT technology
Since people are still learning about the NFT space, they’re likely to be drawn to you if you create educational content. NFT developers can leverage a wide range of content to educate their audiences. This includes blog posts, infographics, and more. Even better, once these people start to see you as a trusted authority, they’re more likely to buy your NFTs.
Gasless minting offers the potential for small NFT artists to save money and therefore earn more money from their NFT assets. In addition to the other benefits of selling art in NFT form, this is a significant advantage. As we said earlier, selling NFT art doesn’t require intermediaries, so artists can make more money through your art. Artists can earn even more money as a result of the savings that gasless minting offers.
Customers are looking for unique NFTs like yours. Here’s how Pressfarm can help you find these people
Do you need help putting your NFT product in front of the right audiences and generating positive media coverage? At Pressfarm, we’ve worked with NFT developers to help create newsworthy content like email pitches, press releases, guest posts, and press kits. Our PR professionals and expert writers can also build customized media lists to help you find your perfect media match. The experts at Pressfarm also come armed with a content distribution strategy that has worked for hundreds of brands across different industries.
By submitting your content to the right media outlets and startup directories, Pressfarm can help your project to rank in relevant search results across various search engines. Additionally, Pressfarm can build custom media lists in addition to offering you access to a comprehensive database of over 1 million journalists across industries. By giving you these media contacts, Pressfarm can help you to continue doing media outreach for up to a year after you’ve signed up.
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