Rarible, a marketplace for non-forgeable tokens (NFT), has launched a new feature called “Lazy Coin Maker” that promises users the ability to create non-forgeable tokens at zero cost – while enhancing the environmental sustainability of the platform.
Rarible announced Monday that under its new scheme, NFTs “are not minted at the time of creation, but at the time of purchase, rather than using the traditional method where data is stored on the blockchain immediately after minting. It is the buyer who pays for the gas when the item is purchased.” In this case, the data would be stored on a decentralized peer-to-peer storage system called IPFS.
During the influx of new retail players into the NFT space over the past year, a large part of them have been uncomfortable with the persistently high gas fees on the Ethernet network, increasing their barriers to entry and shifting many investors to alternative blockchains, such as Solana.
According to Rarible Analytics, the average gas price to mint an ERC-721 token on Rarible is currently 0.022 ETH, which is equivalent to $82.26 at current prices. This is actually a favorable time to mint coins on the platform, as opposed to times of high network activity when gas fees can spike into the hundreds of dollars.
This is why Rarible’s implementation has been welcomed by the community as a positive move, although its potential impact on the broader market is unknown.
Popular cryptocurrency exchanges Coinbase, FTX, and Binance have become the latest iteration of cryptocurrency companies to express interest in building products and services in the NFT space.Coinbase gained huge community attention for its upcoming NFT marketplace, signing up for 1.1 million emails in the first 24 hours. A week later, that number is now 2.35 million.
To add context to that number, leading NFT marketplace OpenSea has recorded slightly more than 263,000 unique users in the last 30 days, in addition to a total transaction volume of more than $3 billion.
According to its latest shareholder report, Coinbase recorded 68 million verified users and 8.8 million monthly active users in the second quarter of 2021.
Rarible recorded 10,100 unique users in 30 days, and RARI, the platform’s native token, has experienced aggressive growth over the past month, rising 80 percent from its one-year low in late September and is currently worth about $22.20, according to DappRadar’s analytics.