If you are already into NFTs, then you might be aware of the difficulties of minters while paying the gas fee for NFT minting. One of the reasons is the shady and hidden charges. In most cases, the external costs cause huge minting losses. Only those platforms that employed the best NFT marketplace development services can enable fair minting.
In this blog, we will discuss the features of NFT minting along with some information that will be useful for you. Before going to the core concept, you should know several fundaments terms involved in NFT minting process.
Gas Fee - Explained
The collection and verification processes keep the data on the blockchain, which can be used for validating transactions afterward. The gas fee is the charge the Ethereum platform charges for every transaction. Generally, gas fees are similar to bank charges upon each transaction. This fee will be paid to the miners.
Miners/Minters are the professionals who agree to share the power of their computers for executing Ethereum transactions. In a large network, the minting process is quite simple and fast-paced to execute for minters. Moreover, the rewards acquired in such networks will be more than sufficient. Gas prices are related to the supply and demand concept.
So, what can cause the prices to go up and down?
Factors Impacting The Gas Fee To Mint NFT
The first cause in the list is network traffic. The high traffic in the marketplace denotes the large user population on the platform. In this scenario, the resulting gas fee will be more. Oppositely, low traffic results in a low gas fee.
Secondly, the complexity of a specific task will determine the gas fee, (i.e.) very complex tasks will require more computational resources, thus increasing the gas fee. This is the exact opposite of simple tasks.
Lastly, users can set a gas fee limit upon the transactions. So, minters will never be out of coins after minting NFTs. But, is there a chance to mint an NFT without a gas fee? What are the terms and conditions involved with these criteria?— let us see!
Is it possible to create an NFT with no gas fees?
NFT miners and collectors earn profits via gas fees. Both of them will receive their due stake while performing the task allocated to them. If there is no gas fee, then Minters won’t receive any payment. So, yes, it is possible to make NFTs without a gas fee, but sadly, minters will not even get a penny out of it.
In such cases, employing a Proof-Of-Stake (PoS) blockchain is the best solution. In the PoS network, the nodes will work together to validate the transactions. When compared to PoW systems, PoS is more efficient. Like you might have heard already, PoS requires less computational power to mint NFT collectibles.
Also, PoS helps minters to acquire more security at a lower cost. The carbon footprints are also much lesser than in PoW blockchain. Features like this make Proof of Stake a favorite choice for NFT marketplaces. Who wouldn’t like to invest in genuine minting mechanisms?
At last, you can possibly mint an NFT at a low cost but never free of cost. Indeed, the blockchain ledger will deduct some price to pay their contributors. You can approach an NFT marketplace development company to develop a profitable NFT platform.