What is Minting?

The process of creating a crypto-collectible or non-fungible digital asset on a blockchain from a digital file is known as minting. The digital object, which is impossible to edit, modify, or destroy, is kept in a distributed ledger or decentralised database. Minting is the process of uploading a specific object to the blockchain and associating it with a distinct token.

How to mint an NFT?

Step 1: You need the right smart contract in place in order to mint NFTs. However, NFT marketplaces already have the necessary smart contracts in place.

Step 2: A gas price must be paid on a blockchain before any new data can be added to the network. This can be quite expensive for NFT producers and is comparable to a transaction fee.

Step 3: On online stores like Rarible or OpenSea, NFTs can be bought and traded. It's crucial to keep in mind that each marketplace offers a variety of minting possibilities.

What is lazy minting? 

When an NFT is accessible off-chain and only becomes minted after a sale occurs, this is called lazy minting. As a result, the artist effectively pays the fees only when the token is bought instead of having to pay any upfront gas fees to mint their NFTs. It is also known as free minting since you are not required to pay any gass fees upfront. 

Why is lazy minting beneficial?

In exchange for the computational resources required to execute and validate transactions on the blockchain, the developer or person who created the NFTs is required to pay a cost known as the "gas fee." In other words, you must pay a fee to replace the miner's processing capabilities on the blockchain in order to mint NFT works.

When an NFT is accessible "off-chain," or away from the blockchain, lazy minting occurs. Lazy minting makes up for the extra gas fees. Therefore, buyers rather than NFT creators are held accountable for paying this fee for NFT minting. Because only the NFTs that are sold will be minted, this strategy can eliminate wasteful computer power in addition to being cost-effective.

Lazy minting on OpenSea

Step 1: Connect your OpenSea account to your ETH wallet. You have a variety of wallet options, including MetaMask.

Step 2: By selecting "Build the collection" from the OpenSea dashboard, you can create an OpenSea collection. On OpenSea, create your first NFT collection. Verify the name, description, banner, and logo.

Step 3: Select your preferred blockchain after that. You can choose to create coins on the Polygon blockchain to avoid paying a gas price.

Step 4: By selecting the "Collection" and "Add Item" choices, you may begin minting your NFT.

Lazy minting on Rarible

Step 1: Visit Rarible.com, select "Sign In," and then link your wallet.

Step 2: When finished, click "Create" and provide all the details for your NFT.

Step 3: There are numerous options for NFT minting. Click on "Free minting."

Step 4: Click "create item" to use your wallet to sign free authorizations. Now your NFT will be minted. 

Conclusion

Artists and NFT developers can create new NFTs for free using the effective technique known as lazy minting without having to immediately pay any costs. One can create an NFT and list it for sale for nothing using free NFT minting. No payment is necessary until a buyer is located.

Therefore, when a consumer chooses to purchase your NFT, the cost to mint NFT is passed along to them. The biggest benefit of lazy minting is that it encourages people from all walks of life to explore with NFTs.