NFT Rarible Marketplace introduced a new function called “lazy minting” that promises users the ability to create unusable tokens at zero cost – all while enhancing sustainability environment on the platform.

Instead of the traditional method whereby data is stored on the blockchain immediately after minting, Rarible announced Monday that, under its new scheme, NFTs are “minted not at the time of creation, but at the time of creation, but is at the time of purchase. It is the buyer who pays for the gas when buying that item.” In this case, the data will be stored on a decentralized peer-to-peer storage system called IPFS.

Amid the influx of new retail participants into the NFT space over the past year, a large segment has been plagued by persistently high gas fees on the Ethereum network, increasing their barriers to entry and redirecting many investors to the NFT space. alternative blockchains like Solana.

According to data from Rarible Analytics, the current average gas price on Rarible for minting a single ERC-721 token is 0.022ETH, or $82.26 at current prices. This is indeed a favorable time to mine the platform, compared to the regular times of high network activity where gas fees can add up to hundreds of dollars.

This is why the Rarible implementation will be welcomed by the community as a positive initiative, although its potential impact on the broader market is still unknown.

Related: Rarible's Daily Transactions Drop Quickly

Popular crypto exchanges Coinbase, FTX, and Binance are among the latest iterations of crypto companies expressing intentions to build products and services in the NFT space. Coinbase has garnered massive social attention for the upcoming launch of its NFT marketplace, registering 1.1 million email signups in the first 24 hours. After a week, the number is now 2.35 million.

To add greater context to this number, OpenSea on the leading NFT marketplace has recorded over 263,000 unique users in the last 30 days, in addition to a total volume of over $3 billion.

Coinbase recorded 68 million verified users and 8.8 million monthly active users in Q2 2021, according to its latest shareholder report.