NFTically reduces minting prices, removes gas fees on Polygon network to attract more users (2024)

FAQs

How does Polygon reduce gas fees? ›

To cut gas costs, scaling solutions like Polygon process transactions on side chains. Polygon has the potential to handle up to 65,000 transactions per second, whereas Ethereum can process only up to roughly 17 transactions per second. And, Polygon is able to provide these fees to users for pennies.

Gas fees vary distinctively from one blockchain to another, alongside possibilities for price differences in transactions on a specific blockchain. Therefore, the cost of minting NFTs could vary between $1 and more than $500.

Setting a lower gas limit is one of the most straightforward ways to reduce fees. Lazy minting removes upfront costs for minting an NFT. No fees are paid until a creation sells. Gas fees are generally cheaper on weekends and nights.

Polygon (MATIC -4.63%) is a popular Ethereum network sidechain, and some marketplaces such as OpenSea support NFT sales using it. A key feature of Polygon is that it has no NFT gas fees. This makes it an ideal solution for digital creators looking to save on the cost of minting and selling NFTs.

Gas fees serve as transaction fees on the Ethereum and Polygon blockchains, enabling the processing and validation of transactions. It is important to note that Magic Eden does not determine or charge these fees; they are an inherent aspect of the blockchain networks themselves.

Do I need to pay gas for my transaction? Yes, always. To transact on the Polygon network, you are charged a fee, which is paid out to a miner who processes and validates the transaction.

A Surge in Activity on the Network

If there is a flood of users trying to carry out transactions all at once, the gas fee market will skyrocket. These spikes usually occur around popular DeFi or NFT events.

The average cost to mint NFT on Ethereum is high. The Ethereum network suffers from scalability issues, degenerating into high gas fees and congestion. In the future, this may change once the move from Ethereum 1.0 (a Proof of Work network) to Ethereum 2.0 (a Proof of Stake chain).

Who owns NFT? ›

The ownership of an NFT is recorded in the blockchain and can be transferred by the owner, allowing NFTs to be sold and traded. NFTs can be created by anybody and require few or no coding skills to create. NFTs typically contain references to digital files such as artworks, photos, videos, and audio.

Lazy Minting is a process in which the creator does not have to pay the gas fee for minting the NFT upfront, and they can list it on marketplaces for sale. Whenever a buyer buys the NFT, it is minted just in time, and the minting cost is added to the total cost of the NFT.

The benefits of gas-free minting make it clear!

On the Polygon Network, you can now mint as many NFTs as you want. Use the “Set Price” or “Auction” option to sell your NFTs because there is no minting fee and no gas involved.

Users can also embed utility into their NFTs such as adding social account signature, an option to order physical objects and creating unlockable content. All of this is completely gas-free, thanks to Biconomy.

Furthermore, upload the piece of the media that you want to convert to as NFT. Click on Create. With these processes, you are done minting your first NFT on the Polygon Network without paying any gas fee.

Polygon is much cheaper than Ethereum. The reason behind this is the calculation of gas fees, as Ethereum is calculated in ETH and Polygon is calculated in MATIC. So even transferring 1 unit of local currency on Ethereum with a low transaction cost of 7 Gwei can reach $0.62.

Polygon (MATIC) is a decentralized scaling solution that employs parallel blockchains or sidechains to facilitate faster and cheaper transactions. This feature enables developers to build scalable and secure dApps.

4. Polygon vs Ethereum: Gas Fees (Transaction Fees) Based on recorded gas fees, the Polygon network generally has faster and cheaper transactions than Ethereum. The transaction costs on Polygon are around 0.1-0.5 MATIC, while that on Ethereum is around $2.5-$20 or equivalent ETH.

Similarly, for a transaction on the Polygon network to be successful, the sender must provide a sufficient amount of gas to pay for gas fees. To provide gas fee for a transaction, the gas fee is deducted from the remaining MATIC balance of your address and not from the amount of MATIC or tokens that you are sending.