Published in · 3 min read · Jul 15, 2022
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NFTs have a high time, being as art, videos, audio, ticketing, gaming, and almost everything you witness in your daily life. But these can be possible only when you mint them on NFT marketplaces. NFT marketplaces make it easy to create an NFT on their platform. However, many marketplaces charge an amount for creating an NFT, but only a few do it for free. One such is the NFT marketplace on the Polygon network.
Let’s look at what is minting an NFT marketplace and the charges corresponding to those on the Polygon network.
What does minting an NFT mean?
People frequently conflate buying NFTs with minting them, which is a widespread misconception about NFTs. But, there is a difference between them. Creating an NFT means creating something relatively new on the blockchain. Let me explain it further!
Whether the asset is digital art, music, or collectibles like sports and trading cards, it converts everything from a digital file into a digital asset on the blockchain. But it’s not like the blockchain is hosting the NFT’s own files; if it were, it would quickly grow incredibly large and unwieldy.
Remember that an NFT is merely a token that denotes ownership of a particular digital asset. The token is more valuable than the screenshot of the Bored Ape Yacht Club.
The act of minting an NFT entails posting your special token on a blockchain so that others can buy it.
On a blockchain, NFTs are created. The blockchain of Ethereum is widely used for producing NFTs, such as Solana, Cardano, Tezos, and others.
A marketplace like OpenSea allows you to purchase NFTs, and occasionally these platforms also permit creators to mint their own NFTs.
Moreover, the fees you can expect to pay are only for those networks, which can be a princely sum in and of themselves. At first, many projects would be launched on a third-party site dedicated to the minting of the project.
However, the minting of an NFT can be easy and cost-effective but only happens on certain blockchains. Let’s look at the Polygon network’s minting, which is considered the low-cost (no cost) network for minting an NFT.
What would you say if NFT minting on Polygon is free?
Yes! It is true; minting and listing an NFT is free if you choose the Polygon network. You need not pay anything upfront to mine NFTs on Polygon. The platform’s default use of the lazy minting option is essential when you mint an NFT on the Polygon.
However, after the NFT is sold, the platform assesses a 2.5% service fee that is subtracted from the selling price. Despite the fact that you are using the Polygon network, you need to keep in mind that the selling price will be in ETH.
Since the process of minting has no charge on the Polygon, you might have something in mind what might happen if there is no minting fee? To make it happen, you can learn about the benefits of gas-free minting.
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. There are no longer any costs associated with airdrops or gated links. You can continue minting NFTs even if you don’t have any MATIC on hand because minting is now gas-free.
Conclusion
The Minting of NFTs can be easily done when you get to use the polygon network. This network makes things happen in an easy way. However, you can now construct an NFT marketplace on the Polygon to drive people fro a gas-free minting process on your platform.
