How To Sell NFTs | Comprehensive Guide

Non-fungible tokens, or NFTs, have become the rage in the art world. Christie's sold one for $69.3 million only recently. But how can you get in on the action without incurring expensive petrol fees?

Gas fees are an element of the NFT game, but to prevent paying premiums and avoid paying larger gas prices, consider the following:

         Minting on days other than Tuesdays and Thursdays (the busiest) 

         Minting on days other than Tuesdays and Thursdays (the busiest) 

         Think of platforms like OpenSea and Rarible

 

Before whipping out your credit card to purchase an NFT, you must have a thorough understanding of gas fees, which is crucial to your success. Continue reading as we delve deeper into NFT minting and gas costs to discover more about the process, what it entails, and even strategies to avoid it.

 

What Are Gas Fees for NFT?

As with other creative pursuits, there are costs connected with developing and marketing a product. In this situation, "gas costs" are assessed to pay data miners to: 

         search through mountains of data to offer the correct provenance for your new acquisition.

         Include proof of your new ownership on a secure blockchain

This entire procedure requires enormous computational power and, consequently, electricity. This is because the greater the number of data miners engaged in the mining process concurrently, the greater the demand for electricity and power.

As with most market-related supply and demand commodities, increased demand for data miners' time leads to increased fees.

This essay is based on Ethereum, the most popular cryptocurrency for NFTs. This is subject to change, as with everything else in the NFT universe.

 

So, when will data miners be more readily available?

Tuesdays and Thursdays are often the busiest days of the week for the data miners. Due to market cycles, it is simpler to find a miner to undertake work for you on Saturdays and Sundays (more on this a little later).

The miners determine the gas charge rates based on the volume of NFT minting at a certain time. Essentially, this translates to the following:

Based on how the Ethereum (ETH) blockchain market now operates, the busier the miners are, the more they can charge.

Consider that this is a portion of the information superhighway as a second way to conceive of it. More time spent in heavy traffic while driving will increase gasoline use. The busier the information superhighway is, the more energy it needs and the more difficult it is for miners to do their work.

 

The miners determine their fees depending on a combination of the following factors: 

         Traffic volume 

         Consumer demand for the type of NFT 

The miners determine their fees depending on a combination of the following factors: 

The miners work to solve difficult equations that demand a great deal of mental effort and processing capacity. It follows that those with the highest gas fee limit bids attract the attention of data miners.

 

The Data Mining Community

Any data mining, including Ethereum data mining, has a global outlook. Someone (or many someones) is always performing these calculations someplace.

Given this, it is understandable that there is no perfect period for attracting a miner's attention to the best bargain with the lowest gas fees. When considering the time in a global context, it is somewhat obvious when more people are working, and fewer people are competing for the restricted number of accessible miners.

         Determine where time zones with working hours for significant populations and where they overlap.

         Locate the voids

         several brief intervals may offer cheaper gas prices.

The following table examines this concept. The "Xs" in each time zone reflect the local office or workday hours, 8 am to 6 pm.

 

Consider next: 

         Where there may be a considerable overlap between time zones (shaded in green)

 

The following patterns are observed:

This table indicates that between 03:00 and 05:00, UTC is a possibly low-volume window for the minting and purchasing of your NFT.

Considering that markets are closed on the weekends, we can also assume that Saturdays and Sundays are not as busy.

 

Why Do the Markets Matter?

You are minting or purchasing your NFT for financial gain, whether for income or investment. This process can be carried out only when the markets are open for business.

If you wish to sell your most recent NFT during prime trading, Tuesdays and Thursdays appear to be the most active days. To make your NFT accessible or acquire the most coveted NFT on one of these days, you should anticipate paying premium petrol rates. This is a given.

Conversely, suppose you are patient and prepared to enter the market during a less busy period. In that case, you can avoid paying larger costs, and on some platforms (which may not be compatible with Ethereum), you may be able to skip fees entirely.

Consider taking advantage of a "lazy minting" technique as a second alternative.

 

Select Rarible over Lazy Mint The NFT

Rarity is the preferred platform for lazy minting. It features a procedure that allows you to slip the buyer the burden of petrol fees. These expenses might be catastrophic for a low-income artist. Instead, they make the marketplace welcoming to all inventors, and when everyone is included, the profits are substantial.

 

Use Rarible to minimize excessive gas costs for the following reasons:

         Fluctuation – Depending on the day, the price you pay for gas fees can vary. Therefore, it may be difficult to determine your profit or loss, as the number may fluctuate during the day. These fees can be a pain to budget for, but you can avoid them with lazy minting.

         Locked Fees - In certain circumstances, your tokens may be locked if you do not have sufficient minting fees. Other sites will add costs after the fact, making it hard to trade non-fungible items, while Rarible maintains the process transparent and simple.

         Your Schedule – Not worrying about gas costs eliminates the need to avoid certain peak trade times during the week. These periods allow businesses to save money and expedite the distribution of their tokens. With Rarible, you choose your release schedule and publish when you're ready.

         Hidden Fees - Other platforms may have fees that do not appear until a certain creation or sales milestone has been hit. These hidden fees can derail a decent NFT, but Rarible's laziness in minting circumvents the issue. Leverage lazy minting to circumvent these fees, and your project will avoid any unwelcome financial surprises.

Rarible is an excellent resource for anyone wishing to get lazy mint. They work hard to guarantee that the entry barrier to their business is minimal and that people with varying budgets may participate. While other firms may claim to have more features, Rarible is the only platform that caters to artists and miners.

 

Lazily Producing Non-Fungible Tokens Using Rarible

Lazy minting does not yield a non-fungible token. Not directly, but a cryptographic signature including their data is generated. When this signature is finalized, you'll be off to the races. You are minting money with the gas fees converted to the purchaser from this point forward.

 

The stages of lazy minting are as follows: 

         Crypto Signature - The first piece of code required to create your artwork is a cryptographic signature. This signature enables a third party to locate the corresponding bit on the money block.

         Claiming the Signature — Once the signature has been established, it functions as a ticket awaiting redemption. The ticket grants access to all encoded non-fungibles that you've developed.

         Redeem the Ticket - The coding necessitates that you execute the "Redeem" function to sign the token. Signing requires additional code entered in a particular order. If you are unfamiliar with coding, take your time and model your code after the examples provided here.

         Transferral - The ownership transfer is the final component of the jigsaw. Like downloading a file, the NFT should be transferred from its current market position to the other account. The Ethereum will instantaneously appear in your account.

You will note that all gas prices have been covered during the sales process and transferred to the buyer, freeing up your time and space, to begin with, a magnificent NFT that will not cost you anything to develop.

 

Gas Free on OpenSea with Polygon

Using the Polygon blockchain on Opensea is another common method for creating NFTs sans gas expenses. Currently, these NFTs are not as popular as those issued on Ethereum, but this is still an alternative.

Once your NFT has been minted, you will be able to put it for sale on OpenSea. I have not yet utilized this technique, but I encourage all of our readers to test the waters.

 

Coding and NFTs

Coding is one of the most obvious obstacles for people interested in developing their coins. People who have been coding for years may still have difficulty inputting the necessary lines and code sequences to make a program or application function. However, these lines are identical and could be copied and pasted from another application.

Several ways to incorporate coding into your non-fungible token include:

         Copy & Paste - Finding the necessary lines to mint an NFT would not need much effort. A simple search reveals that a certain number of lines can be used to manufacture currency and that these lines can be taken, sometimes verbatim, from the internet... I've never done so before.

         Learn to Code - Mastering coding could take a considerable amount of time. There are various code variants, and each may pose a unique set of challenges for the issuer and miners. However, only fundamental information is required, so don't be scared to do a little extra reading.

         Partnership - If you are a designer with no coding knowledge, you can easily recruit a partner. Having a skill, such as design, enables you to sell your services to other tech-savvy individuals. Having a companion who codes while you design is beneficial for both parties.

Although the phrase "coding" may cause you some apprehension, as we've just explained, it's a procedure that you can use to reduce your gas costs and profit from your labor.

 

Final Thoughts

Gas taxes are an ingredient in the NFT formula and are altering the world, but they do not have to be the debilitating force some have experienced. By applying what you've learned here and managing your timing and procedure effectively, you may reduce these fees so that your followers recognize the value of your work and want it, as opposed to being deterred by the high gas costs.
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Waheed Ewesami

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