The digital asset marketplace Opensea now allows users to create unlimited non-fungible tokens without paying any gas with its new NFT minting service. They are using ‘lazy minting’, which means that an ERC-1155 non-fungible token isn’t actually minted until its first purchase. Opensea implemented the update with immediate effect.
The reason why Opensea launched this free NFT minting service, is because they measured that the amount of user-created non-fungible tokens has increased twentyfold since June. Each of those creations cost several dollars to mint. However, the market for NFTs grew from one million dollars to 20 million dollars per month. Making onboarding even cheaper and easier, will grow the market even more.
In addition Opensea has made some changes to their Collection Manager. Now every authorized editor can create new digital assets. On top of that they’ve rebuilt the payouts page, and as a result users get a better insight into the commissions they’ve earned.
An entirely new industry has just been born, and on top of being fun, safe, and pandemic-friendly, it’s remarkably equitable. You can now create a viable creative business no matter where you are, which language you speak, or which banking infrastructure you have access to. All you need is creativity and the internet.Alex Atallah, co-founder and CTO of Opensea (blog, December 29th 2020)
I think it’s time to create and mint those digital rewards for our Play to Earn Members and get that Play to Earn Store up and running. There is $PLAY that needs some spending!
What are NFTs?
A non-fungible token is an unique token with its own characteristics. These tokens gives the owner ownership over a certain digital asset, because users store them in their personal cryptocurrency wallet. This digital asset can be a sword in a video game, digital art, or an insurance contract.
These tokens are non-fungible, because they are unique. Each token has an unique identifier, so even if they look the same, they aren’t. Similar to cars or houses, for example. For more about non-fungible tokens, please refer to our complete article.
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Robert Hoogendoorn is a gamer and blockchain enthusiast. He got in touch with crypto in 2014, but the fire really lit in 2017. Professionally he’s a content optimization expert and worked for press agencies and video production companies, always with a focus on the video games & tech industry. He’s a content manager and creator at heart, working on Play to Earn and for a variety of third party magazines and websites.