Lazy minting is a method of NFT (non-fungible token) creation where the NFT is minted or created only when it is sold or transferred for the first time, as opposed to being pre-minted or pre-created in advance. In other words, the NFT is created “on the fly” or “just in time” as needed, rather than being created and stored on a blockchain before a buyer has expressed interest in purchasing it. What Is Lazy Minting? Read more!
Lazy minting allows NFT creators to save on the costs associated with pre-minting large numbers of NFTs that may not be sold, as well as to conserve blockchain resources. It also allows for more flexibility in NFT creation and distribution, as creators can choose to mint NFTs only when they are needed or when they have been sold.
However, lazy minting may also have some drawbacks, such as the potential for delays in NFT creation when a buyer expresses interest in purchasing an NFT that has not yet been minted. Additionally, some buyers may prefer to purchase NFTs that have already been minted and verified on the blockchain, as they may view these NFTs as more secure and valuable.
Overall, lazy minting is one of several methods of NFT creation and distribution, and its use will depend on the specific needs and preferences of NFT creators and buyers.
OpenSea lazy Minting
How to Lazy Mint NFTs on OpenSea
Lazy minting is a feature on OpenSea that allows you to create an NFT without having to upload the asset upfront. Instead, you can mint the NFT later when someone purchases it. Here are the steps to lazy mint an NFT on OpenSea:
- Log in to your OpenSea account or create a new one if you haven’t already.
- Click on “Create” on the top right corner of the OpenSea website and select “New Collection.”
- Fill in the required information such as collection name, symbol, and description.
- Under “Advanced Options,” select “Lazy Minting” and choose the percentage you want to keep for yourself when someone purchases the NFT.
- Click on “Create” to finish creating your collection.
- After creating your collection, click on “Add New Item” to create your NFT.
- Fill in the required information such as name, description, and royalty percentage.
- Under “Upload Media,” you will see an option to “Lazy Mint” your NFT. Select this option.
- You will then need to fill in the required information for the NFT, such as the number of editions and price.
- Click on “Create” to finish creating your NFT.
Once your NFT is created, it will appear in your collection, and users can purchase it. When someone buys your NFT, the asset will be uploaded and the NFT will be minted automatically. You can then claim your portion of the sale as per the royalty percentage you set during the creation process.
Rarible lazy Minting
How to Lazy Mint NFTs on Rarible
Rarible is a popular NFT marketplace that also offers the option to lazy mint NFTs. Here’s how to do it:
- Go to Rarible’s website and connect your wallet. You can use a wallet like MetaMask or WalletConnect to do this.
- Once connected, click on “Create” on the top right corner of the website and select “Lazy Mint.”
- Fill in the required information such as name, description, and image or video for your NFT.
- Under “Advanced Settings,” select “Lazy Mint” and choose the percentage you want to keep for yourself when someone purchases the NFT.
- You will then need to fill in the required information for the NFT, such as the number of editions, price, and whether it’s a one-of-a-kind or a multiple edition NFT.
- Click on “Create” to finish creating your NFT.
Once your NFT is created, it will appear in your collection, and users can purchase it. When someone buys your NFT, the asset will be uploaded, and the NFT will be minted automatically. You can then claim your portion of the sale as per the royalty percentage you set during the creation process.
Why is lazy minting important? (Benefits)
Lazy minting is important because it allows for greater flexibility and cost savings in creating and managing non-fungible tokens (NFTs) on a blockchain.
Traditional NFT minting requires the creator to pre-mint all tokens before they are listed for sale. This means that the creator has to pay the full cost of minting all the tokens upfront, even if they are unsure of how many will sell. If the tokens don’t sell, the creator is left with unused tokens and wasted costs.
With lazy minting, the creator can mint tokens only when they are sold or transferred, reducing upfront costs and minimizing the risk of unused tokens. This approach also allows for greater flexibility in managing the token supply, as the creator can adjust the number of tokens available based on demand.
Lazy minting also offers benefits for collectors and buyers. They can be assured that the token they are purchasing is unique, as it is minted only when they buy it, and they can verify its authenticity on the blockchain. This approach can also help to prevent issues with counterfeit NFTs.
Overall, lazy minting offers a more efficient and cost-effective approach to NFT creation and management, benefiting both creators and buyers.
What is minting?
Minting refers to the process of creating a new unit of a cryptocurrency or a non-fungible token (NFT) on a blockchain. When a new unit is minted, it is added to the blockchain as a new transaction and becomes a part of the blockchain’s distributed ledger.
In the case of cryptocurrency, minting usually refers to the process of creating new coins or tokens as a reward for validating transactions or blocks on the blockchain. This process is often referred to as mining and involves using computational power to solve complex mathematical equations that secure the blockchain.
In the case of NFTs, minting refers to the process of creating a unique digital asset, which is recorded on the blockchain as a new token. Each NFT is unique and cannot be replicated or duplicated, making them valuable as collectors’ items.
Minting is an important aspect of blockchain technology as it ensures the authenticity and uniqueness of new units of cryptocurrency or NFTs. It also helps to maintain the security and transparency of the blockchain network by adding new transactions to the distributed ledger in a decentralized and immutable manner. What is lazy minting?
Difference between minting and lazy minting
The main difference between minting and lazy minting is the timing of when the NFTs are created and added to the blockchain.
In traditional minting, all the NFTs are created and added to the blockchain upfront, before they are offered for sale. This means that the creator of the NFTs must pay the full cost of minting all the tokens, regardless of whether or not they sell. This approach can result in wasted resources if not all the NFTs are sold.
On the other hand, lazy minting allows NFTs to be created and added to the blockchain only when they are sold or transferred. This means that the creator only needs to pay the cost of minting when the NFT is actually sold. This approach is more cost-effective and reduces the risk of wasted resources.
Lazy minting also provides greater flexibility in managing the supply of NFTs. The creator can adjust the number of NFTs available based on demand, rather than being locked into a fixed number upfront.
In summary, minting refers to the process of creating and adding NFTs to the blockchain upfront, while lazy minting allows NFTs to be created and added to the blockchain only when they are sold or transferred, providing greater flexibility and cost savings.
Wrapping Up
What is lazy minting?
Lazy minting is a new approach to creating and managing non-fungible tokens (NFTs) on a blockchain that offers greater flexibility and cost savings. With lazy minting, NFTs are created and added to the blockchain only when they are sold or transferred, reducing upfront costs and minimizing the risk of unused tokens. This approach also allows for greater flexibility in managing the token supply, as the creator can adjust the number of tokens available based on demand.
Lazy minting provides benefits for both creators and buyers, including reduced costs, increased efficiency, and greater security. Overall, lazy minting offers a more efficient and cost-effective approach to NFT creation and management, benefiting both creators and buyers.