How to Mint NFTs With Utility Gas-Free on Polygon — Polygon | Blog (2024)

FAQs

Can you mint NFTs for free on Polygon? ›

We will use Polygon's testnet to mint our NFT as it's free of charge. Receive MATIC token to your wallet by using the faucet .

Polygon (previously known as the Matic Network) is a separate blockchain that provides scalable, secure and instant transactions with Ethereum currencies like ETH, USDC and DAI. With Polygon, you can buy and sell NFTs using OpenSea without paying transaction fees, essentially creating a gas-free marketplace.

Ethereum will also charge a platform fee if you wish to list an NFT for sale. However, you will enjoy the perks of stability and security of the Ethereum blockchain. At this rate, minting 10,000 NFTs on Ethereum can cost you between $5,000 and a million.

OpenSea is proud to offer lazy minting, the first way to create and sell NFTs on the Ethereum or Polygon blockchains without paying gas fees.

Polygon does not require any gas fees on its blockchain network. It is easy to sell or buy NFT on polygon as it is gas fees-free, but one needs to pay a very small amount of gas fees when they convert Ethereum ETH to Polygon ETH. Polygon is a very scalable platform.

Selling an NFT on Polygon

Navigate to the item page and click Sell in the top right corner. You'll be taken to a new pop-up window, where you can set your selling price and currency, and view any potential fees associated with your sale. You can also schedule your sale in advance!

Gwei is the smallest denomination of MATIC that is equivalent to 1/1,000,000,000 of 1 MATIC (1 MATIC = 1,000,000,000 gwei).

Switching from a proof-of-work model (which uses more energy) to proof of stake could help lower NFT gas fees. Although Ethereum is the most popular blockchain for digital transactions such as NFTs, there are other blockchain networks that tout lower fees.

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.

The Benefits of Gas-Free Minting

Now you can mint as many NFTs as you want to, on the Polygon Network. Sell your NFTs by using the 'Set Price' or 'Auction' option as you don't have to worry about the minting fee, it is gas-free. You are no longer required to pay any fees for Airdrops or Gated Links.

Is Polygon NFT profitable? ›

Minting NFTs on Polygon (MATIC) NFT marketplace can be very profitable, and we are here to make the process even easier. Non-fungible tokens (NFTs) have been a hot topic for a while now.

Polygon is the best blockchain to launch an NFT project with high-frequency and low-value transactions. On the other hand, ETH is the best blockchain NFT project with low frequency and high-value transactions. Hence if you are launching between 7,000 to 10,000 NFT arts, I'll suggest you consider launching on Polygon.

You don't have to pay gas fees to "mint" each individual item until the item is sold. This is known as lazy minting, which is when an NFT is minted once it's sold (rather than minted upon listing). In general, listing items is gas-free.

Currently, OpenSea only supports Polygon ETH on Polygon. You can view your Polygon ETH balance by heading to the wallet icon, located on the top-right of the OpenSea website. Polygon ETH has a purple logo.

Even so, Polygon is far cheaper than Ethereum. The reason behind this is the calculation of gas fees since Ethereum is calculated in ETH while Polygon is done in MATIC. Thus, transferring 1 unit of the native currency, even at a low transaction cost of 7 Gwei on Ethereum, can go up to $0.62.

The token supply rapidly becomes deflationary over time to drive scarcity. Players looking to acquire a larger share of the game tokens are leveraging high gas fees to ensure their transactions are accepted to new blocks on Polygon.

The OpenSea Collection Manager allows creators to make NFTs without any upfront gas cost, as the NFT isn't transferred on-chain until the first purchase or transfer is made.

This guide covers configuring the MetaMask wallet to support both Polygon mainnet and testnet (Mumbai) networks. This process requires the use of the MetaMask browser extension.

Can I use MATIC on OpenSea? ›

“As part of the shift to Seaport, OpenSea now supports using $MATIC, Polygon's native token, as a payment option,” OpenSea continued.

With gas fees as low as 10 gwei, Ethereum's layer-1 is becoming a bargain deal, even compared with sidechains like Polygon.

Polygon is one layer-two solution built on Ethereum, and it offers users lower fees when transacting on-chain.

Bitgert chain gas fee is $0.0000000000001. It is the cheapest gas fee in the cryptocurrency industry, which is a zero. The gasless blockchain is the reason why Bitgert has been skyrocketing non-stop for a whole week. Bitgert chain is also the fastest chain at 100k APY, which is faster than Solana.

On Metamask, you can set your gas fee to “Low” before confirming a transaction. If you want to save even more gas, click on Advanced Options. In this tab, you can set the max fee to slightly above the 7 day lowest historical gas price from Etherscan chart.

With Ethereum's recent overhaul, called the Ethereum Merge, developers are looking to mitigate the excessive energy consumption involved in mining cryptocurrencies. Ethereum 2.0, the new version of Ethereum, promises reduced energy use, faster transactions, and lower gas fee.

To do so, click on the ”Deploy” tab just below ”Solidity Compiler”. Then, select ”Injected Web3”, the right contract, and click on ”Deploy”. Once deployed, you'll receive a contract address that you can utilize to view the NFTs on the testnet version of OpenSea. That's it for this tutorial on how to mint 10,000 NFTs!

However, the blockchain industry is growing super competitive, and the Polygon Matic gas fee is considered among the most expensive today.

If gas fees are like delivery fees, then Polygon is like using a voucher that waives all the fees. That's right: the Polygon platform makes your transactions almost free. It's not a completely different blockchain, however, in the sense that it leverages Ethereum's infrastructure, aiming to upscale it.

Binance Temporarily Suspends Polygon Transactions Citing an Unidentified Network Issue.

Is Polygon unlimited supply? ›

This token is used to govern and secure the Polygon network and pay the network's transaction fees. Unlike some other cryptocurrencies with unlimited supply, the supply for MATIC is limited, with about $7.4 billion in circulation. There will never be more than 10 billion coins in circulation.

Being built to sidestep network congestion, Polygon completes all the transactions faster than Ethereum. Polygon can process up to 65,000 transactions/second. Polygon has a transaction finality of 2.3 seconds for each transaction, while Ethereum has 10 seconds.

Polygon is a "Layer-2" scaling solution for Ethereum, a way to enjoy the benefits of Ethereum without the infamous gas fees that hurt its users. Polygon is a blockchain network built on top of Ethereum to provide a faster and cheaper Ethereum experience, but it is far more than just a scaling solution.

Solana provides much faster transactions at a reduced cost when compared to Ethereum and Polygon, while Polygon provides faster transaction speeds. However, Ethereum still stands as the most diverse and transparent landscape of decentralized applications.

Polygon (previously known as the Matic Network) is a separate blockchain that provides scalable, secure and instant transactions with Ethereum currencies like ETH, USDC and DAI. With Polygon, you can buy and sell NFTs using OpenSea without paying transaction fees, essentially creating a gas-free marketplace.

Polygon Bridge is a cross-chain bridge between Polygon and Ethereum in order to enable transactions between the networks. Users can transfer ERC tokens and NFTs to the two-way bridge using smart contracts.

Recommended: Once you have Polygon ETH, go to Polygon's Gas Swap. It is easy to swap and buy 1-10 MATIC with no gas fees. It currently costs between $0.50 and $1.00 USD and will be needed if you want to do other actions on the Polygon network.

Lazy minting is when an NFT is available off-chain and only gets minted once a sale takes place. This means that the artist does not have to pay any upfront gas fees to mint their NFTs, essentially paying the fees only once the token is purchased.

How much does it cost to upload 10 000 NFTs to OpenSea? Solana is one of the blockchains that can cater to the creation of 10,000 NFTs. While the platform previously charged only 0.21 cents per NFT, its current fee to mint a single NFT stands at $2.16. At this rate, the cost of minting 10,000 NFT will be over $21,000.

Since June 14, 2022, when lowering the price of a listing you'll be asked to use the Seaport protocol. Because you're interacting with this new contract for the first time, you'll need to pay gas to list an item from that collection (for the first time).

How to mint on OpenSea for free? ›

To make it even more convenient, Metamask, the most used crypto wallet, supports the Polygon network and can be used to mint NFTs.

Matic (Polygon/Matic) is the native token on the Polygon blockchain (the secondary scaling solution mentioned above). NFTs can be minted on either of the two networks. Beyond the fact that Polygon runs as a second layer of Ethereum and the similar names, the two networks are very different.

Polygon to Ethereum bridge fees. There is not a set transaction fee for any bring. It varies depending on the bridge itself and the congestion of the blockchain you would like to transfer.

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.

The simple answer is minting an NFT could cost between less than $1 and $1,000 depending on the platform, the network congestion, the listing fee paid by the artist, and other possible transaction fees or transaction costs.

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. It is important to note that not all transactions will cost the same amount of gas.

Polygon is the best blockchain to launch an NFT project with high-frequency and low-value transactions. On the other hand, ETH is the best blockchain NFT project with low frequency and high-value transactions. Hence if you are launching between 7,000 to 10,000 NFT arts, I'll suggest you consider launching on Polygon.

The cost to mint one NFT can range from about $1 to over $1,000. The cost of minting 10 000 NFTs could be as low as $5000 to as high as $1 million, depending on the blockchain.

How to mint without gas fees? ›

Create NFT for Free Using Lazy Minting. The popular crypto marketplace Rarible offers a feature called Lazy Minting. It allows users to mint NFT without paying an upfront fee. The gas costs related to the minting are transferred to the customer that buys your NFT from Rarible.

Binance NFT

Its NFT marketplace is an excellent option for anyone looking to mint on a future-proof platform. Unlike OpenSea, Binance charges just 1% per transaction, and it also gives you the option of cashing out your money in fiat currency.

The OpenSea Collection Manager allows creators to make NFTs without any upfront gas cost, as the NFT isn't transferred on-chain until the first purchase or transfer is made.

Being built to sidestep network congestion, Polygon completes all the transactions faster than Ethereum. Polygon can process up to 65,000 transactions/second. Polygon has a transaction finality of 2.3 seconds for each transaction, while Ethereum has 10 seconds.

Perhaps the most important new feature is the ability to use the native token of the Polygon network, MATIC, to list and buy on OpenSea. “As part of the shift to Seaport, OpenSea now supports using $MATIC, Polygon's native token, as a payment option,” OpenSea continued.

The upside from using the Polygon network is evident by the high number of average NFTs traded by users. On Polygon, OpenSea users have traded 12 NFTs on average, which is 2.7 times more than what users trade on OpenSea using the Layer-1 Ethereum base chain.