While cryptocurrencies have been quite the rage over the past couple of years, nonfungible tokens (NFTs) have risen as an alternate asset class within
While cryptocurrencies have been quite the rage over the past couple of years, nonfungible tokens (NFTs) have risen as an alternate asset class within the cryptocurrency ecosystem. This ecosystem is revolutionizing the world of art and gaming, among a host of other industries.
Serving as a digital certificate that proves a collectible’s authenticity, NFTs also provide investors with proof of ownership and utmost security, aspects that have been instrumental in their proliferation as the future of representing real-world objects in the virtual world.
As a result, NFTs are gaining increasing popularity among crypto investors looking to invest in metaverse platforms, with many purchasing these unique digital assets on blockchain protocols like Polygon using cryptocurrencies. A layer-2 Ethereum protocol, Polygon has emerged as the preferred platform for many NFT marketplaces that offer investors the opportunity to create, buy and sell NFTs.
Understanding the Polygon blockchain
Designed to address Ethereum’s scalability concerns, the Polygon network acts as a parallel blockchain or sidechain that runs alongside the Ethereum blockchain and uses a proof-of-stake (PoS) consensus mechanism to validate on-chain transactions.
Apart from providing the security, interoperability and smart contract features of the Ethereum blockchain, Polygon boasts significantly lower transaction fees, or gas, and offers developers a much higher degree of flexibility and scalability than that provided by Ethereum.
In fact, Polygon has come to be known as a multichain network of Ethereum-compatible blockchains. This is largely due to its ability to deploy other blockchain networks and enable communication among them, making it most suitable for developing decentralized applications (DApps).
With its Finity Design System and Polygon Bridge, developers can not only build cross-platform DApps but also connect them to other compatible blockchain networks to transfer assets such as ERC-20 tokens and NFTs to the Polygon sidechain. Consequently, developers prefer Polygon to create NFT projects that have a high frequency of low-value transactions. They also use it to set up NFT marketplaces that enable users to list NFTs for a small fee.
How to create free NFTs on Polygon
To facilitate artists and content creators in jumping onto the NFT bandwagon, a number of platforms using the Polygon blockchain to host nonfungible tokens offer their users the ability to mint NFTs for free. Polygon NFT marketplaces such as OpenSea and Rarible provide the option of “lazy minting,” a functionality by which nonfungible token creators can monetize their content with no upfront cost involved.
It is because the NFT in question is actually minted when a user buys it. As a result, not only does this reduce the number of transactions that get relayed onto Ethereum but it also ensures that the buyer pays for the applicable gas rather than the NFT creator.
In terms of the steps to follow, an NFT creator needs to first select or create a digital file that will be converted into a bespoke nonfungible token. This file could be an image, video, GIF or even a song that will be used to create an immutable version of it on the Polygon blockchain.
Even in the case of “lazy minting,” it is necessary for the NFT creator to have a crypto wallet with sufficient amounts of Polygon’s MATIC or Ether (ETH) tokens available to cover any fees that may be applicable at a later stage.
Once both of these requirements are fulfilled, a nonfungible token creator needs to choose from the different NFT marketplaces available on Polygon and connect their crypto wallet to sign in. After completing this step, the digital file needs to be uploaded onto the marketplace.
To do so, click on the “Free Minting” option and sign the minting authorizations that need to be provided to the marketplace. Upon completing this final step, the NFT will be put up for sale on the marketplace and will be available for purchase by other users.
The NFT remains listed on the respective marketplace, while all its related data is stored on the InterPlanetary File System, a distributed file storage protocol that permits anyone with a computer to store and share files as part of its giant peer-to-peer network.
By linking their crypto wallets with the marketplace and receiving minting permissions, NFT creators are assured that their NFT is minted as soon as the funds are deposited by the buyer and the same are then credited to their crypto wallet, without any additional hassles.
In the event that the NFT’s creator wants to delist or “burn” an NFT that has been minted via this option, they’ll have to pay an applicable gas fee before taking down the NFT from the marketplace.
How to purchase NFTs on Polygon
For investors and NFT enthusiasts who are inquisitive about how to buy NFTs on Polygon, their journey would have to begin with any of the NFT aggregators or marketplaces on the blockchain network….
cointelegraph.com