Light Minting 2.0 is Live
We’re glad to announce that light minting 2.0 is finally live!
What is changing from Light Minting 1.0?
In the previous light minting version the property of your OVRLand was granted by a modified version of ERC-721 contract optimized for gas (1/4 of standard gas cost for an NFT minting). With light minting 2.0 the property of your OVRLand is granted by a Merkle proof on the Ethereum blockchain, we’re using the same battle tested system that Uniswap is using to airdrop it’s UNI tokens. As in the previous version of Light Minting also with version 2.0 you always have the opportunity to mint an actual standard ERC-721 NFT representing your land if you wish to do so. The OVRLand minter will recognize your address as entitled to mint the standard ERC-721 NFT in a decentralized fashion.
Should you mint the actual standard ERC-721 NFT?
Well, that’s totally up to you. You might want to mint the land to sell the OVRLand on OpenSea. Having said that, the Merkle Proof is all that is needed to recognize you as legitimate owner of the OVRLand. We’re also building a secondary market marketplace where you will be able to freely exchange OVRLands both minted and light minted.
Light minting 2.0 is bringing the cost to almost $0. However, the cost of creating the proof of ownership of the OVRLand on the blockchain will be covered by OVR. The only additional cost remaining is the cost to transfer OVR Tokens from your wallet to ours for the payment. Also regarding this cost in the next weeks we’ll also start batching the OVR Token transfer cost further reducing also the transfer cost!
Finally Light Minting 2.0 proof of ownership is not only reducing the overall gas cost but is also enabling better interoperability with in-app OVRLand purchases that will be rolled out in March!
OVR is a cutting edge AR platform powered by the Ethereum Blockchain. OVR makes it possible for users provided with a mobile device or a smart glass to live interactive augmented reality experiences customized in the real world. OVR can be defined as a new standard in augmented reality where geographical experiences are based on the user’s position.
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