NFT is now the new paradigm in cryptoworld! Just a few years ago the cryptoeconomy was greeted by the strides in the NFT market with projects like CryptoKitties loudly announcing its presence, raking in millions of dollars in revenue. Currently, thanks to several NFT projects the bar has been taken higher. NFTs have stolen the spotlight, attracting not just three wise adopters, but millions across the globe, with cryptocurrency projects not left out.
Decentralized blockchain network, IOST, is one of the newest entrants in the NFT marketplace as it recently announced a partnership with experienced Japanese blockchain game developer and consultancy company- Platinum Egg team to create a NFT Marketplace for IOST gamers to trade NFTs and game items.
NFT marketplace like OpenSea, Rarible and others are doing large figures in the sale of products from digital arts, virtual games, and virtual worlds. This is indeed a huge win for the market of NFTs and the signalling of a further breakout. However, an impending danger looms for NFTs, the danger in which is gas fee.
The Ethereum blockchain till date, remains the largest blockchain platform on which a large percentage of NFTs are hosted on, but these projects are constantly threatened by the exorbitant cost of gas fee charged by blockchain for minting an NFT. If this isn’t nipped in the bud, NFTs may not bloom. Various cases exist of users complaining of being ripped off almost half the amount of the cost price of a NFT as payment for gas fee alone. Software developer and blockchain enthusiast, Austin Griffith, narrowing his findings as of August 28, 2020 noted that:
“Based on the current gas prices, it costs between $15.00 and $50.00 to mint a single piece of NFT artwork on Ethereum and $3.00 or more to send it to another account.”
And this is huge for just a piece of art! Thus, a solution will be for NFT projects to move to or cheaper on-chain minting platforms like xDAI or remain on the Ethereum network. However, how can you remain on the Ethereum network and not pay high gas fees? Well, OVR answers that.