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OVR Is Providing A Completely Cost-effective Minting Solution For Nfts

February 5, 2021

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.

The Innovative Light Minting Solution Provided  by OVR

OVR is a worldwide, open-source, AR platform powered by the Ethereum blockchain, that 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, after a series of research, has chosen to remain on the Ethereum network, leveraging the huge effects on its own NFT (OVRLand) while containing gas costs. This research led to the launch of the Light Minting solution.

Our Light Minting was inspired by Open Sea’s Lazy Minting solution where users can create the NFT on their centralized database and decide to mint it just when and if they sell it. The Light Minting it’s similar to Open Sea’s Lazy Minting but with a decentralization twist. Light Minting allows us to create a lightweight transaction on Ethereum mainnet that entitles your address to mint a specific OVRLand NFT when and if you want to do so. This is the best trade-off possible for reducing fees, maintaining decentralization and reducing complexity for the final user.

Light Minting 1.0

Armed with the right know-how we set out to launch Light Minting 1.0. The Light Minting 1.0 solution allowed users to actually have a non standard NFT (optimized for gas 1/4 of the standard cost). And since it’s not standard you will not see it on your wallet as erc-721. If you want you have the decentralized option (the erc-721 minter recognizes you the right to mint since you’re owner of the non standard NFT) to mint a standard NFT.

However, the goal was actually to bring gas fee costs to zero (0), while remaining on the Ethereum network. This led to more research and subsequently the birth of Light Minting 2.0


Light Minting 2.0

The Light Minting 2.0 is based on Merkle trees. Basically we will publish on the blockchain a merkle proof that batches the ownership of OVRLands. This solution will be gas free for every user (we will cover those costs). The Light Minting 2.0 is the same as the solution used by Uniswap to distribute UNI tokens.

OVR has proven that it is indeed a world-class project and is ready and committed to advance, contribute and sustain the growth of the NFT market for greater adoption.