Minting NFTs on Ethereum for ~60% less gas
At 100 gwei gas, minting for one NFT will be ~17$. For minting 10 NFT the average is $23. So $2.30 per NFT.
OMMG makes IRL artist drops much more affordable on Ethereum by referencing the contract The Tentaverse has introduced.
A few weeks ago we had a partnership with The Tentaverse. The Tentaverse has an interesting smart contract that is not using the standard Open Zeppelin libs for ERC-721 tokens. They built their own functions and by that, it is possible to save a lot of gas fees.
We started to think about the gas fees and saw them as problems for our goal to get the IRL artists to the digital world. That was the reason why we investigated the ideas of The Tentaverse and why in the end we concluded to build on top of their ideas in our upcoming contracts for the IRL artist’s drops.
As you might know, normally the gas fees on Ethereum are related to the number of tokens that should be minted. If you mint 5 it costs about 5x more than minting 1 token. This is where the changes of the smart contract are coming into play: We save ~60% when minting 1 token, but much more when minting more in 1 transaction. So it can be, that if you mint for example 10 tokens at once, the fee for each token will be less than 1$.
“But why doesn’t everyone do that? Why are OMM NFTs not cheaper in gas fees?”, you might ask.
The reason is, how the costs for minting are calculated. In the case of this new contract it means, that the complexity for minting is drastically reduced, but therefore drastically raised in other functions. These functions are not necessary for most tokens but for the OMM NFT for example it would not work, because we have a lot of utility planned for the future. But for (currently) all of our IRL artist’s drops it will work.
Just a few words in the end: Thank you The Tentaverse.
