Minting non-fungible tokens (NFTs) on the online software-as-a-service (SaaS) platform NFTically will now be free for users but only on the Polygon network, the company said in a statement. The platform has removed the gas fees to attract more customers.
Gas fees are payments made by users to compensate for the computing power and energy that is used for transactions mainly on the Ethereum blockchain. The Polygon network is Ethereum’s internet of blockchains, or in simpler terms, a technology platform that helps blockchain networks to interconnect and scale.
NFTically said that it has waived off the gas fee on Polygon Network, to attract more NFT creators to the ecosystem. However, the gas fees on other blockchains have been reduced. “The platform has also enhanced the flexibility to add Tether USD and Wrapped Currency as an additional payment option,” the statement read.
Users will still have to pay a platform fee for subscriptions, starting rates of which are at 1.5%.
On the website, the subscription charges vary according to individuals, standard, professional and enterprise clients.
The free package will still see the user shell out a platform fee of 9.9%, while the standard plan is at $29 a month, the pro plan is at $299 a month and the enterprise plan is at $999 a month. The charges reduce a bit when the user takes yearly packages.
“NFTs and blockchain technology are shaping our future at the moment. These new features are enrolled to encourage more creators to showcase their NFTs to the world and help art-lovers to explore the boundless world of NFTs,” said Toshendra Sharma, Founder and CEO of NFTically.
The Gurgaon, Haryana-based company has enabled over 12,000 NFTs in the last six months and more than 6,300 listed stores across 50 countries, it claimed.
India already has a slew of NFT marketplaces, some of which include the likes of WazirX, Jupiter Meta, Bollycoin, BeyondLife and the world’s largest NFT marketplace, OpenSea, among others.