NFT markets utilizing blockchain technology are gaining momentum in the digital asset space, offering unique advantages such as transparent ownership tracking, segmented ownership, and secure transactions. However, the utilization of blockchain-based trading applications often incurs significant costs known as gas fees. This document delves into strategies to mitigate these expenses in the deployment and execution of contracts within the NFT market. We conducted our experiments on the Polygon blockchain using Solidity smart contracts, with testing facilitated through the VS Code editor.
Gas fees on blockchain platforms like Polygon can impede the accessibility and affordability of NFT trading. In response, we devised and tested various methodologies to curtail these costs, thereby enhancing the efficiency and affordability of NFT markets.
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Optimized NFT Marketplace Contracts: We developed streamlined NFT marketplace contracts tailored for efficient property listing, transaction execution, and ownership verification.
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Transaction Batching: By batching multiple transactions together, we aimed to reduce the overhead costs associated with individual transactions, particularly beneficial for frequent traders.
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Gas-Efficient Smart Contract Design: We optimized the design of our smart contracts to minimize gas consumption during contract execution, ensuring cost-effectiveness.
Our analysis revealed promising outcomes, demonstrating significant reductions in gas fees:
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Average Transaction Cost Reduction: We observed an average decrease of 35.14% in transaction costs, enhancing the affordability of NFT trading on the Polygon blockchain.
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Single Transaction Cost Reduction: Specifically, we achieved a 5.10% reduction in the gas fees incurred per single transaction.
These improvements are poised to substantially alleviate gas expenses for private sector participants, fostering a more efficient and accessible environment for NFT market activities.
Efficient gas fee management is critical for enhancing the viability and scalability of NFT platforms on blockchain networks like Polygon. Through diligent experimentation and optimization, we have identified and implemented strategies to mitigate gas costs, thereby making NFT markets more accessible and cost-effective for participants.
For detailed implementation and code samples, please refer to the provided resources and repositories.
This project is licensed under the MIT License - see the LICENSE file for details.
Additional Note: To run the code, simply copy each code snippet and paste it into your preferred integrated development environment (IDE) for blockchain development, such as Remix IDE or Truffle Suite. Follow the instructions provided in the documentation for further guidance on executing the code effectively.
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