Smart Ways to Reduce Gas Fees for NFT Platforms on the Polygon Blockchain

Tracking #: 804-1784

Authors:
NameORCID
Rahul TharammalORCID logo https://orcid.org/0009-0002-7262-8975


Submission Type: 

Research Paper

Abstract: 

NFT markets using blockchain technology are becoming increasingly popular in the digital asset market. They offer unique benefits such as owner history tracking, ownership segmentation, and ensuring safe operations. But using trading apps on the blockchain can be expensive because of something called gas fees. This paper explores ways to reduce these costs in the implementation and execution of contracts in the NFT market. We tested our ideas with Polygon blockchain and Solidity smart contracts, using VS code editor for testing. Our solutions include developing efficient NFT marketplace contracts to list property, execute transactions, and ensure ownership. Our analyzes show an average reduction of 35.14% in transaction costs and a 5.10% reduction in the cost of a single transaction, especially with multiple transactions role, these changes are expected to significantly reduce private sector gas costs, making NFT markets more efficient and effective.

Manuscript: 

Tags: 

  • Reviewed

Data repository URLs: 

Date of Submission: 

Sunday, March 24, 2024

Date of Decision: 

Monday, March 25, 2024


Nanopublication URLs:

Decision: 

Reject (Pre-Screening)