Newsletter #4: Lazy.com
In this newsletter you'll learn more about our new Explore features, some interesting Lazy accounts, and the meaning and purpose of gas fees on the Ethereum blockchain.
RabbitHole and BizarroWorld
We hope you’ve been enjoying our new Explore feature that highlights some of our favorite NFTs on Lazy! In our latest release, you can discover even more NFTs by venturing into RabbitHole and BizarroWorld.
Simply click the More button (represented by 3 dots) on any NFT and choose to browse similar NFTs (RabbitHole) or opposite NFTs (BizarroWorld)! This is all powered by our in-house AI algorithm and we’ll continue to generate recommendations for more and more NFTs in the future.
Here are a few Lazy profiles that caught our attention:
jossif has connected his NBA Top Shot account to display a nice collection of NBA moments, including a rare throwdown by Kristaps Porzingis of the Dallas Mavericks.
lthole is a graphic designer and photographer who is showcasing a large collection of original, rustic photographs of objects from a farm shed.
empticism is using Lazy to display their colorful (and sometimes psychedelic) creations.
Think your collection deserves to be featured in a future newsletter?
Fill out this form with your profile link and why you think your profile should live under the spotlight. Points for creativity!
What are gas fees? ⛽️
If you have ever minted, sold, or purchased an NFT, then you may be all too familiar with gas fees. This is a fee that is required anytime data is written to the Ethereum blockchain. Gas fees are paid by users (like you and I) to compensate miners for the resources required to process and validate blockchain transactions.
Every transaction that occurs on the blockchain requires computational effort which is provided by miners. Miners are people who use expensive computer resources to process transactions and store the blockchain. In return, miners receive gas fees (in the form of ETH) as compensation.
The amount of gas you’ll pay depends on the complexity of the task you’re doing on the Ethereum blockchain. That is why minting an NFT is more expensive than transferring it.
The price of gas fluctuates based on demand for writing to the blockchain. Because the number of transactions that Ethereum can handle is limited, users must offer to pay a higher gas price to have their transactions mined quickly.
Why do gas fees exist?
The main reason the Ethereum blockchain requires gas fees on every transaction relates to security. Because users are required to pay a fee, bad actors are prevented from spamming the network because there is a financial penalty for doing so.
All this is changing…
This is how Ethereum works today but changes are coming, such as EIP 1559 which will change how gas functions. We’ll keep you posted on that in future newsletters!
We ❤️ Feedback
We would love to hear from you as we continue to build out new features for Lazy! Love the site? Have an idea on how we can improve it? Drop us a line at info@lazy.com