High ETH gas fees killing trades - solution proposal

As many of you are painfully aware high ETH gas fees are making trading NFTs for all but very expensive NFTs highly impractical. For complex contract interactions - ETH gas fees can be in thousands of $$.
Also accepting bids and offers by artists sometimes cost more in gas then the offer on the NFT.
This will slowly kill Rarible unless a way out of this mess is found.

There are technical alternatives available.
I have been involved part time building an Ethereum Virtual Machine on a faster Proof of Stake Blockchain, which allows execution of the same ETH smart contracts for a fraction of a cent in transaction costs.

Hence if Rarible can port it’s contract into a new Blockchain for daily trades and operations - this will free the community from high gas fees and enable trade to be conducted more freely.

The only downside would be a necessary sync back to Ethereum network to register certain transactions - like ownership of an NFT. This can be done optionally by the users at a time when ETH transaction fees are at acceptable level.

The upside however is unblocking Rarible marketplace, which is currently held hostage by those high fees.

Here is one example on why people are not able to buy some NFTs:

I am willing to help the project on technical side.

I manage CryptoTribe validator for multiple POS chains: https://cryptotribe.io/

Additional information:
Ethereum Virtual Machine (EVM) on Telos: https://telos.net/telos-ethereum-virtual-machine/
Telos is #1 chain by activity with room to grow: https://blocktivity.info/

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Great idea and thanks for your efforts - Looking for a long term solution to keep the costs in check and consistent will be so helpful. Best of Luck

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Followed, digging your photography, especially african sunset :ok_hand:

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interesting ideas, these gas fees have definitely stopped me from purchasing quite a few pieces that i ended up missing out on.

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Thanks for kind words!

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Related to this topic: Is Rarible ETH Smart contract open source?
I can try to deploy it on Testnet version of Telos EVM and provide a proof of concept.

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It would be great really, I think I am one of the artists who hesitates to offer other pieces, which is very embarrassing when it comes to a collection of unique pieces. Hope your solution will be successful for the good of all artists and buyers.

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Yup, minted one on Monday at a Gas fee of $121 :grimacing: Going to hold some work until I recoup my money and gear up for a low gas fee burst.

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So far I have not seen a response from any Rarible developers.
There are solutions being worked on in 3 distinct directions:

  1. Wrap ETH NFTs and expose them on other faster chains.
  2. Clone and migrate Solidity contract on Ethereum EVM running on faster chains.
  3. Start new NFT markets on faster chains.

If Rarible will sit on their arms and do nothing to solve current situation - you risk loosing out to new competition. Everything is changing fast in Crypto World.

I need at least compiled JSON format of Rarity smart contract with ABI to be able to pilot it on new faster EVM.

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Hello all,
I just watch gas like i’m smoking a bowl. i hit it all the time.

one of the cool kid club members,
AKA ChAmBo