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

Abstract

Non-fungible token (NFT) markets leveraging blockchain technology have surged in popularity, offering advantages like transparent ownership history, fractional ownership, and secure operations. However, high gas fees can make trading on the blockchain expensive. This paper investigates strategies to reduce these costs in NFT marketplace contract implementation and execution. We tested our solutions on the Polygon blockchain, using Solidity for smart contract development and Visual Studio Code for testing. Our approach focuses on creating efficient NFT marketplace contracts for listing properties, executing transactions, and ensuring secure ownership transfer. Our analysis demonstrates an average transaction cost reduction of $\mathbf{3 5. 1 4 \%}$ and a 5.10% decrease in the cost of a single transaction. These optimizations significantly lower gas fees, enhancing the efficiency and viability of NFT markets in the private sector.