It is possible to prevent fall damage completely by abusing the force unequip functionality of the game. This technique lets you fall from any height without taking fall damage.
To perform this technique, you must have any weapon equipped. Start falling from any height. As you are falling, hold the throw weapon button (R). As you are about to hit the ground (the timing is not precise at all), let go of the throw weapon button (R) and immediately unequip your active weapon. If done correctly, you should land without taking any damage.
If you have a shield, another available option is to change or unequip your active shield in place of unequipping your active weapon.
Since the Paraglider does the exact same thing in a much easier and faster way, this technique is really only used on the Great Plateau before you have the paraglider.