NFT is short for non-fungible token. The similarities between it and cryptocurrencies like Bitcoin or Ethereum end there, despite the fact that it is typically developed using the same type of programming.
Both conventional currency and cryptocurrencies are "fungible," which means they may be traded or converted into one another.
Fair.xyz is an end-to-end, no-code service. The "Minter Token" is a revolutionary piece of NFT technology that the NFT launch platform and OpenSea have created together.
The new token enables collectors to cryptographically demonstrate they minted a specific NFT, even if they later sold it, earning them recognition for their contributions to the community's growth and enabling them to participate in token-gated community events.
The launch occurs just after Fair.xyz revealed its $4.5 million investment round and attracted over 50,000 people on their queue.
The Issue: There is no obvious or simple way to demonstrate that you have minted an NFT.
Anyone today can easily purchase into the most recognizable, sought-after, and thus pricey NFT collections if they have enough money (Bored Ape Yacht Club, Crypto Punks, Women of the World etc).
However, most iconic NFT collections were created before they became extremely well-known, with much smaller price tags and completely nameless cultural status.
The Fix: The 'Minter Token' is developed by Fair.xyz and OpenSea.
The "Minter Token" is a first-of-its-kind Soul-Bound Token that cryptographically proves a wallet owner minted an NFT, even if the NFT has long since been sold or transferred.
It was created by the Fair.xyz team using their priority blockchain technology in closing collaboration with the experience and pedigree that comes from OpenSea.
The creation of each "Minter Token" is automatic and cost-free (ex gas fees). A smart-contract and 3D generative art representing the NFT that was coined will be combined in each token.
Since each Minter Token is a Soul Bound Token (SBT), which means that once minted, it cannot be moved, sold, or exchanged, the token will stay in the user's wallet forever to serve as undeniable proof that they were the original minter of that NFT.
Additionally, because to the "untradable" nature of Minter Tokens, this NFT class is less about "flipping," ROI, or profits and more about certification and giving credit to the pioneers, community builders, and super fans who were there first. Fair.xyz co-founder Isaac Kamlish explains,
"We acknowledge that every NFT platform makes this claim, but for us, the community comes first. We so strongly believed that in order to promote our company's ideals and present ourselves to the Web3 community, we should create something for the entire Web3 community.
Minter Tokens can also assist creators in developing additional gated experiences and benefits for their community members who no longer possess NFT but still wish to be a part of that community.
It enables creators to take use of a completely new range of opportunities and tools to support their community.
It is really simple and takes less than a minute to mint your own "Minter Token." All you need to do is visit the minter.fair.xyz, connect your Ethereum-based wallet, and Fair.xyz will instantly show all the NFTs you've ever created.
After you've made your choice, Fair.xyz will produce the 3D rendered artwork of your NFT and provide you the option to mint it as a unique work of art using the specially designed smart contract.
All done! In the future, each freshly issued NFT will receive a "Minter Token."
The Minter Token has the potential to be the next step in the growth of NFT culture, which would imply that going forward, everyone who mints an NFT would also receive a "Minter Token," which would serve as a document of authenticity proving that they were the original minter.
You will always have the Minter Token as your community flex, even if you've already secured the next Bored Ape and the rocketing floor is too alluring to pass up the sale.
OpenSea believes that the "Minter Token" represents a crucial advancement in expanding the applicability of NFT technology to a constantly expanding audience.
The Minter Token will initially only be attractive to the local NFT community, but in the future, it might serve as evidence of previous ownership of a home, a physical piece of art, or stock in a corporation.
And it will be seasoned businesses like OpenSea working alongside cutting-edge start-ups like Fair.xyz that will usher in the smooth and reliable infrastructure for the Web3 transformation to speed up.