OpenSea and Fair.xyz’s Soulbound ‘Minter Token’ Honors Innovators of NFT

OpenSea and Fair.xyz’s Soulbound ‘Minter Token’ Honors Innovators of NFT


Alpha:

  • called Web3 Foundation Adel. xyz The company that builds technology to improve smart contract functionality announced a new partnership with OpenSea Wednesday to launch a new “Minter Token” feature, according to a press release shared with Nft Now.
  • A Minter Token is a token that cryptographically proves that the wallet owner minted the NFT, even if the owner sells or transfers the digital asset. The tool analyzes the user’s portfolio and creates 3D artwork that displays the NFT.
  • In the future, the Minter Token could expand to other token use cases such as proof of ownership of property, physical artwork, or even stock in a company.

why does it matter

Since digital assets can easily change, there is no great way to find out who originally minted an NFT for a given project (other than looking at someone’s history on the blockchain). Fair.xyz’s Minter Token aims to change that, making it easier for miners to take credit for helping build NFT communities and possibly allowing them to participate in token-gated community events.

via Fair.xyz

The Minter icon is a nod to the collectors who were there at the start of the NFT projects. Soulbound tokens are non-transferable, which means the feature is more about community recognition and status than flipping or making any profit on the NFT.

“We know every NFT platform says this, but we really do talk about community first,” Isaac Kamlish, co-founder of Fair.xyz said in the press release. “That’s why we felt so strongly that in order to solidify our values ​​as a company and introduce ourselves to the Web3 community, we wanted to build something for the entire Web3 community.”

As an investor in Fair.xyz, OpenSea has been supportive of the feature, amplifying it on Twitter and tapping its audience to help pitch the release.

To mint a Minter Token, users go to minter.fair.xyzConnect their Ethereum-based wallet, and Fair.xyz will automatically display all NFTs they have ever minted. Once the user selects an NFT, the feature will create a 3D artwork for the token, and allow users to make the artwork as one of 1 NFT.

What’s Next

The concept of spirit tokens is still relatively new, even for NFTs. Although some companies claim to have created them, the non-transferable identity and reputation tokens are deeply divisive. Bad parties, from hackers to authoritarian regimes, can use it to identify people of interest for all the wrong reasons. Token theft is equally related, although some have advocated social recovery model As an interview for those scenarios.

via Fair.xyz

Regardless, it’s a compelling idea in the world of Web3 that could change the way society views and interacts with the concept of perpetual ownership. Minter Token from Fair.xyz will be a great window into how Web3 residents choose to evaluate authenticity, prestige, and innovation in NFT communities when there isn’t any money.

But wait! there is more:



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