NFT is an abbreviation for non-fungible token. It's constructed using the same code as cryptocurrencies, such as Bitcoin or Ethereum, but that's where the similarities end.
Physical money and cryptocurrencies are "fungible," which means they can be traded for one another.
Fair.xyz is a no-code end-to-end solution. In conjunction with OpenSea, the NFT launch platform has created a groundbreaking piece of NFT technology known as "The Minter Token."
The new token enables collectors to cryptographically show they minted a specific NFT, even if they have since sold it, giving them credit for contributing to the community and allowing them to participate in token-gated community events.
The debut comes just after Fair.xyz announced a $4.5 million investment round and a waitlist of over 50,000 people.
The Issue: There is no clear and simple way to demonstrate that you have minted an NFT.
Today, anyone with enough money may readily invest in the most iconic, desirable, and, by extension, pricey NFT collections (Bored Ape Yacht Club, Crypto Punks, Women of the World etc).
However, prior to their fame, most iconic NFT collections existed with much lower price tags and completely unknown cultural standing.
The Solution: Fair.xyz and OpenSea collaborate to create the 'Minter Token.'
Forged by the Fair.xyz team with priority blockchain technology, and in close collaboration with the experience and pedigree that comes from OpenSea, they've built 'The Minter Token' - 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.
Each 'Minter Token' is generated automatically and for free (ex gas fees). Each coin will include a smart contract as well as 3D generative artwork depicting the NFT that was minted.
Because each Minter Token is a Soul Bound Token (SBT), it cannot be transferred, sold, or swapped once minted - the token will live forever in the user's wallet as undeniable proof that they were the original minter of that NFT.
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And because Minter Tokens are 'un-tradable,' this NFT class is less about 'flipping,' ROI, or profits - it's more about certification, a homage to the innovators, community builders, and super fans who were there first.
According to Isaac Kamlish, Co-Founder of Fair.xyz, "We know every NFT platform says this, but we truly prioritize community."
That is why we felt strongly that we needed to produce something for the entire Web3 community in order to establish our principles as a firm and present ourselves to the Web3 community."
Furthermore, Minter Tokens can assist Creators in creating other gated experiences and rewards for their community members who no longer own their NFT but want to be a part of that community.
It enables creators to harness and offer back to their community a whole new range of experiences and value.
Making your own 'Minter Token' is quite simple and will take less than a minute. Simply go to minter.fair.xyz, connect your Ethereum-based wallet, and Fair.xyz will display all of the NFTs you've ever coined.
Fair.xyz will develop the 3D rendered artwork of your NFT and allow you to mint it as a one-of-one piece of artwork on the purpose-built smart contract once you have chosen it. That's all!
The Minter Token has the potential to become the next development of NFT culture, which means that anyone who mints an NFT will now receive not only the NFT itself but also the 'Minter Token,' as well as a certificate of proof that you were an original minter.
So, even if you've snagged the next Bored Ape and the rocketing floor is too tempting to pass up, you'll always have the Minter Token as your community flex.
OpenSea hopes that the 'Minter Token' represents a significant step forward in improving the utility of NFT technology to a wider audience.
Initially, the Minter Token will appeal to the native NFT community, but in the future, the 'Minter Token' might be used to demonstrate former ownership of a property, a tangible art work, or shares in a firm.
And it will be established companies like OpenSea, working with next-generation inventive start-ups like Fair.xyz, that will usher in the smooth and resilient infrastructure that will drive the Web3 transition.