NFT stands for non-fungible token. It is often constructed using the same type of programming as cryptocurrencies such as Bitcoin and Ethereum, but that is where the similarity ends.
Both fiat currency and cryptocurrencies are "fungible," meaning that they can be traded or exchanged for one another.
NFTs (non-fungible tokens) are non-replicable, non-fungible cryptographic tokens that reside on a blockchain.
NFTs can represent tangible assets such as real estate and artwork.
These real-world tangible goods can be "tokenized" to make their purchase, sale, and exchange more efficient and reduce the likelihood of fraud.
Fair.xyz is a no-code, end-to-end platform that does not require any coding.
The Minter Token is a ground-breaking piece of NFT technology that was developed by the NFT launch platform in partnership with OpenSea.
The new token enables collectors to cryptographically show they minted a particular NFT, even if they've since sold it, giving them credit for helping develop the community and allowing them to participate in token-gated community events.
The launch occurs just after Fair.xyz revealed its $4.5 million investment round and reached more than 50,000 individuals on their queue.
The Problem: There is no obvious and simple way to prove you have minted an NFT.
Today, anyone with sufficient funds may acquire the most iconic, desirable, and hence pricey NFT collections with relative ease (Bored Ape Yacht Club, Crypto Punks, Women of the World etc).
Prior to their hyper-fame, however, the majority of renowned NFT collections had much lower price tags and a completely unknown cultural standing.
The solution is that Fair.xyz and OpenSea establish the "Minter Token."
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 close collaboration with OpenSea's experience and pedigree.
Each "Minter Token" is instantly and fully free-of-charge generated (ex gas fees). Each coin will incorporate both a smart contract and 3D generative artwork, showcasing the minted NFT.
As each Minter Token is a Soul Bound Token (SBT), meaning that once minted, it cannot be moved, sold, or exchanged, the token will remain in the user's wallet forever as irrefutable evidence that they were the original minter of that NFT.
And because Minter Tokens are 'un-tradable,' this NFT class is less about 'flipping,' ROI, or profits - it's more about certification, the nod to the inventors, community builders, and super fans who were there first. Co-founder of Fair.xyz, Isaac Kamlish, explains:
"We understand that every NFT platform says this, but we actually put the community first."
To define our company's ideals and introduce ourselves to the Web3 community, we felt strongly that we needed to create something for the broader Web3 community.
In addition, Minter Tokens can assist Creators in developing additional gated experiences and prizes for community members who no longer possess NFTs but still wish to participate in the community.
It unlocks an entirely new set of experiences and utilities for creators to harness and contribute to the community.
It will take you less than a minute to mint your own 'Minter Token', which is an amazingly simple process.
Simply navigate to minter.fair.xyz, connect your Ethereum-based wallet, and Fair.xyz will immediately display all of your NFTs.
Once chosen, Fair.xyz will develop the 3D rendered artwork of your NFT and allow you to mint it as a 1-of-1 artwork on the purpose-built smart contract. It's over!
In the future, each freshly issued NFT will include a "Minter Token."
The Minter Token has the potential to become the next generation of NFT culture, meaning that from now on, everyone who mints an NFT will receive not only the NFT, but also the 'Minter Token,' a certificate attesting to the fact that you were the original minter.
You'll always have the Minter Token as your community flex, even if you've snagged the next Bored Ape and the skyrocketing floor is too tempting to pass up.
OpenSea anticipates that the 'Minter Token' is a critical step toward expanding the utility of NFT technology to an ever-expanding audience.
Currently, the Minter Token will appeal to the native NFT community. However, in the future, the 'Minter Token' might be used to prove previous ownership of a house, a tangible artwork, or firm shares.
And it will be established companies like OpenSea, in collaboration with next-generation inventive start-ups like Fair.xyz, that will usher in the infrastructure for the Web3 transformation to accelerate.
