OpenSea and Fair.xyz’s Soulbound ‘Minter Token’ honors NFT innovators
Alpha:
- Fair.xyz, a Web3 enterprise that develops technology to improve smart contract functionality, announced a new partnership with OpenSea on Wednesday to release its new “Minter Token” feature, according to a press release shared with Now nft.
- The minter token is a spirited token that cryptographically proves that a wallet owner has minted an NFT, even if the owner sells or transfers the digital asset. The tool analyzes a user’s wallet and creates a 3D generative artwork that displays minted NFTs.
- In the future, Minter Token may expand to other spiritbound token uses such as proof of ownership of property, physical works of art, or even shares in a company.
Why is this important?
Because digital assets can change hands so easily, there’s no great way to identify who originally minted a particular project’s NFT (short for mining someone’s history on the blockchain). Fair.xyz’s minter token aims to change that, making it easier for minters to take credit for helping build NFT communities and potentially allowing them to participate in token-gated community events.
Minter Token is a nod to collectors who were there at the beginning of the NFT project. Soulbound tokens are non-transferable, meaning the feature is more about community recognition and status than flipping NFTs or making a profit.
“We know every NFT platform says this, but we’re really about community first,” Fair.xyz co-founder Isaac Comlish said in a press release. “So we felt strongly that to establish our values as a company and introduce ourselves to the Web3 community, we wanted to create something for the entire Web3 community.”
As an investor in Fair.xyz, OpenSea supported the feature, amplifying it on Twitter and helping its audience to showcase the release.
To mint a Minter token, users visit minter.fair.xyz, connect their Ethereum-based wallet, and Fair.xyz will automatically display all of their minted NFTs. Once a user selects an NFT, the feature will generate a 3D-rendered artwork of the token and allow users to mint the artwork as a 1-for-1 NFT.
what next
The concept of soulbound tokens is still relatively new, even for NFTs. Although some companies claim to have created them, non-transferable identity and reputation tokens are highly divisive. Bad actors, from hackers to authoritarian regimes, can use them to identify individuals of interest for all the wrong reasons. The same is true of the theft of spiritbound tokens, although some have advocated the social recovery model as a counter to these situations.
Regardless, they are a compelling concept in the Web3 world that can change the way society views and communicates with the concept of permanent ownership. Fair.xyz’s minter token will be an interesting window into how Web3 denizens choose to value the originality, status and innovation of the NFT community when no money is involved.
But wait! There’s more:
https://ift.tt/tBCFGNR
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