OpenSea and Fair.xyz’s “Minter Token” honors NFT innovators

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Alpha:

  • A Web3 company called Fair.xyz that develops technology to improve smart contract functionality announced a new partnership with OpenSea on Wednesday to launch its new “Minter Token” feature, according to a press release shared with nft now.
  • The Minter token is a soul-bound token that cryptographically proves that a wallet owner has minted an NFT, even if the owner has sold or transferred the digital asset. The tool analyzes a user’s wallet and creates a generative 3D illustration that displays the minted NFT.
  • In the future, the Minter token may expand to include other use cases for soul-related tokens, such as proof of ownership of property, physical works of art, or even objects. shares in a company.

why is it important

Since digital assets can change hands so easily, there’s no good way to tell who originally created a particular project’s NFT (unless you dig into someone’s history). one on the blockchain). Fair.xyz’s Minter Token aims to change that, allowing coiners to take credit for helping build NFT communities and potentially letting them participate in tokenized community events.

via Fair.xyz

The Minter Token is a nod to the collectors who were around at the start of the NFT projects. Soulbound tokens are non-transferable, meaning the feature is more about community recognition and status than flipping or making profits on the NFT.

“We know all NFT platforms say this, but we put the community first,” Fair.xyz co-founder Isaac Kamlish said in the press release. “That’s why 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 has backed the feature, amplifying it on Twitter and leveraging its audience to help pitch the release.

To mint a Minter token, users go to minter.fair.xyz, connect their Ethereum-based wallet, and Fair.xyz will automatically display all the NFTs they have ever minted. Once a user selects an NFT, the feature generates a 3D illustration of the token and allows users to mint the illustration as a 1-on-1 NFT.

And after

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 controversial. Bad actors, ranging from hackers to authoritarian regimes, could use them to identify persons of interest for all the wrong reasons. The theft of soul-bound tokens is equally concerning, although some have advocated the social recovery model to counter these scenarios.

via Fair.xyz

Either way, it’s a compelling idea in the Web3 world that could change the way society views and interacts with the concept of permanent ownership. Fair.xyz’s Minter Token will be a fascinating window into how Web3 dwellers choose to value originality, status, and innovation in NFT communities when there’s no money at stake.

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