Fair.xyz, an end-to-end, no code NFT launch platform has developed a ground-breaking piece of NFT technology, in collaboration with OpenSea, that they've dubbed - “The Minter Token”. The new token allows collectors to cryptographically prove they minted a specific NFT, even if they have since sold it, both giving them credit for helping build the community as well as allowing them to partake in token-gated community events. The launch comes shortly after Fair.xyz announced its $4.5M funding round and reached more than 50,000 people on their waitlist.
The Problem : There is no clear and easy way to show you minted an NFT.
Today, with enough money, anyone can easily buy into the most iconic, desirable and, by proxy, expensive NFT collections (Bored Ape Yacht Club, Crypto Punks, Women of the World etc). However, before their hyper-notoriety, most famous NFT collections came into existence with far smaller price-tags and entirely anonymous cultural status.
For example, in 2017, when the then unknown 'Crypto Punks' collection first launched, each punk was free to mint and would only cost you gas-fees. Today, you'd have to part with at least $143,000 to purchase the cheapest currently for sale.
So for those NFT collectors who minted a collection before the hype, before the cult status, before the price tag; when the collection was purely about the art, or the community, or supporting the artist - how could they easily prove to the rest of the Web3 community they were there first?
And further more, once you've sold your NFT, what do you then have that ties you back to that community? Even when you might have helped built it to what it is today?
The Solution : Fair.xyz and OpenSea create the 'Minter Token'
Forged by the team at Fair.xyz with their priority blockchain technology, while 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, completely free of charge (ex gas fees). Each token will combine both a smart-contract and 3D generative artwork, displaying the NFT which was minted.
As each Minter Token is a Soul Bound Token (SBT) which means that once minted, it can't be transferred, sold or exchanged - the token will remain forever in the user's wallet to be undisputed proof that they were the original minter of that NFT.
And because of this 'un-tradable' nature of Minter Tokens, it means this NFT class is less about the 'flipping', the ROI or profits - it's more about certification, the nod of the head to the innovators, the community builders and the super fans that were there first. Isaac Kamlish, Co-Founder of Fair.xyz explains,
“We know every NFT platform says this, but we truly are about community first. That's why we felt strongly that to establish our values as a company and introduce ourselves to the Web3 community, we wanted to build something for the entire Web3 community.”
Additionally, Minter Tokens can also help Creators create other gated experiences and rewards for their community members that no longer own their NFT, but still want to be part of that community. It unlocks a whole new set of experiences and utility for creators to leverage and give-back to their community.
How to claim your 'Minter Token'.
Minting your own 'Minter Token' is incredibly easy and will take less than a minute to do. Simply head to minter.fair.xyz, connect your Ethereum based wallet, and Fair.xyz will automatically display all the NFTs you've ever minted. Once selected, Fair.xyz will generate the 3D rendered artwork of your NFT, and allow you to mint it as a 1-of-1 piece of artwork on the purpose-built smart contract. That's it!
The future : Every newly minted NFT will get a “Minter Token”
The Minter Token will have the potential to become the next evolution of NFT culture, meaning that from now on, anyone who mints an NFT will not only get the NFT itself, but the 'Minter Token' also, a certificate of proof to say that you were an original minter. So even if you've bagged yourself the next Bored Ape and the rocketing floor is too tempting to resist the sale - you'll always have the Minter Token as your community flex.
OpenSea hopes that the 'Minter Token' involves a pivotal step forward towards increasing the utility of NFT technology, to an ever-growing audience. Right now, the Minter Token will appeal to the native NFT community, but down the line the 'Minter Token' could be the proof to show past ownership of a house, a physical art work or shares in a company.
And it will be established companies like OpenSea, collaborating with next generation innovative start ups like Fair.xyz, who will herald in the seamless and robust infrastructure for the Web3 evolution to accelerate.
Follow @fair.xyz and @opensea on twitter to be kept up-to date with latest news and announcements.
Claim your own Minter Token by visiting https://minter.fair.xyz/
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About Fair.xyz
Fair.xyz was founded in 2022 to create more efficient and fairer NFT launches. Created by engineers from Meta and Goldman Sachs, the company's first project was helping the Ukrainian Government launch an NFT collection to raise funds for the war. The company's no-code, gas-war free platform is already helping creators launch their collections. The company is backed by leading web3 and tech investors including Eden Block, OpenSea, NFX, First Minute Capital, and others. Learn more at Fair.xyz.
About OpenSea
OpenSea is the world's leading peer-to-peer marketplace for NFTs. We're on a mission to help the world's creators, collectors and collaborators own and shape their relationships directly. We're building the world's most trusted and inclusive NFT marketplace with the best selection – making minting, purchasing and selling NFTs frictionless and friendly, and offering unmatched selection and multi-chain options for creators and collectors of all kinds. Headquartered in New York, the OpenSea leadership team comes from Google, Palantir, Lyft, Uber, Stanford and Berkeley. Investors include a16z, Paradigm, Coatue, YCombinator, Founders Fund, Coinbase Ventures, 1Confirmation, and Blockchain Capital.
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