Mintology is launching the world’s first curated NFT launchpad: a kickstarter and an online marketplace where artists and creators can list their digital creations for sale immediately upon minting. They’re set to launch by the end of September 2021.
The challenge for artists and creators is that there’s no way for them to easily access a community upon minting their NFTs. Mintology is the next step for these creators.
In short, Mintology is the IEO of NFTs: Users can list directly on an NFT exchange, immediately providing access to potential buyers who are looking for a curated selection of digital assets.
What is an NFT?
An NFT (or Non-Fungible Token) is a unique digital asset, whose value is derived from its unique attributes and digital scarcity, rather than its aggregate market value like a traditional stock or bond. Further, NFT creators set their own price, unlike many assets in traditional digital asset markets (such as Spotify or Apple Music).
In essence, it creates scarcity out of something that was previously not scarce enough: information itself. Prior to NFTs, the only way to ensure scarcity was via patents or trademarks, and even then, digital assets could easily be copied and stolen. However, with NFTs, a creator can create an asset that is inherently scarce – through the uniqueness of each asset’s attributes, which may include its source code, artwork, or simply a unique address on the blockchain.
For some artists, NFTs have also enabled them to monetize their content in new and exciting ways. For example, a songwriter can use an NFT to sell tickets to a live performance of her song, or a painter can sell an NFT representing a limited edition of one of his paintings. As the world’s first fully integrated marketplace for digital assets, Mintology will give creators more ways to earn additional revenue from their work.
However, this global, newly-discovered fascination with NFTs is a double-edged sword, resulting in a market flooded with low-quality NFT projects, making it difficult for investors to discover projects with true potential. Mintology is on a mission to make high-quality NFTs the new standard for digital ownership, through a carefully curated marketplace.
The IEO of NFTs
Mintology makes it easy for creators to start minting their NFTs, but also provides them with the infrastructure they need to succeed. This allows creators to focus on what they do best, creating art and music—not managing a marketplace.
This is similar to how IEOs (Initial Exchange Offerings) and IDOs (Initial Decentralized Exchange Offerings) have made it easy for entrepreneurs to launch directly on crypto exchanges, democratizing access to capital for promising companies.
Mintology provides creators with the opportunity to mint and list their digital assets to an NFT community. Once a seller lists an artwork, it will appear on the platform as available for purchase. By listing NFTs, artists and creators become part of a thriving community.
What does this mean for artists and creators?
By listing their work on Mintology, artists and creators will be able to mint NFTs and list them on Mintology’s carefully curated launchpad, and subsequent NFT marketplace. They can do this by minting directly from the website. Once they’ve minted their NFT, anyone can buy it using one of the supported cryptocurrencies on the marketplace at a set price.
Any valuable digital commodity should have one major advantage over its physical counterpart: instant liquidity. That will be possible once Mintology marketplace launches and artists and creators can mint their assets right into the NFT launchpad and listing into the marketplace automatically, without having to go through the headache of publishing them themselves.
How does it work?
Mintology is powered by Ethereum smart contract technology and acts as an exchange for minting and trading NFTs.
NFTs are created using the ERC-721 standard. This standard requires an NFT to have a uint256 variable called tokenID. What this means is that it must have a globally unique variable, so there’s no way for two NFTs to share an ID. Further, it becomes a technical impossibility to duplicate an NFT.
This is in stark contrast to traditional marketplaces and social networks, from Instagram to Spotify, where if a user uploads an image or a song, there’s no decentralized, unique identifier that ties that asset to their identity—meaning that anyone can replicate it infinitely, and the centralized providers can delete it at any time.
What is the future of NFTs?
With the creation and launch of new platforms that enable artists and creators to mint their own unique NFT assets comes the obvious question: what will they be worth? This is where things get really interesting. The value of an NFT depends on many factors including its scarcity (how rare it is), how much demand there is for it relative to supply, as well as how widely known the creator is within a specific community (the so-called “credence factor”).
The market for rare digital collectibles like digital trading cards has been valued at billions of dollars per year. With the likes of a dog on the blockchain being worth $85 million, we expect these markets to only continue growing in size. Digital art and music are only one component, with many other industries growing in parallel, such as physical sports cards or sneakers.
Ultimately, NFTs are just a digital representation of an asset, and like all assets, they will have value if they have demand—whether it’s a plot of virtual land on Mars or something as simple as an image. The digital world is only going to become more integrated with the real world, and NFTs are yet another example of this convergence. Mintology is empowering creators by democratizing NFTs, and fostering quality in the new digital economy with a curated marketplace.