According to a press release now shared with nft, a Web3 enterprise called Fair.xyz on Wednesday announced a new partnership with OpenSea to release its new “Minter Token” feature. A Minter token is a soul-bound token that cryptographically proves that the wallet owner has minted an NFT, even if the owner has sold or transferred the digital asset. The tool analyzes the user’s wallet and creates a 3D generated artwork showing the minted NFT. In the future, Minter tokens may expand to other soul-bound token use cases, such as proof of property ownership, physical artwork, and even company shares.
why it matters
Since digital assets change hands easily, there is no good way to identify who originally minted NFTs for a particular project (other than mining someone’s history on the blockchain). Fair.xyz’s Minter Token aims to change that, making it easier for minters to get credit for helping build NFT communities and potentially allow them to participate in token-gated community events.
By Fair.xyz Minter tokens are a tribute to the collectors who were present at the beginning of the NFT project. Soulbound tokens are non-transferable, which means the feature is more about community recognition and status than flipping or making any profit on NFTs. “We know every NFT platform says this, but we really focus on the community first,” Fair.xyz co-founder Isaac Kamlish said in a press release. “That’s why we feel strongly that in order to establish our values as a company and introduce ourselves to the Web3 community, we want to build something for the entire Web3 community.” Amplify it on Twitter and use its audience to help showcase the version. To mint Minter tokens, users can visit minter.fair.xyz, connect their Ethereum-based wallet, and Fair.xyz will automatically display all NFTs they have ever minted. After the user selects the NFT, the feature will generate a 3D rendered artwork of the token and allow the user to mint the artwork as a 1 of 1 NFT.
The concept of soul-bound tokens is still a relatively new one, even for NFTs. Non-transferable identity and reputation tokens are widely divided, although some companies claim to have created them. Bad actors from hackers to authoritarian regimes can use them to identify people of interest for all the wrong reasons. The theft of soulbound tokens is equally concerning, although some advocate a social recovery model as a countermeasure to these situations.
By Fair.xyz In any case, they are a compelling idea in the Web3 world that could change how society views and interacts with the concept of perpetual ownership. Fair.xyz’s Minter token will be a fascinating window into how Web3 residents choose to value originality, status, and innovation in the NFT community without involving funds. But wait! there are more: