OpenSea and Fair.xyz’s Soulbound ‘Minter Token’ Honors NFT Innovators

Sources google images

A Web3 company, Fair.xyz, released its new "Minter Token" feature on Wednesday in partnership with OpenSea.

Minter Tokens are soulbound tokens that prove cryptographically that an NFT was minted even if it has been sold or transferred. A 3D generative artwork is created for the minted NFT after the tool analyzes a user's wallet.

In the future, the Minter Token might also be used for other soulbound token applications, such as proving ownership of property, art, or company shares.

Why it matters Since digital assets are so easily exchanged, it is difficult to determine who originally minted an NFT (short of digging through their history on the blockchain). The Minter Token aims to change that, enabling minters to take credit for building NFT communities and potentially taking part in token-gated events.

NFT projects began with collectors at the beginning, and the Minter Token is a nod to them. Unlike other tokens that can be flipped or profited from, Soulbound tokens are non-transferable.

Our goal was to establish our values as a company by introducing us to the Web3 community. According to Fair.xyz Co-Founder Isaac Kamlish, "We know every NFT platform says this, but we truly put the community first."

OpenSea supports Fair.xyz as an investor, amplifying the release on Twitter and leveraging its own audience to promote it. By connecting their Ethereum-based wallet to minter.fair.xyz, users can automatically display all the NFTs they have ever minted. As soon as the user selects an NFT, the feature will generate a 3D-rendered artwork of the NFT.

Sources google images
What’s next

Even for NFTs, soulbound tokens are still a relatively new concept. Despite some companies claiming to have created them, non-transferable identity and reputation tokens are highly controversial. People of interest could be identified for all the wrong reasons by bad actors, including hackers and authoritarian regimes.

Although some advocate a social recovery model for countering theft of soulbound tokens, the problem remains the same. Whatever the case may be, they are a compelling idea that could transform how society views and interacts with permanent ownership in the Web3 age. It will be fascinating to see how Web3 denizens value originality, status, and innovation when there is no money involved with Fair.xyz's Minter Token

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