Mintable V2.0 — Boosting NFT Adoption with New Killer Features
Empowering NFT creators in ways that were never possible before.
Ethereum blockchain activity has surged in 2020 due to the growth in traffic on DeFi protocols. The rise of Decentralized Finance protocols has created alternative financial markets in time of the global financial crisis caused by COVID-19. As the DeFi space continues to make news, the NFT ecosystem has garnered tremendous attention too. Toward the mid of 2020, we’ve witnessed NFTs emerging as one of the highest growth sectors in cryptocurrency. NFT total sales reached $100 Million in July 2020 and it is set to reach 1 million NFT users by November 2021.
Since NFTs’ birth in the crypto space, interest in NFTs have been increasing exponentially. However, NFTs are not speculative investments like most other cryptocurrencies. NFTs are just like traditional artwork or collectables. NFT buyers who bought into NFTs based on FOMO may not truly understand what NFTs are all about. As an NFT collector, you would probably consider HODL-ing a NFT as a valuable asset. Buying a NFT with the expectation of an increase in short-term price value is speculation, and NFTs are not short term speculative assets. NFTs are a rarity that has a value determined by the creator/current owner, not the market. And Mintable is the premier destination for the NFT community to mint and trade NFTs.
How far have we come?
NFTs are not new. NFTs have been around in the Ethereum ecosystem since 2017. Cryptokitties were a prime example of the introduction of NFTs. At the peak of their popularity, Cryptokitties congested the Ethereum network and exposed its scalability problem. What made these digital assets non-fungible as compared to other cryptocurrencies is that they represent unique digital assets online, just like collectables such as canvas art or antiques in the real world. NFTs in a simpler term, is a digital version of any collectable item.
In 2018, Mintable.app ventured into the space and became one of the pioneers in the NFT sector. Prior to our V2.0 launch, Mintable is a dApp built to support the growing use cases of NFTs and simplify the way users interact with them, allowing anyone to freely browse, manage and mint ERC-721 assets. Since then we’ve created the first manager for NFTs and the first implementation of batch Mintable NFTs. Toward the end of November, we will also be launching the world’s first DAO governed by NFTs. As for what are the new features to be introduced on our upcoming V2.0 marketplace, we will highlight them in the latter part of this article.
Blockchain does not have to be complicated for users. Mintable allows users to interact with ERC721 assets that don’t require ABI codes and complex processes. Anyone who wishes to create, buy or sell NFTs can do it with ease on Mintable! With our non-code platform, Mintable users have created thousands of NFT so far and this number is set to multifold with our upcoming V2.0 platform.
Killer Features that will boost higher adoption of NFTs
However, there are still various features missing in existing NFT marketplaces that will remain as a barrier to mass adoption. To satisfy the needs of many NFT artists and to entice more art creators joining the NFT community, Mintable will be introducing multiple game-changing features into our upcoming V2.0 marketplace.
User-Friendly Interface and Familiar eCommerce Experience
While NFT exists on the blockchain layer, marketplaces are the medium to provide users with a friendly UI/UX for NFTs to be created and traded. As a backend component, NFTs lack easy accessibility for retail users and most marketplaces do not provide a user-friendly interface. Mintable is here to change that.
By leveraging familiar eCommerce features everyone is used to, Mintable V2.0 will provide the user experience much closer to centralized web applications. For digital art creators who wish to adopt NFTs, users on Mintable will not require much blockchain knowledge while interacting with the platform, just like a traditional web application. Minting and trading new NFT on Mintable will be far less complex as compared to other platforms. Mass adoption will only be possible if everyone’s Grandma knows how to operate what they are using.
So what are some of the popular features on traditional open marketplace that can be found on Mintable V2.0?
NFT Auctions — Mintable Auction works just like eBay. Bidding happens until the auction is over, or if someone buys the item immediately with the buy now price. Then the bid winner will have 3 days to make a payment and receive the NFT. How high can the bid go? Sky’s the limit.
Review and ratings — Tired of getting scammed or buying fake NFTs from bad sellers on other marketplaces? On Mintable, there will be an extensive review system — where each store and seller has reviews that can be seen, tracked, and cannot be gamed easily as the user needs to buy the NFT in order to leave a review. And this can only be done once. Mintable is clamping down on fraud!
Activity Tracking — Ever wonder how many NFT you’ve sold and spent on this month? Just like on etsy, amazon, or ebay — you have a profile that displays all your history — including your total earnings. See and track it all. Get an email every time something happens, everytime you sell an item, every time you make money. Life will be so much easier when you can track everything.
Unlockable Private Files up to 3gb
Although digital art can be replicated or anyone can possibly save the file shown in the marketplace, Mintable V2.0 Platform will mitigate this issue with private unlockable files, making your work of art truly special. Only the current owner of the NFT can download/access/see that file and the owner can use a low res or watermark-ed image to display on Mintable public marketplace. How the owner wants to display their NFT publicly on Mintable marketplace is up to their personal preference. As to what files do Mintable supports — 3D Images, MP4, MP3s or any file unlockable? You decide. The world is your oyster.
Batch-minting of NFTs
Minting NFTs one by one is cumbersome and inefficient since it requires lots of computational power and thus higher gas costs occur. If you wish to batch mint NFTs on other platforms, the gas fees will be insanely high. But fret not! Mintable has your back;)
Introducing to you, the largest batch minting — ever. Want to make 1,000 NFTs for your project/followers? Don’t want to spend $5,000 in transaction fees doing it? How about 2,000 in a single transaction? Yes, yes you can with Mintable. After getting a grant from the Ethereum Foundation, we’ve redesigned the ERC-721 standard to improve its optimization and allow for larger batch minting amounts. This new ERC-721 style can batch mint up to 2,000 NFTs in a single transaction, each completely unique, and 100% ERC-721 compatible (meaning they work on every marketplace, every wallet, every dapp automatically).
p.s These contracts will be open sourced for everyone to enjoy as well.
Some projects/creators care a lot about decentralizing their metadata, but some don’t care at all. So…why not have the fullest flexibility? When you make your NFTs on Mintable, you can decide:
- Go the easy way and let us handle the metadata for you
- Host the metadata directly on IPFS using Mintable within a few seconds
- Host the metadata on your server for complete control
- Host the metadata on any other platform such as Arweave or filecoin
You can now directly sell millions of NFTs with a single transaction using something we call ‘printable series’. This will be a game changer for projects, allowing for something very similar to an ICO, but for NFTs. We already have one project onboard who we are very excited for, they are a talent acquisition company with super models and football players from the largest teams in the U.K who will be making NFTs for using this printable series. Anyone can make their own series on Mintable, it’s just another option to choose from ;)
Don’t wish to see your NFT reselling on the marketplace after sales? No problem. Just click a box and boom — whoever buys it won’t be able to resell it at all on Mintable.
How to stand out among the rest? We have a ton of ways for sellers to promote their NFTs so it doesn’t get lost with all the thousands of other NFTs for sale.
We have a Go Pro section, where sellers can get media blasts, mentions in email newsletters, or even a custom worldwide press release for their creation. We have a system for boosting listings on any NFT so that artists can get their content in front of the eyes that matter. On our Zilliqa version, some boosted NFTs have been seen over 20,000 times! Finally our DAO has a mechanism that encourages buying/selling from certain approved NFT contracts, called Super NFTs. So artists can make a case for the DAO and the community can vote to add their contracts or not. Giving big bonuses to people who buy and sell those NFTs.
Meanwhile, we are working on a special Creators University that organises multiple classes for creators on how to be an effective seller and make highly sought after NFTs. This is to help encourage the community and teach our users how to sell effectively.
Promote yourself as a brand on Mintable! With pro services and a sellers university — you can take your NFT game to the next level.
For online marketplaces, messaging has become a pivotal component. Consumers want clear communication with questions answered easily and to interact with sellers before purchasing. Adding a messaging function on Mintable can offer each of these demands and drive sales for NFT creators as well. When intention to buy is high, direct communication between buyers and sellers can increase the success rate for transactions. Messaging features on Mintable will bring the NFT community closer to one another than ever before! Just slide into their DMs ;D
Reduced Gas Fee
The requirement of paying gas for each function call in ETH increases cost and complicates the process of creating NFTs even for experienced users. As NFT creators ourselves, we understand the pain point of high gas fees. Therefore, we have redesigned our smart contracts to reduce the gas costs on every transaction, but that’s not all we have redesigned. Our auction system doesn’t require any transactions to place a bid. It works just like ebay. You only pay for the NFT and gas fee if you have won the bid.
These are just some of the many new features that you can find on Mintable.app when we launch. Together with our new NFT-governed DAO, get ready to experience a brand new NFT user journey!
What’s next in the NFT space?
It’s an exciting time to be around the NFT economy, as interest and opportunities in the space have never been higher. Combine this reality with our upcoming DAO governed by NFTs, it’s hard to see how NFTs don’t continue to ramp up in utility and popularity from here.
Trends tend to create snowball effects, and the hype with DeFi along with NFT will generate excitement as the trend progresses. If DeFi is made of “money legos,” then NFTs are programmable “media legos.” NFTs are provably scarce digital assets, of which the provenance and ownership are perpetually guaranteed by public blockchains. NFTs will never fade and instead become the norm for transactions of all types of digital assets. Although the NFT sector is nowhere near the DeFi market size currently, we are already empowering creators today in ways that were never possible before.
As we enter 2021, more and more artists/creators will surely leverage NFTs for their unique properties and increase volume in NFT marketplaces.
Excited for Mintable V2.0 already?
Register your email on our website today and be the first to receive notice!