Mintbase - The Perfect NFT Framework for Artists and Creators
Since the advent of the internet in 1983, it has become easier to share items and resources in the digital space. While this relative ease of sharing resources on the internet is beneficial for many people, it has also served as a setback for creators of content who wish to protect their intellectual property.
Copyright laws have played a part in curbing this mischief. However, these laws cannot wholly prevent the unauthorized distribution of content. Mintbase aims to protect ownership of assets in the digital space and end the unlawful transfer of digital items.
The Team behind the Project
The project kicked off late in 2018 October precisely. It was founded by a Portuguese couple named Nate Geier and Caroline Wend. Nate is the CEO of mintbase and is responsible for making significant decisions for the company.
Caroline Wend, on the other hand, is the Chief Operating Officer. She has a wealth of knowledge and experience in business management and development, and she uses this to contribute to the advancement of the company.
Interestingly, Mintbase isn’t run by the Portuguese couple alone. Many developers and business experts across Europe collectively contribute to the project’s success.
The company successfully raised $1 million in its seed funding and big names like Block Oracle Capital, D1 Ventures, and Sino Global tuned all invested in Mintbase.
Mintbase’s Platform
Mintbase is a platform for creating and selling non-fungible tokens. It allows creators and collectors to mint digital assets as NFTs. Artwork, music, images, videos, event tickets, and more can be minted on the platform.
Mintbase will allow creators to mint NFTs while maintaining their uniqueness. Thus, it will become impossible to duplicate and transfer tokens illegally. This model is a plus for creators as it ensures the scarcity of digital tokens and ensures they are transferable only when necessary.
It is easy for crypto enthusiasts to create and sell digital tokens on Mintbase. Other popular NFT markets like OpenSea and Rarrible can also be used to sell digital tokens created on Mintbase. The competitive edge Mintbase has is that minters can make a smart contract that limits illegal transfer and duplication of assets.
Features of the Mintbase Token
One of the primary goals of Mintbase is to ensure that users of the platform get the best possible user experience. Rather than competing with other marketplaces or tokens, it focuses on satisfying its users.
Mintbase, therefore, supports various asset classes and users with various unique features that minted tokens can perform. Three of these tokens with their features are highlighted below.
Spawning Tokens
Mintbase is currently working on creating spawning tokens. Thus, it would be possible for creators to mint manifold tokens. This great feature is helpful for brands that intend to use Mintbase to generate tickets for events.
Users who receive spawning tokens can generate another token or ticket from their received token. However, it is solely in the hands of the creator to determine how many tokens can be reproduced from a source token. Creators can also decide whether to make the spawned token transferable or not.
Self-Destructing Tokens
These unique tokens can be destroyed after a set date or time. Thus, a creator can make tokens expire or become unusable.
This feature is made possible through the ERC 721 token standard. Token destruction helps to maintain the scarcity and high value of digital tokens. Once a time has been set, the creator will not need to destroy these tokens manually. They will automatically be destroyed or disappear from the holder’s wallet.
Embedded Value Tokens
As a means of rewarding customer loyalty, several companies give out coupons and vouchers to their clients. Unfortunately, most of these coupons and vouchers are never redeemed. The Mintbase embedded value tokens allow digital rewards to be reclaimed from customers who fail to use them.
This is similar to the waste recycling model, and it will help companies reclaim tons of cash that lie fallow. Should users not claim their rewards within a reasonable period that is specified, the company can choose to retrieve the prize and divert the resources to another sector.
Mintbase for Customer Reward and Ticketing
The Mintbase project will solve problems regarding ticketing distribution and vouchers. It is the goal of Mintbase to be the go-to platform for customer rewards and ticketing.
Customer Rewards
Many companies find it challenging to solve the puzzle of customer rewards. Companies want to reward loyal customers while making it easy for users to redeem their rewards. However, sometimes, customer rewards can be challenging to access, making promotions and campaigns less effective.
The puzzle is exceedingly difficult for smaller brands. Mintbase intends to change the narrative for both small and big brands. Brands can develop reward programs on smart contracts, and NFT rewards can be sold.
Ticketing
Tickets are sometimes fraudulently duplicated or illegally transferred. Since NFTs are unique and cannot be copied, ticket issuers can easily keep track of tickets issued while ensuring their ingenuousness. This will help end a major challenge usually experienced by event organizers and simultaneously relieve attendees of the usual stressful verification process.
Photo from Unsplash — Mintbase will make it impossible for tickets to be forged
Blockchain Interoperability Plans
Mintbase is doing all it can to ensure that its tokens become verifiable across various blockchain networks. At the moment, Mintbase runs on the Ethereum blockchain. However, plans have been implemented to make its tokens adaptable on a cross-chain network like the Cosmos and Polkadot networks. At the same time, the company is working hard to ensure that its smart contracts will be solid and almost impossible to compromise.
Conclusion
NFTs have been trending in the crypto space for some months now. The Mintbase project does not intend to own simply follow the bandwagon. Instead, its goal is to solve significant problems in the digital space.
Mintbase also makes it easy for creators and collectors of digital assets to use their NFTs across various platforms. Users can trade their NFTs outside the Mintbase marketplace.
The ease of using Mintbase and the problems it will solve for creators will drive adoption. We expect to see Mintbase grow from a project with unique plans to one that has been embraced by most NFT users in the coming years.
