“Minted” Being Developed On Tezos Combines An NFT Platform With Social Media
Minted is a new NFT platform that is being developed on Tezos. Minted aims to distinguish itself from the existing NFT platforms by simplifying the minting process, adding leaderboards and rarity tags, and offering shares in fine art and physical assets.
Minted is a new NFT platform that is being developed on Tezos. Minted aims to distinguish itself from the existing NFT platforms by simplifying the minting process, adding leaderboards and rarity tags and offering shares in fine art and physical assets. The user interface will be inspired by social media:
Existing NFT platforms are complex and unintuitive. With Minted, we’ve combined the familiarity of social supercharged media with the limitless potential of NFTs.
So next to creating, selling, collecting and showcasing NFTs, minted will also be a platform where people can interact and post normal text and images.
Our vision is to combine the power of NFTs with the world of social media. You’ll have your own profile to show off the NFTs you’ve created or collected, and a platform to engage with a network of like-minded people
The currency on the platform will be XTZ, but in a later stage, Minted intends to add support for Tezos-based stable coins.
Minting, Auctions and Leaderboards
Minted also enables you to create auctions, where you can take your NFT into price discovery. Built on Tezos, placing a bid will cost users low fees.
This diminishes the risk for bidders to be outbid and lose a serious amount of money on a missed bid through high bidding costs.
Minted also includes a leaderboard feature into the platform. This way high participation rate can work out positive for users since this can result in high position in the leaderboard which will increase the chance of people discovering your work and collection.
Leaderboards will rank:
– Most NFTs sold (by total XTZ revenue)
– Most NFTs collected (by total XTZ spent)
– Rarity ranking leaderboard for creators/collectors (Each rarity tag will have a score which helps us compute the aggregate ranking.)
Minted also introduces rarity tags. There will be five rates, from Uncommon to Ultra. With this feature, users can see at a glance the artwork that has a lot of editions floating around, or if you are looking at a piece that is rare, or even unique. This makes it obviously easier to value NFTs.
Shares in Fine Art and Physical Assets
By tokenizing physical assets, you take an asset such as a painting and legally transfer the ownership of that asset to the blockchain.
On the blockchain you create tokens that represent that legal ownership. That way you can tokenize an asset and allow people to buy a piece of that asset.
For example: a $100 painting will be tokenized on Tezos and 100 tokens are sold for $1 per token.
The most well-known example of tokenization on Tezos is the tokenization of real-estate. See for example Equisafe and Elevated Returns.
We’re aiming to bring real-world assets into the digital sphere by allowing you to own a large or small percentage through tokenization, which you can show off to your friends on your profile. Imagine owning a share of a Picasso piece!
We’re looking to offer this feature in a future version of the app, so keep your eyes peeled to make your mark on the previously inaccessible fine art scene.
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