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OpenMinter – An NFT Minter That Provides A Gateway For NFT Creation & Interaction
In this article we explore OpenMinter and how it can interact with other NFT/DeFi components such as the Kukai Wallet and the Kalamint NFT marketplace.
By: XTZ News
4 February 2021
Disclaimer
Nature of Content: All content published on https://xtz.news, whether written, auditory, or visual, is for informational purposes only. Opinions expressed therein are solely those of the individual authors and do not reflect the views of XTZNews or its management.
Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.
Accuracy and Completeness: While XTZNews makes every effort to ensure the accuracy and reliability of information, we do not warrant or guarantee the timeliness, completeness, or accuracy of the information presented. The website may contain errors, omissions, or inaccuracies. We disclaim all warranties, both express and implied, regarding the information, including but not limited to, any warranty of merchantability or fitness for a particular purpose.
Endorsements: References to specific entities, products, services, processes, or other information does not constitute or imply endorsement, sponsorship, or recommendation by XTZNews. Blockchain technology is in a developmental phase, and the engagement with the technology and its associated entities carries inherent risks.
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Seek Independent Advice: Before undertaking any financial investments, potential investors are advised to seek guidance from independent financial, legal, and tax professionals.
What Is An NFT?
An NFT is a Non Fungible Token. This means that these tokens are exclusive and unique. Unlike fungible tokens, like BTC, ETH or XTZ. Fungible tokens are like coins.
If you have a stack of dimes, they’re all the same, it doesn’t matter which one you take out of the stack. They all look the same and they all have the same value.
An NFT on the other hand, is unique. Compare it with a stack of playing cards. All of them are cards, but still they’re all different. It matters whether you pick an ace of hearts or a jack of diamonds.
They are both unique playing cards with unique features.
NFT’s are big on Ethereum and used for a whole lot of different use cases. They are used to tokenize art for example. Or objects in games, digital card games for example.
Ethereum transaction costs are beginning to become an issue though.
Here’s where Tezos comes in to play. Tezos’ transaction fees are on average 3,000 times cheaper than Ethereum. So this use case on Tezos is a great step forward for anyone who wants to mint and trade quality NFT’s in an affordable way.
OpenMinter is not a platform that also enables trading, but it is a tool for creators who want to do their own minting, or launch their own marketplace. So it enables you to mint an NFT straight to your wallet, or it could function as a component that developers can implement in a marketplace, or trading platform they are building.
OpenMinter is a free tool that offers sovereignty for creators without intermediaries. All you pay are transaction costs, which are obviously minimal on Tezos.
And due to the use of the Tezos NFT token standard, the produced NFT’s are compatible with other Tezos-based components. This means that NFT’s that are minted can be sent to Tezos wallets, or to platforms like Kalamint.
Paying for mining costs can initially be done in XTZ, but OpenMinter supports FA2 compliant tokens like USDS and later others as well.
USDS is a stablecoin that is being deployed on Tezos and makes use of a function that’s called “TZIP-17 permits”. This is basically a small scale Layer 2 (L2) solution that enables users to send a transaction through a second layer, off-chain, which the user can pay in a different currency before the second layer sends the transaction to the blockchain.
The second layer will pay the XTZ needed for the transaction. This could be very convenient for users that are just being introduced to the Tezos ecosystem.
People have already been experimenting with OpenMinter including NFT artist Chris Carella who minted what is thought to be the first NFT using OpenMinter here. This can be seen on the Tezos blockchain here.
If you are interested in testing out OpenMinter there is an initial guide and tutorial here. It is expected more in-depth and user-friendly guides will be published in the coming weeks.
Kukai
Another convenient component in the Tezos ecosystem is the Kukai wallet. OpenMinter will integrate with a number of wallets, Kukai being one of them.
Kukai wallet enables you to send XTZ to and from Twitter, Reddit, and Google accounts. This means that if you are logged in on, for example, on Twitter, your browser connects Kukai with your Twitter account after you open Kukai. And that’s it.
Now you can send and receive XTZ from Kukai. No private key, or public key to store. That whole process is moved to the back of the user interface.
On top of that, you can send XTZ to Twitter, Reddit, or Google accounts that have never opened a Kukai wallet before. You could send XTZ to a friend who never even heard of Tezos before. They’d get a DM (Direct Message), or an email that notifies them they received XTZ and explains how they can open Kukai.
OpenMinter and Kukai bring a new dimension to this. Kukai just added token support, which includes NFT’s. Now you can send digital collectibles of any kind and any value the same way.
Maikeul
Maikeul is an NFT artist that is about to take the leap from Ethereum to Tezos. He was mostly working with KnownOrigin and Rarible. You can check out some of his work here. He plans to use both OpenMinter and Kalamint.
Kalamint
Maukeul’s first collection to be published on Tezos is called ‘Faces’ and will be minted and offered on Kalamint.
You can see an example of the collection that will be available as a first drop exclusive to Kalamint here:
Disclaimer
Nature of Content: All content published on https://xtz.news, whether written, auditory, or visual, is for informational purposes only. Opinions expressed therein are solely those of the individual authors and do not reflect the views of XTZNews or its management.
Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.
Accuracy and Completeness: While XTZNews makes every effort to ensure the accuracy and reliability of information, we do not warrant or guarantee the timeliness, completeness, or accuracy of the information presented. The website may contain errors, omissions, or inaccuracies. We disclaim all warranties, both express and implied, regarding the information, including but not limited to, any warranty of merchantability or fitness for a particular purpose.
Endorsements: References to specific entities, products, services, processes, or other information does not constitute or imply endorsement, sponsorship, or recommendation by XTZNews. Blockchain technology is in a developmental phase, and the engagement with the technology and its associated entities carries inherent risks.
User’s Responsibility: Users are encouraged to conduct their own research and due diligence and to seek the advice of qualified professionals before making any investment or decisions related to content on this site. Engaging with blockchain technology, cryptocurrencies, and associated applications should be undertaken with caution, understanding the inherent risks involved.
Limitation of Liability: Under no circumstances will XTZNews or its affiliates, partners, officers, directors, employees, shareholders, agents, or licensors be liable for any direct, indirect, incidental, special, consequential, or punitive damages, including without limitation, loss of profits, data, use, goodwill, or other intangible losses, resulting from (i) your access to or use of or inability to access or use the site; (ii) any content obtained from the site; or (iii) unauthorized access, use, or alteration of your transmissions or content, whether based on warranty, contract, tort (including negligence), or any other legal theory, whether or not we have been informed of the possibility of such damage, and even if a remedy set forth herein is found to have failed its essential purpose.
Seek Independent Advice: Before undertaking any financial investments, potential investors are advised to seek guidance from independent financial, legal, and tax professionals.
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Tesserart, your gateway to live artwork minting and exclusive events, is excited to unveil its first tool on April 3rd, 2024. Developed to transform the art acquisition, appreciation, and collection process across various platforms, Tesserart utilizes the Tezos blockchain to provide a portal for real-time artwork creation and positions itself as a swiss-knife toolkit for the future.
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