For some time now, the NFT has become the poster boy for the crypto industry thanks to its growing appeal to mainstream audiences. Now more than ever, the average Joe is willing to explore the concept of digital assets because he can identify the cultural impact of NFTs on our everyday lives, especially those aspects that we have come to view as our happy places (including music, gaming, art, and social media). Although this is undoubtedly the most compelling factor fueling the NFT craze, it is the effectiveness of NFT marketplaces that has kept the fire burning.
One of the marketplaces that have been at the forefront of the NFT movement is Mintable. Over the years, the platform has established itself as a force powerful enough to inspire new and improved ways to interact with NFTs. In this guide, we take a look at the workings of Mintable, why it is considered an NFT innovation hub, and how to navigate its features. Also, we will be highlighting its pros and cons.
What is Mintable?
Mintable is a US-focused NFT marketplace that operates on the Ethereum and Zilliqa blockchains. The platform prides itself on being a user-centric offering that tries as much as possible to find a balance between functionality and user experience. Hence, the idea is not to enable sophisticated infrastructure to manage NFTs at the expense of usability. Instead, Mintable ensures that simplicity remains one of the core principles driving the growth of its ecosystem.
Regardless of its commitment to creating a seamless experience, Mintable ranks high as one of the most innovative NFT marketplaces today. Notably, the platform pioneered some of the services that we have come to regard as standard NFT marketplace features. A notable mention is gasless minting.
Another interesting thing about Mintable is its flexibility, especially when it comes to the ownership of NFTs. From our research, we discovered that MIntable is one of the few marketplaces that let users have full ownership of their NFTs as well as the smart contract on which they exist. Other special features include batch minting, which allows users to create more than one NFT with a single transaction, and also the option to decide where to store the metadata of your NFTs.
Bearing all these in mind, we can say that Mintable offers full autonomy to its users, and it can be classified as a decentralized NFT marketplace. This is why it introduced a decentralized autonomous organization (DAO). For those unfamiliar with the decentralized sector of the crypto landscape, a DAO allows decentralized protocols to set up a community-based governance system. With this, users can have a say in the running of the platform. This system promotes a community-focused ecosystem, gives all participants a voice, and ensures that power is not concentrated in the hands of a few members.
It is also important to mention that this governance system is always backed by a token. The idea is to issue governance tokens such that token holders are given the voting rights to impact the future developments of the platform. The number of governance tokens owned by each user typically determines their voting power. Speaking of governance tokens, most decentralized protocols opt for an ERC20 framework. However, in the case of Mintable, its governance tokens are ERC721 digital assets, which means that they are NFTs. Notably, Mintable is the first project to issue NFTs as its governance token. Users automatically earn voting NFTs when they buy or sell NFTs on Mintable. However, note that there is a minimum amount that must be spent on each trade before you can be eligible to earn voting NFTs.
How to buy NFTs on Mintable
Chances are that you will need to create an account to initiate even the most basic of activities. To create an account, all you need to do is click on the Signup button at the top right of the Mintable homepage. You will be navigated to a page where you need to fill and submit all the necessary information. Once you have your account up and running, you can start buying NFTs on Mintable.
So how do you go about that? Well, the first thing you need to do is to add a wallet, where all purchased NFT will be stored and from which you can execute transactions. Some of the wallets that you can integrate with Mintable are Metamask, Rainbow, and Trust Wallet. You can connect your wallet by login into your account and clicking on the “Connect a Wallet” button. Note that you will need to have enough ETH wallet on your wallet to buy NFTs and pay for commissions.
After connecting your wallet, you can head to the marketplace and search for the item you plan on buying. Notably, the digital items listed on Mintable are classified under the following classes:
- Game Items
Once you have navigated to the specific item you have in mind, click on it to access more information about its listing type. If it is an auction, you need to join by making a bid. If not, then you only need to pay the asking price of the NFT. Interestingly, you may decide to make payment with the ETH in your wallet or with your credit card. After making payment, the NFT in question will automatically appear on your wallet.
How to sell NFTs on Mintable
Going forward, we will assume that you have created a Mintable account and added a wallet. To start selling NFTs, you need to login into your account and click on the “List an Item for Sale” button. Once you do this, a tab will appear asking if the item already exists on the blockchain or whether you just intend to mint it. If the former is the case, all you need to do is to select it from your wallet, choose the listing type you prefer, and publish it on Mintable’s marketplace. You can even promote your listing to improve your chances of finding a buyer.
How to mint NFTs on Mintable
For those that are yet to mint their NFTs on the blockchain, you can begin the minting process by clicking the “Mint an Item” button. Here, you will be given the option to either opt for a gasless process or the more conventional way that entails gas fees. Note that the gasless option will not immediately be created on the blockchain. Instead, the NFT is minted at the point of purchase, which means that the buyer will eventually be the one to pay for the minting fee.
After you have decided on the type of minting process you prefer, you can go ahead to fill in the necessary information about the item you want to mint as an NFT. Also, you have to upload a high-quality file of the item in question. Next, you will be required to set a price and decide whether to transfer the copyright of the digital item to the buyer. Finally, you can click the “List This Item” button to publish the NFT on MIntable’s marketplace.
The fees charged by Mintable depend on the type of NFT you are looking to mint, buy or sell. For one, gasless NFTs attract a 5% commission, while normal NFTs, that is those that already exist on the blockchain, incur a 2.5% fee.
Lastly, printable series is another type of NFT type found on Mintable. They are NFT collections minted with a single transaction. What this means is that they are an amount of NFTs that are minted only after they have been sold. As such, if an artist creates 500 NFTs using the printable format, all 500 will not be minted on the blockchain until after they have been purchased. Hence, if only 2 of the 500 NFTs have been bought, just those 2 NFTs will be minted on the blockchain. To use this format, you only need to submit 1 transaction. The fee associated with this type of digital item is 10%.
Mintable is one of those websites that has left no stone unturned in its quest to enable quality customer support channels to users. The first place you can get help on the website is the FAQ section where detailed answers to commonly asked questions were answered. There is also a section called Seller’s University that contains videos explaining the basic and technical aspects of Mintable’s operations. Alternatively, you can reach customer support representatives via email or access instant solutions to problems by chatting with the platform’s chatbot.
What are the pros and cons of Mintable
The pros of Mintable
It supports self custody
Since Mintable is decentralized, users are allowed to retain full autonomy over their NFTs. You do not need to open an in-app wallet or transfer your digital asset to Mintable for safekeeping.
Supports both convention and crypto payments
It is commendable that Mintable has expanded the scope of its operation to cater to individuals that prefer to purchase NFTs with their credit cards. With this hybrid payment system in place, Mintable shows that it is flexible.
Mintable allows gasless NFTs
You can mint NFTs on Mintable without paying a gas fee. This feature is ideal for sellers that would prefer to transfer the cost of minting NFTs to buyers.
Mintable is governed by a DAO
As part of its attempt to decentralize its operations, Mintable has opted for a community-based governance framework that allows participants to run the protocol collectively. Notably, voting NFTs are distributed to active users when they buy or sell digital items on MIntable.
Mintable has a robust customer support system
Truth be told, we were impressed with the level of professionality exhibited by the creators and operatives of Mintable as regards customer support. The team has ensured that users have access to a robust customer support system.
The cons of Mintable
Available to only US residents
While researching the website, we discovered that only residents of the United States are allowed to register an account.