Since digital assets can readily change hands, it's hard to know who originally minted a project's NFT (without researching someone's blockchain history). Fair.xyz's Minter Token attempts to change that, allowing miners to take credit for building NFT communities and participate in token-gated community events.
The Minter Token is intended to honor collectors who have been following NFT projects since the very beginning. Because Soulbound tokens cannot be traded or sold for a profit, the purpose of this feature is more about gaining respect and status within the community than it is about making money on the NFT or flipping tokens.
Isaac Kamlish, one of the co-founders of Fair.xyz, was quoted in a press release as saying, "We know that every NFT platform claims this, but we actually are putting community first."
"Because of this, we had a very strong conviction that in order to establish our principles as a firm and present ourselves to the Web3 community, we needed to create something that was for the benefit of the entire Web3 community,"
OpenSea, which is an investor in Fair.xyz, has shown its support for the new feature by promoting it on Twitter and utilizing its audience to assist in showcasing the debut of the new version.
Users will need to go to minter.fair.xyz, connect their Ethereum-based wallet, and then Fair.xyz will immediately display all of the NFTs that the user has ever mined in order for them to mint a Minter Token.
The feature will produce a 3D-rendered artwork of the token once a user has selected an NFT, and users will be able to mint the artwork as a one-of-one token once they have done so.
Even with non-fungible tokens, the idea of soulbound tokens is still very new. There is a lot of disagreement on the non-transferable identity and reputation tokens, despite the fact that various companies claim to have invented them.
It is possible for malicious actors such as hackers or totalitarian regimes to exploit them to identify persons of interest for their own nefarious purposes and use them to further their own agendas.
The theft of soulbound tokens is equally troubling, despite the fact that the social recovery model has been recommended by some as a solution to counteract the effects of such events.
Regardless, they are an intriguing concept in the world of Web3 that has the potential to transform the way in which society perceives and engages with the idea of permanent ownership. Minter Token, which will be issued by Fair.
xyz, will be an intriguing look into the ways in which Web3 dwellers choose to value originality, status, and innovation in NFT forums when there is no monetary incentive involved.