In 2018, Zuch Burks founded the Mintable platform, built on top of Ethereum and on which users can generate, buy and sell NFTs.
It is the first platform to allow users to create their own NFTs and retain full ownership of the asset. It is the first tool for batch processing NFTs and for creating NFTs based on ERC-721 tokens.
The platform has a user-friendly and easy-to-use interface and is ideal for novice users because they can create an account without even having cryptocurrency.
What Mintable Is Different From Other NFT Sites
Mintable has two very significant differences from other NFT platforms. These differences significantly influenced the rapid growth in the popularity of this site among users.
Minting is the process of verifying information in a blockchain.
Although NFTs have been around for a while, they never became popular due to the initial cost or token creation fees (known as “gas charges”). This fee is charged to users for the very fact of using the Ethereum blockchain network.
In January 2021, the Mintable team launched the off-gas minting option for users.
“The no-gas minting option on Mintable allows the average person to participate in the creation of an NFT with no prior coding knowledge and no upfront cost to release the asset,” said Zuch Burks (Founder and CEO of Mintable).
New Type DAO
At the end of 2020, the second updated version of Mintable V2.0 was released, which launched a new type of DAO. It applies an entirely different logic than conventional decentralized autonomous organizations.
DAO stands for Decentralized Autonomous Organization. The traditional concept of DAO is to standardize and forward the protocol based on the decision of the community members. Users vote with tokens and can approve or reject proposals.
The Mintable team has developed a new type of DAO for creating and modifying voting and operating modes. This DAO uses Mint NFTs to vote. Since the Mintable platform is designed to work with NFTs, the developers decided not to create another token but to create their own Mint NFTs to change the situation while maintaining the same DAO principles.
These NFTs will be shared with anyone interacting with the Mintable platform, whether they buy or sell tokens. That is, it will only be those users who actually use the platform and not third-party traders.
Each Mint NFT has a different weight depending on the user’s interaction with the platform.
Up to ten million Mint NFTs are slated to sell, each for $ 2.50. Users who collect at least 10,000 governance tokens will be able to submit an offer on the platform. At the same time, the proposal must have at least 15% of the votes in order for it to be adopted, approved, and implemented. If the offer is accepted, then the owner of the Mint NFTs receives a percentage of the total commission received on the platform.
Along with owning the rights to control and vote on the platform, the user can earn on Mint NFTs staking. Such a contribution to the platform in the future will generate a percentage of the fees charged by the platform.
Also, users can sell these earned Mint NFTs as separate NFTs in the marketplace. By the end of 2020, the platform had already collected 50 people with management tokens.
Mintable Site Functionality
This next-generation NFT market is listening to its users and has been very updated and evolved in the short time since its launch.
Mintable has a broad and user-friendly set of features:
- creation of NFT;
- buying and selling NFT;
- the ability to own the rights to manage and vote on the site due to Mint NFTs staking;
- holding auctions;
- high traffic of unique visitors;
- informative thematic blog;
- helpful tutorials;
- the ability to advertise your NFTs;
- showcase design for users;
- regular newsletter;
- responsive support center.
Mintable’s auction feature works the same way as eBay. The user places a bet and is notified when it is outbid. The auction winner has three days to pay. No transactions are made during trading.
In September 2020, the Ethereum Ecosystem Support Program provided Mintable with a grant to improve several functions for NFTs.
Buying NFT on Mintable
To start buying NFTs on Mintable, a user must follow these steps:
- Create an account. To do this, the user must go to the app on the Mintable website and click on “Create an account.” The user enters the required information in the tab that appears, marks the required fields, and clicks “Create an account.”
- Wallet connection. After the user has created an account, he must connect his wallet or get a new wallet. Crypto wallets MetaMask, Trust Wallet, Rainbow, and others work with the Mintable platform. The user must then transfer the required amount of ETH to the wallet to buy NFT on Mintable. To connect their wallet to Mintable, the user must log in to their account and open the “Connect Wallet” tab.
- A choosing a product to buy. The user marks the desired product and goes to the “Make a payment” function. Payment is possible through a crypto wallet or with a credit card. When paying by credit card, there is a 5% transaction fee. The buyer can view their product on the “My Orders” page in their profile.
- Once the transaction is approved on the blockchain, the buyer can refresh the page to display “Completed.”
Selling NFTs on Mintable
To start selling NFTs on Mintable, a user must follow these steps:
- Digital product preparation. NFTs can be created from short GIF videos, static images, media files, text documents, game artifacts, domain names, property rights, and more. The high quality of the product will speed up its sale.
- A connecting a crypto wallet.
- Create an account.
- A description of product or a creation of a new product. When the seller clicks “List item for sale,” a tab appears asking if there is already an item for sale or if the user wants to create a new item.
After the seller has created and described his item, the item is put up for sale. The user can mint his own NFTs by adding them to a ready-made store on the site or creating his own separate store, but this is a paid function.
Creating an NFT with Mintable
To create an NFT on Mintable, a user must follow these steps:
- Go to the main page of the Mintable website and click “Mint an item.” Then the question will appear: “Do you want to issue a token completely free of charge and without gas or in the traditional way?”. Of course, the free and easy way is the best option.
- Create a product and put it up for sale. To create an NFT, it is necessary to prepare a description of the listing and the subject itself, which is planned to be digitized in the form of an NFT. The platform allows you to digitize different types of files and different types of digital documents. The user uploads the file he wants to turn into NFT and sets the price. Also, the creator must indicate whether he wants the copyright for the content created to be transferred.
- Press the button “Item description.” The user can then view their newly created NFT on the Mintable marketplace and the connected Ethereum wallet.
Advantages and Disadvantages of the Mintable Site
The actively developing Mintable marketplace has both advantages and some disadvantages.
- registration is available to everyone;
- diverse and user-friendly functionality;
- the ability to create NFT without gas;
- several options for depositing and withdrawing funds (cryptocurrencies, PayPal, bank card (Visa / MasterCard), bank transfer);
- extended AML verification.
Disadvantages of Mintable:
- there are no mobile applications;
- there are no affiliate programs;
- few supported cryptocurrencies.
The Mintable marketplace is the next generation of NFTs platforms and has already gained market value. Mintable continues to listen to its users’ feedback and fix bugs on time. The Mintable team plans to continue releasing updates and developments.