The marketplace for nonfungible tokens called Mintable recently made an announcement about their alliance with Immutable X. Immutable X is an enterprise on a StarkWare-based layer-two solution. This solution runs on Ethereum and focuses on offering minting services. The goal for this partnership between Mintable and Immutable X is to create over 24 million nonfungible tokens on Immutable X available for sale on the marketplace. The interoperability will allow those that use it to send ETH and ERC-20 tokens with confirmations that they will receive immediately. Users will also enjoy the added benefit of no gas fees for the same.
The marketplace for nonfungible tokens, Mintable stated on their official Twitter account that they and Immutable X were sharing a vision. This vision they share is to scale nonfungible tokens marketplaces. They aim to achieve that by giving the general public access to nonfungible tokens.
Mintable stated in their announcement that they were thrilled to enter a partnership with Immutable X, a leader in the layer 2 infrastructure for nonfungible tokens on Ethereum. They added that all their tokens were now available for trading purposes on their platform. The three benefits they outlined in their tweet were zero gas fees, instant secure trades, and 100% carbon neutral.
Though Mintable announced that there would be zero gas fees, this is not for all tokens. Files that are above 300 megabytes will attract gas fees. Files that are below 300 megabytes will not.
Immutable X states that the project guarantees that the nonfungible token activities on Immutable X’s protocols are entirely carbon neutral. However, it is worth clarifying that carbon neutral and carbon-free are two different matters. Rather, their statement of being carbon neutral means that they will purchase carbon credits to offset the gas that they end up using upon Ethereum.
The President and co-founder of Immutable X, Robbie Ferguson gave comments regarding the development. Ferguson stated that they wanted to be where lovers of nonfungible tokens were to be found. The executive added that Mintable’s efforts to pioneer in the space by providing audiences with smart contracts was “mind-blowing”. Ferguson added that they were very happy to welcome new users and the opportunity to work with the Mintable app to further the marketplace for nonfungible tokens.
The nonfungible tokens marketplace also runs a DAO (decentralized autonomous organization). It happens to have also pioneered as the very first decentralized autonomous organization to operate on nonfungible tokens. They run on nonfungible tokens as opposed to ERC-20 tokens. Mint-voting NFTs is what the Mintable Nonfungible tokens DAO depends on. At present, holders of mint can trade their voting nonfungible tokens on the Mintable open marketplace.
Minting is when a nonfungible token is incorporated as part of the Ethereum blockchain. This process of minting involves validation or authentication of the information. It also requires the creation of a new block on the Ethereum blockchain. Finally, this information for the nonfungible token needs to be recorded onto the blockchain. So, essentially the process converts a digital file into a nonfungible token on the Ethereum blockchain. The Ethereum blockchain is a ledger in the public that can not be changed or tampered with.
The process of minting is very much like that of when metal coins are minted and then incorporated into the circulation of legal tender in a territory. Likewise, nonfungible tokens are basically tokens that become minted upon creation. These files that are converted into tokens, can be almost anything digital. This includes music, a fashion design by a designer, drawings from an artist, and even your very own brain scan. This token is incomparable and non-interchangeable.
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