Mintology is described as the first curated NFT Launchpad in the world. Nonfungible tokens (NFTs) have taken the entire world by storm. The new asset class is integrating the real world with the nascent crypto sector and more institutional and high-net-worth investors are coming in.
NFTs are believed to be an extension of blockchain technology with many applications. But, they are currently being used a lot in the art scene. Artists from around the world can convert their masterpieces into digital token. The token is then circulated all over the internet and it is by anyone who can access the internet.
The NFTs are designed in a manner that they cannot be faked since every one of them is digitally signed and stamped by its original creator. In general, analysts and experts believe that it is one of the most precious qualities of non-fungible tokens.
Most artists and projects have begun issuing their NFTs and each of them has different purposes. Some of the tokens are meme-based while others intend to raise funds to create something else. As advancements keep happening, other NFTs are meant to capture important moments of sports history. It means that they can vary extensively.
Nevertheless, the NFT collectors mostly encounter challenges in getting the pre-sale allocations into great NFT projects. Also, the creators lack a viable NFT Launchpad to gain initial traction and that is where Mintology comes in.
What Is Mintology?
The Mintology developers say that their platform is the first curated NFT Launchpad globally. It is designed to be a Kickstarter and an all-in-one studio from which the team is working to create an exclusive community and an ecosystem for NFT projects, aficionados, and investors. It provides exclusive membership coupled with fractional ownership and ideal VC-fund access to the investors.
Mintology also incubates nonfungible token projects by offering them technology development, marketing, community, and consulting services. In simple terms, the platform aims to deliver a working community of NFT projects and investors.
The community members of the platform will allegedly enjoy some privileges like access to 1st hand NFT launching news, the chance to be whitelisted for different NFT projects that are set for launch on the platform.
How Does It Work?
This platform is aimed at making it easy for the creators to begin minting their NFTs. It offers them more infrastructure needed for their success. That should enable the creators to focus mainly on what they are great at, creating instead of needing to manage a marketplace for their work.
In general, that idea is rather the same as that of Initial Exchange Offerings (IEOs); where teams could launch their projects directly on crypto exchanges. This strategy would democratize the access to available capital for prospective firms.
But, some differences need to be outlined since the projects are vetted by Mintology instead of a crypto exchange. In any case, the team offers creators the chance to list their NFTs to a dedicated community which theoretically should generate more engagement, interest, and revenue.
Mintology is mainly powered by the Ethereum smart contract technology. On the other hand, NFTs are created via the ERC-721 standard which needs an NFT to have a unit256 variable that is referred to as the tokenID.
It means that the NFT must possess a globally unique variable which makes it quite impossible for two NFTs to share an ID. This method boosts proof of uniqueness and scarcity. Currently, the Mintology team is working towards the implementation of multiple chains in the coming months.
