Mintbase is a platform that allows users to create and sell NFT-backed digital assets. Users can “mint” different types of digital assets as unique, non-fungible tokens.
Blockchain technology has so far become a sensational development in the history of human civilization. Starting with bitcoin’s digital currency model, the world has so far seen more spectacular applications of this wonderful new thing. From cross-border payments to unique voting mechanisms, the decentralization and trustlessness afforded by the blockchains and smart contracts have proven to improve, simplify, and secure every process it has been applied to.
Now, fresh out of Portugal is a new blockchain application that seeks to protect digital ownership and ensure the scarcity of digital assets. The platform takes advantage of Ethereum’s ERC-721 token standard to instantly mint Non-Fungible tokens (NFT), which are unique, scarce, and transferable.
Mintbase was created by a couple based in Lisbon, Portugal, known as Nate Geier and Caroline Wend. The project started officially in October 2018.
Nate Geier had previously worked as a programmer for Nike, before going on to participate actively in major roles in several startup endeavors. He currently serves as the CEO, making major decisions and steering the company towards greater heights.
His partner, Caroline is in charge of operations, serving as COO. She is able to bring her extensive background in business management and development to the table. However, the company is run by a compact group of developers, scattered across Europe.
Thanks to the tenacity of the couple, the company was able to raise a sum of $1 million in a seed funding round in 2020, which was led by Sino Global, a Chinese venture capitalist with high investment in cryptocurrency applications. In addition to Sino Global, other VCs such as D1 Ventures, Block Oracle capital as well as angel investors contributed to the funding.
What is Mintbase?
Mintbase is a platform that allows users to create and sell NFT-backed digital assets. Users can “mint” different types of digital assets as unique, non-fungible tokens. Such assets could be tickets to events, songs, pictures, and any other crypto art.
Through Mintbase, nearly anyone can come online and make an NFT, as well as make it available for sale, either in their marketplace, or other NFT trading sites like OpenSea.
Each minter gets to create a smart contract where he can set and limit the transferability of the minted tokens. This would help prevent fraud, impersonation and illegal transfer of intellectual products and unique items.
As a company, Mintbase is dedicated primarily to developing a unique NFT creation experience for its users above being a marketplace. Therefore, the company supports different asset classes in contrast to competing products that focus on specific NFT categories instead.
In addition, the platform supports users with a variety of unique features that can be performed by minted tokens.
One of the incredible features envisioned for Mintbase tokens is spawning tokens. A user, the minter, would be able to make Spawn-able tokens. When a minter transfers a spawning token to another party, the other party can then generate more tokens from that single token he received.
The quantity and generations of spawning allowed would depend on the limit set by the original minter. Each of the spawned tokens would also be unique and non-fungible, as well as transferable to a third party.
The motive behind spawning tokens is to help brands and companies that use the Mintbase platform to generate tickets to market their events or services naturally.
Like the name states, self-destructing tokens would be able to redeem themselves and burn based on preset conditions by the minter.
This ability lets minters make tokens expire. If a minter, for example, sets a token to burn after a month it was allocated after the time has passed, the token would automatically be removed from the holder’s wallet through a series of blockchain-based protocols.
Embedded Value Tokens
Several hundreds of millions of dollars are left unclaimed every year through coupons, tickets, vouchers, and other redeemable items. With embedded value tokens, minters can retrieve unused tickets and either recycle the value or use it elsewhere.
This feature will allow companies and brands to reward customer loyalty without wasting the investment in producing these reward items when the receiver fails to claim ownership after a specific period.
Customer Reward and Ticketing
The two most important use-cases for Mintbase has to be for customer reward and ticketing. By encouraging brands and companies to mint and trade digital tokens freely, Mintbase has been able to carve out a small niche in the NFT-making corner.
The complications and expenses associated with creating loyalty reward systems cause inefficiencies that reduce the impact of campaigns. Many customers are not able to access reward points because they don’t use the brand’s preferred channel, prompting a feeling of being left out.
On the other hand, brands are not able to maximize the effectiveness of such programs either. Smaller brands cannot even embark on such programs because they are expensive and complex.
But with the Mintbase marketplace structure, any brand can develop reward programs on their smart contract. While using non-fungible tokens to transfer these rewards freely across cryptocurrency networks.
This feature would work better when cryptocurrencies are accepted and used more widely since customers would need a wallet connected to an Ethereum node to collect reward tokens.
Using Mintbase to make NFT tickets would solve a lot of issues currently faced by both ticket issuers and ticket holders. One of the most obvious would be the prevention of fraud. As NFTs are unique, and cannot be duplicated, issuers can keep track of their tickets without having to invade holders’ privacy by asking for intrusive personal details for verification.
Issuers can also limit the transferability of their tickets on their smart contracts to prevent the second-hand sale of tickets at inflated rates. Therefore, users can have absolute control over the economics of their events.
In due time, ticket buyers would also enjoy reduced credit card fees by using blockchains to carry out their transactions and enjoy nearly insignificant charges.
MintBase on the Internet of Blockchains
Minted NFTs on Mintbase would enjoy unprecedented transferability. The company is working hard to make its tokens verifiable on different blockchains and marketplaces.
In 2019, the platform started actively working with protocols other than Ethereum blockchain to support faster adoption, minimize gas fees, and give users a wider option for trading minted tokens. This was around the time the company started development on the NEAR protocol as well.
To this end, Mintbase is working actively to make their NFTs adaptable on cross-chain networks such as Cosmos while ensuring token integrity on the ERC-721 standards.
The idea of an NFT generation blockchain is by no means new in the cryptocurrency space, the need for them is just as apparent. But Mintbase has been able to carve a whole sector for themselves where they can attend to their customer avatar uniquely and effectively.
The simplicity afforded by the platform is a testament to their users. This is visible through the cross-platform support, API integrations and easy to use interface. For example, users can sell directly on Opensea’s network, in a two-click process.
All these, as well as the transparency on the platform, are more than enough reasons to see it compete confidently in the emerging market for NFTs in the nearest future.