Minted: How the DeFi Wallet NFT Marketplace Works in Detail
Minted is a multichain marketplace for Ethereum and Binance Smart Chain NFTs. Read about the features of the marketplace and how to shop for NFTs.
Introduction
Learn about Minted — the new NFT marketplace — and how to buy NFTs and store them directly on your non-custodial wallet.
New to non-custodial wallets? Read our intro guide for DeFi Wallet here.
Key Takeaways:
Minted is a multichain marketplace that offers:
- Self-custodial trading
- Multichain support
- Token rewards for participation
- External auditing
- On Minted, users can buy and sell NFTs from both Cronos and Ethereum ecosystems.
- Minted offers unique rewards for users who participate on the platform.
What Is Minted?
Minted is a marketplace currently supporting Ethereum and Cronos non-fungible tokens (NFTs). With Minted, users can benefit from the following:
- Self-Custodial Trading — Maintain complete control of their NFTs.
- Multichain Support — Ethereum and Cronos support is currently provided.
- Native MTD Token — $MTD is Minted’s native token, built on the Cronos Chain and designed to incentivize users.
- Security First — Minted has been audited by Blocksec, a third-party auditing company.
What Can One Do on Minted?
On the Minted platform, users can list and sell their NFTs, just like on a traditional NFT marketplace. They also can receive their native token, known as MTD, which can be staked.
What Is MTD?
MTD is the native token of the Minted platform that rewards creators, collectors, and participants on the Minted platform. Users can obtain rewards by listing eligible NFTs for a price less than two times the collection’s current floor price, and receive additional rewards by listing eligible NFTs for a price under 1.1 times the collection’s current floor price. Rewards are distributed daily (via MTD) and available for claiming anytime.
Users can also deposit their MTD in the MTD vaults, selecting how long they would like to lock their MTD when they deposit. The vault allows users to lock their MTD for fixed periods, ranging from one month up to 48 months.
The MTD token also has a platform fee-sharing benefit for MTD vault depositors, whereby half of the 2% platform fee is distributed to them. The amount that a potential vault depositor would receive depends on the amount they deposit into the vault and the lock duration of that deposit. The user will receive this fee-sharing benefit in the form of WCRO tokens.
To deposit $MTD into a vault, users can navigate to the ‘Rewards’ tab and then click on ‘Deposit MTD’ to start the process.
The Minted Litepaper states that the plan is to eventually use MTD as a form of governance for the platform. Below is a breakdown of MTD’s tokenomics.
Conclusion
Minted brings a multichain marketplace for NFTs to the Cronos Chain ecosystem. Users can now apply to be featured on the Minted Launchpad, which allows artists and creators to launch their NFT collection through Minted.
Minted currently offers access to both Cronos and Ethereum blockchain NFTs, allowing users to purchase their collectibles in one place and store them directly in their self-custodial wallet.
Due Diligence and Do Your Own Research
All examples provided in this article are for informational purposes only and should not be considered legal, tax, investment, financial, or other advice. The material provided herein should not be construed as a solicitation, recommendation, endorsement, or offer by Ccurrencywallet.com to invest, buy, or sell any crypto assets.
It is important to note that returns on the buying and selling of crypto assets may be subject to tax, including capital gains tax, in your jurisdiction. Past performance is not a guarantee or predictor of future performance. The value of crypto assets can increase or decrease, and you could potentially lose all or a significant portion of your initial investment due to factors such as impermanent loss.
Therefore, it is critical to conduct thorough research and due diligence when assessing a crypto asset’s potential before making any purchase decisions. Ultimately, any decision to invest in crypto assets should be made based on your own judgment and at your own risk.
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