Claim Ownership & Trade Your Digital Assets with NFTs
Find out how the Mintable.app platform running on NFTs gives you governance over your unique digital assets.
I’ll be honest: The first time I heard of Non-Fungible Tokens, I thought it was a rude word while a friend thought it had something to do with fungi.
Although I have knowledge about blockchain, FinTech, and cryptocurrency, NFTs was a totally new concept for me. But the naturally curious person that I am conducted research into it!
Fungible vs Non-Fungible
Turns out that fungible assets aren’t such a strange notion — if I lent $10 to you but you paid the loan back with another $10 note, the value of the note is the same even if the note is a different one. This is the concept of fungible.
However, if I lent a special edition boxed book set of The Hunger Games trilogy to you but you return a classic boxed set to me, then this is non-fungible — the two box sets aren’t interchangeable as their values are different from each other.
What is NFT in Crypto
In the crypto space, NFTs are simply digital assets that have unique characteristics, are rare, and can’t be divided into parts for trading.
For example, a unique Twitter handle or web domain name, crypto-collectibles, digital art or design, or an in-game item are all NFTs.
As you can see, these are valuable assets that could invite bids for purchase.
But some things can’t be easily sold, such as your Twitter handle and in-game items.
This is where a NFT marketplace like Mintable.app comes into play.
Trading NFTs on Mintable.app
Although there are many platforms for trading digital assets, Mintable.app is the first platform that is not just a NFT marketplace but their Decentralised Autonomous Organization is also governed by NFTs.
So technically, Mintable.app could be an NFT itself since it is unique, and can’t be divided into parts!
Jokes aside, a platform running on NFTs allows users to truly own their unique NFT that can be traded or purchased. You’ll be able to finally trade ownership rights to your unique and rare digital assets!
But what exactly is a Decentralised Autonomous Organization?
DAO is a decentralised, open-source computer algorithm that allocates ownership rights of digital assets on a digital platform. DAO utilises smart contracts that are distributed among the community that participates in the platform.
Now that you understand the concept of NFTs and DAO, you may decide that you would like to cash in on a valuable digital asset that you have. You would then create a proposal on a platform like Mintable.app.
The proposal will undergo the decision making of the entire community. There is no governing or centralised body, and there is no profit to be made for the individuals involved in the decision making over submitted proposals.
The NFTs that Mintable.app run on ensure that governance is given to owners of NFTs, facilitates transfers, and that fraud in transactions is minimised.
Governance & Voting on Mintable.app
If you want governance votes on proposals on the Mintable.app platform, you will require $MINT governance tokens.
$MINT can be earned through activities on the platform and the more active you are, the more $MINT you receive, which increases your voting power. The tokens are non-fungible, which discourages pump-and-dump and therefore speculation.
As you can tell, having a digital trading platform running on NFTs ensures that governance is safer as it’s impossible to sway votes with a flash sale. This creates an overall healthier ecosystem.
Most recently, a proposal was submitted to the Mintable.app community for $MINT holders to have a share in the platform’s revenue. If this is voted through, this means that $MINT holders will further be incentivised.
Now, if you’re someone who understands the value of ownership and governance in NFTs and would like to be rewarded for doing so, do check out Mintable.app and get your $MINT quickly!
