As if cryptocurrencies weren’t confusing enough, here’s something that also mixes them with NFTs and the Metaverse.
The Metaverse might be the big buzzword right now, thanks to many companies like Meta, formerly Facebook, trying to push their vision to the masses, but not too long ago there was a craze different technology that was taking over the world. Cryptocurrencies, especially Bitcoin, hit the mainstream media hard to the point that even lawmakers were starting to scramble and struggle to make sense of it all. Non-fungible tokens, or NFTs, a cousin of these blockchain-based digital entities, have also taken the world by storm, especially in art and design circles where this new type of ownership still remains a bit controversial. Cooking up almost a perfect storm, a duo of designers and artists brings it all together in an NFT that almost makes cryptocurrencies a little more accessible or at least more visible.
Designers: Ben Vessey and Mark Jenkins of Minted
Although always associated with money, cryptocurrencies are difficult for most people to understand, especially because they are not exactly represented by anything other than incomprehensible numbers and letters. When people think of money, they will at least think of numbers separated by commas or periods. Most will even think of paper notes and coins to make the connection to something familiar that has existed, dating back even to the ancient Greeks. Cryptocurrencies have thrown all preconceived notions out the window, but NFTs and the Metaverse offer an opportunity to change things up a bit.
An NFT is a form of blockchain, but unlike cryptocurrencies, each is not interchangeable. This means they can be sold and traded, like digital equivalents of physical goods, but they are often more associated with supposedly rare digital artworks that sell for thousands to millions of actual dollars. However, NFTs don’t always have to be illustrations and can in fact be used for anything that has a digital representation, including, in this case, NFT coins.
Minted was conceptualized as an answer to the question of what Ether, the currency of the Ethereum platform, would look like if it were an actual coin. Much like an NFT, however, a Minted coin will be a one-of-a-kind digital artifact, although they have fixed Ether values. Coins will be available in Ether denominations of 0.1, 0.2, 0.5, 1.0, 2.0, and 5. Each coin, however, will be “handcrafted” and unique, so that it will always retain the unique value, even if it just looks like numeric. coins. And, of course, these will only be released via Ethereum since that is the only place where Ether will have value.
Of course, Minted isn’t exactly making “crypto,” as they’re called, suddenly more accessible and understandable. They at least give them a more visible form that could contribute to a better understanding of these cutting-edge technologies and concepts. It is also an attempt to beat governments to the punch by creating NFTs that will be associated with blockchain currencies. After all, if cryptocurrencies are designed to decentralize the distribution of assets, it would be ironic if a single entity like a government co-opted this to become the new centralized bottleneck of these new systems.