As if cryptocurrencies aren’t confusing enough, here’s something that mixes it with NFT and Metaverse.
Metaverse could be a popular word right now, thanks to many companies like Meta, a former Facebook, trying to push their vision to the masses, but there was a time not so long ago when the world was gripped by a different craze for technology. Cryptocurrencies, especially Bitcoin, have hit the mainstream media so hard that even lawmakers have begun to struggle and struggle to figure it all out. Irreplaceable tokens or NFT, a cousin of these blockchain-based digital entities, have also conquered the world, especially in art and design circles where this new type of ownership is still somewhat controversial. Almost preparing for the perfect storm, the design and art duo combine it all into NFT that almost makes cryptocurrencies a little more accessible or at least more visible.
Designers: Ben Vessey and Mark Jenkins from Minted
Although they are always associated with money, cryptocurrencies are difficult for most people to understand, especially because they are not presented simply as incomprehensible numbers and letters. When people think about money, they will at least think of numbers separated by commas or periods. Most will even think of paper banknotes and coins to establish a connection with something familiar that was around, even to the ancient Greeks. Cryptocurrencies have thrown all preconceived ideas out the window, but NFT and Metaverse present an opportunity to turn things around a bit.
NFT is a form of blockchain, but unlike cryptocurrencies, each is not interchangeable. This means it can be sold and traded, like the digital equivalent of physical goods, but is often more associated with supposedly rare digital works of art that sell for thousands to millions of dollars in the real world. However, NFTs do not always have to be a work of art and can actually be used for anything that has a digital display, including, in this case, NFT coins.
Minted was conceived as an answer to the question of how Ether, the currency for the Ethereum platform, would look like a real coin. However, like NFT, the minted coin will be a unique digital artifact, although it would have fixed Ether values. The coins will be available in ether denominations of 0.1, 0.2, 0.5, 1.0, 2.0 and 5. However, each coin will be “handmade” and unique, so it still retains a unique value , even if it just looks like digital coins. And, of course, these will only be distributed via Ethereum as this is the only place where Ether will have any value.
Of course, Minted doesn’t really make “crypto”, as they are called, suddenly more accessible and understandable. They at least give them a more visible form that could help them better understand these new technologies and concepts. It is also an attempt to win governments in creating NFTs that will be linked to blockchain currencies. After all, if cryptocurrencies are designed to decentralize the distribution of assets, it would be ironic if an entity like the government co-opted to become the new centralized bottleneck of these new systems.