Minted, a non-fungible token (NFT) marketplace accelerated by Cronos Labs, launched on Thursday and said it had entered into a tie-up with exchange giant Crypto.com.
While other NFT marketplaces exist on Cronos, Minted allows blue-chip NFT projects such as Moonbirds, Otherdeeds and other popular NFTs that are often Ethereum-based to be listed alongside Cronos-based ones. The platform will support over 10 million NFTs across 2,800 projects.
As part of its partnership, Minted will facilitate all secondary trades of Cronos-based NFTs originally sold on Crypto.com.
The marketplace allows users to list their Ethereum-based NFTs for a reward in the form of $MTD, the platform’s native token. $MTD can then be staked for a certain amount of time to earn yield on it. Popular NFTs, such as Moonbirds and Otherdeeds, or rare NFTs earn the user greater rewards than others.
Other NFT marketplaces have offered users rewards for listing NFTs in the past, such as Looksrare. However, Looksrare saw high amounts of wash-trading before fading from popularity, The Block previously reported.
A Minted project manager who pseudonymously goes by Marco, told The Block that the platform has parameters in place to deter users from milking rewards. One such way is to incentivize users to price their NFTs fairly rather than charging too much or too little for it. If they list the NFT within two times above the floor price, they get one times the points, Marco explains. But if they list it as 1.1 times the floor price, or below the floor price, they get up to twice the points.
In all, Minted intends to be multi-chain with Ethereum and Cronos from the start, and to deliver a more deliberate experience for users, Cronos managing director Ken Timsit told The Block.
“The idea is just to build more carefully a set of features for creators, for brands and for users that offer an NFT experience that’s more curated and careful.”
Update: The piece was amended after publication to clarify the parameters of $MTD listing rewards.
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