By
Chimamanda U. Martha
April 24th, 2024
As required by the agreement, all secondary trades of Cronos-based NFTs sold on Crypto.com would be facilitated by Minted.
A Cronos Labs-accelerated Non-Fungible Token (NFT) marketplace, Minted, has announced a partnership agreement with Crypto.com. As required by the agreement, all secondary trades of Cronos-based NFTs sold on Crypto.com would be facilitated by Minted. Minted was launched on Thursday. According to reports, it will support over 10 million NFTs across 2800 projects. It is important to note that several NFT marketplaces exist on Cronos. Interestingly, Minted allows popular NFTs that are usually Ethereum based to get listed with Cronos-based ones. Some of the blue-chip NFT projects supported by Minted are Moonbirds and Otherdeeds.
Just as most NFT marketplaces, Minted allows users to list their Ethereum-based NFTs for a reward. The reward is said to be in the form of $MTD, the platform’s native token which can be staked to earn a yield on it. LooksRare also embarked on a similar reward program, but later faded away in popularity after experiencing a high amount of wash-trading as claimed by reports. Moonbirds and Otherdeeds are known to offer higher rewards to users in similar campaigns. The project manager of Minted who identifies himself as Marco explained to reporters that their platform has measures in place to prevent users from “milking rewards”.
According to Marco, one of the parameters put in place is the incentivization of users to ensure that they do not put exorbitant prices on their NFTs. This also implies that users do not price their assets too cheaply. Marco further explained that users who price their NFTs two times the floor price get one times the points. However, if they price them 1:1 the floor price, they get two times the price.
“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,” said Cronos managing director Ken Timsit.
Timsit further explained that Minted seeks to operate as a multi-chain with Ethereum and Cronos. As part of its plans, Minted seeks to provide an exciting experience for users.
Regardless of the partnership, the price of CRO recorded a 0.73% fall in the last 24 hours and is currently trading at $0.15.