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Minted: How the DeFi Wallet NFT Marketplace Works in Detail

Minted is a multichain marketplace for Ethereum and Cronos NFTs. Read about the features of the marketplace and how to shop for NFTs.
Dec 06, 2022
How Nft Markt Works Opt

Introduction

Learn about Minted — the new NFT marketplace — and how to buy NFTs and store them directly on your non-custodial wallet.

New to non-custodial wallets? Read our intro guide to the Crypto.com DeFi Wallet here.

Key Takeaways:

Minted is a multichain marketplace that offers:

  • Self-custodial trading
  • Multichain support
  • Token rewards for participation
  • External auditing
  • On Minted, users can buy and sell NFTs from both Cronos and Ethereum ecosystems.
  • Minted offers unique rewards for users who participate on the platform.

What Is Minted?

Minted is a marketplace currently supporting Ethereum and Cronos non-fungible tokens (NFTs). With Minted, users can benefit from the following:

  • Self-Custodial Trading — Maintain complete control of their NFTs.
  • Multichain Support — Ethereum and Cronos support is currently provided.
  • Native MTD Token — $MTD is Minted’s native token, built on the Cronos Chain and designed to incentivise users.
  • Security First — Minted has been audited by Blocksec, a third-party auditing company.

What Can One Do on Minted?

On the Minted platform, users can list and sell their NFTs, just like on a traditional NFT marketplace. They also can receive their native token, known as MTD, which can be staked.

What Is MTD?

MTD is the native token of the Minted platform that rewards creators, collectors, and participants on the Minted platform. Users can obtain rewards by listing eligible NFTs for a price less than two times the collection’s current floor price, and receive additional rewards by listing eligible NFTs for a price under 1.1 times the collection’s current floor price. Rewards are distributed daily (via MTD) and available for claiming anytime.

Users can also deposit their MTD in the MTD vaults, selecting how long they would like to lock their MTD when they deposit. The vault allows users to lock their MTD for fixed periods, ranging from one month up to 48 months.

The MTD token also has a platform fee-sharing benefit for MTD vault depositors, whereby half of the 2% platform fee is distributed to them. The amount that a potential vault depositor would receive depends on the amount they deposit into the vault and the lock duration of that deposit. The user will receive this fee-sharing benefit in the form of WCRO tokens.

To deposit $MTD into a vault, users can navigate to the ‘Rewards’ tab and then click on ‘Deposit MTD’ to start the process.

The Minted Litepaper states that the plan is to eventually use MTD as a form of governance for the platform. Below is a breakdown of MTD’s tokenomics.

Source: Minted Litepaper

How to Access Minted

Minted and many other Cronos decentralised apps (dapps) can be accessed through the Crypto.com DeFi Wallet. Navigate to the ‘Browser’ and then click the ‘Popular’ tab to see Minted. Once ‘Minted’ is selected, users are directed to the marketplace, where they can buy and sell NFTs, as well as explore the site.

How to Buy an NFT on the Minted Marketplace With the Crypto.com DeFi Wallet App

  1. Open the Crypto.com DeFi Wallet App
  2. Select ‘Browser’ at the bottom of the page
  3. Select ‘Minted’ under ‘Cronos DApps’
  4. Browse the marketplace for NFTs
  5. Click on a preferred NFT and select ‘Buy Now’
  6. Choose a payment method (either WCRO or CRO is accepted)
  7. Select ‘Buy’
  8. Click ‘Confirm’ to confirm the transaction
  9. Once confirmed, the NFT is purchased
  10. Purchased NFTs are automatically stored in the Crypto.com DeFi Wallet

To view the new NFT, visit the NFT tab at the bottom bar in the Crypto.com DeFi Wallet App. Users can also click their profile while on Minted to see the NFT.

Conclusion

Minted brings a multichain marketplace for NFTs to the Cronos Chain ecosystem. Users can now apply to be featured on the Minted Launchpad, which allows artists and creators to launch their NFT collection through Minted.

Minted currently offers access to both Cronos and Ethereum blockchain NFTs, allowing users to purchase their collectibles in one place and store them directly in their self-custodial wallet.

Now that you know the steps to purchase an NFT on Minted, why not find out which four factors make an NFT popular? 

Due Diligence and Do Your Own Research

All examples listed in this article are for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained herein shall constitute a solicitation, recommendation, endorsement, or offer by Crypto.com to invest, buy, or sell any coins, tokens, or other crypto assets. Returns on the buying and selling of crypto assets may be subject to tax, including capital gains tax, in your jurisdiction. Any descriptions of Crypto.com products or features are merely for illustrative purposes and do not constitute an endorsement, invitation, or solicitation.

Past performance is not a guarantee or predictor of future performance. The value of crypto assets can increase or decrease, and you could lose all or a substantial amount of your purchase price. When assessing a crypto asset, it’s essential for you to do your research and due diligence to make the best possible judgement, as any purchases shall be your sole responsibility.

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