Mintable is an NFT platform built on top of Ethereum’s blockchain and has over 300,000 users. Zach Burks, CEO of Mintable, founded the platform in the year of 2018. In September and December of 2020, the platform was publically launched across both Ethereum’s and Zilliqa’s blockchains. Since then, Mintable has grown exceptionally with the support of its users, investors, and partners.
In the first half of 2021, Mintable completed a Series A round of funding. Where it raised $13 million from several major investors such as Ripple, which is known for establishing XRP as its blockchain solution and public ledger. It also raised investments from blockchain game developer, Animoca Brands, Bill Clinton’s former advisor, Doug Band, and Founder of Shutterstock, Jon Oringer. Mintable also partnered with Immutable X, the first layer2 for NFTs on Ethereum, to make over 24 million NFTs available for sale on its platform. This implementation allows users to deposit ETH and ERC-20 tokens with instant confirmation and no gas fees required.
“Throughout 2021, NFTs have reached mass appeal, having touched almost every sector spanning entertainment, fine arts, sports, and many more,” said Mintable’s CEO Zach Burks. “As the technology continues to mature and the space rapidly evolves, this is a critical company milestone for Mintable and we are thankful for the support from our investors who hold the same shared belief of the many opportunities that NFTs can bring among mainstream users.”
How To Sell Your NFT On Mintable?
We know by now that to sell your NFT, the first step is to connect your wallet to the platform. Then, you can click on the “Mint an item” button to start minting your first NFT.
You can choose to mint your NFT on either Ethereum’s mainnet or the Immutable X blockchain. The Ethereum blockchain will allow you to choose between gasless minting or traditional minting. Whereas, Immutable X only offers the gasless minting option, which is what we will be choosing to keep this demonstration simple. Once you’ve connected your wallet to the Immutable X blockchain, you can begin with minting your NFT.
You can upload multiple files onto the platform. However, Immutable X has a maximum capacity of 100 MB for minting NFTs onto its blockchain. Therefore, ensure that your files will not exceed this limit.
After you upload your files, you’ll be asked to enter the details of your listing. For your item’s description, Mintable advises you to keep it lengthy and descriptive to attract buyers. Furthermore, the platform allows you to specify the type of NFT you’re minting by selecting its category (i.e: Art, Collectibles, Videos, etc). It also allows you to further explain your NFT’s category by adding a subcategory. For example, if my NFT fits the Art category I can specify if it’s graffiti art, abstract art, animation, etc.
When using the Immutable X blockchain on Mintable, you’ll only be able to sell your NFT at a fixed price. In this section, you can enter your NFT’s listing price. You can also add a royalties percentage in case the NFT was ever relisted. Last but not least, Mintable also enables you to transfer your NFT’s Copyright to the buyer once the NFT is purchased.
What Are The Transaction Fees on Mintable?
Although Mintable offers a “gasless minting” option for its users, it’s not quite the same as “lazy minting.” The lazy minting option found on Rarible and OpenSea transfers upfront gas fees to the buyer rather than the seller. On the other hand, Mintable’s gasless minting allows your NFT to be directly found on-chain on the Ethereum mainnet. Therefore, both the buyer and the seller won’t have to worry about the gas fees associated with the minting process.
Moreover, when using the Immutable X blockchain, transactions are settled off-chain using Ethereum’s layer2. Subsequently, this ensures that the transactions being carried out are gas-free, carbon-neutral, and have higher scalability. However, keep in mind that we’re only referring to Mintable’s gasless minting. It’s a different case if you choose traditional minting. Therefore, even though it’s not clearly stated on the website, you’ll need to have some Ether in your crypto wallet to mint traditionally.
Regardless of whether you choose gasless minting or traditional minting, Mintable will deduct a service fee for every NFT sold using its platform. However, the percentage fee differs depending on how the NFT was minted. For instance, the platform will deduct a 2.5% service fee for traditionally minted NFTs. Whereas, a service fee of 5% will be deducted for gasless NFTs.
Sally is a student of International Business Management and is interested in topics related to blockchain technology. She is an author for gBlogo’s “Crypto World” column and provides insight on topics related to cryptocurrencies and NFTs.
