Mintable achieves $2.32m trading volume 24 hours after launching 721ex, an Industry-first protocol that allows NFT communities to remint, reclaim and revive dead projects as Community Coins
Mintable, the Singapore-based non-fungible token (NFT) Marketplace, has pivoted its focus with the launch of ERC-721ex (721ex), a protocol set to address the 96% downturn in value currently facing the NFT market. 721ex allows owners of NFT collections to mint Community Tokens tied to the collection, allowing users of projects that are down 90% in value to remint and reclaim past NFT communities. By building on the current appetite for meme coins, Community Coinswill represent a modern way to trade NFT collections based on their present-day cultural value.
The ERC-721ex Protocol, put simply, allows NFT collection holders to create Community Coins limited to only one 721ex per collection. Once created, tokens are distributed via a bonding curve to offer fair, dynamic pricing while preventing bots from getting tokens, which is one of the key issues currently plaguing meme coins. The ERC-721ex protocol combines not just NFTs and bonding curves; it also creates a universal DAO for every NFT collection, which gives each community the power to vote, govern and be in charge of their future, giving users a direct stake in how each DAO is run.
Mintable’s core mission is to hand the future development of online communities back to the community, as opposed to founders who have a track record of abandoning projects or not delivering. Mintable aims to encourage users of past, present, and future collections to partake in a community-driven evolution of how NFTs are used on Ethereum by merging both the ERC-721 standard for NFTs with the ERC-20 token economy to create the ERC-721ex protocol – which integrates both NFTs and crypto tokens across one community for the first time.
ERC-721ex empowers NFT ecosystems by enabling value creation through community takeovers, governance, and aligned incentives. As the Web3 industry is currently locked in an industry-led initiative, 721ex will be a transformative tool, shifting the landscape to be community-driven. 721ex, having never been done before, unlocks new modes of engagement and liquidity across all NFT projects, giving power back to holders to help shape the future of decentralised communities.
Zach Burks, CEO of Mintable, said: “NFTs have always been about the community; we must learn from their drop in value and ensure that we are developing for 96% of users who have lost value and their communities they once believed in. We want to give a decentralised mechanism for communities and offer the necessary powers and freedoms they need to realise their true potential to push NFTs forward. Our goal with 721ex is to give users what they need to remint and reclaim the social value of the NFT movement as well as have a say in shaping the future of their own communities.”
