MintPass
Last updated
Last updated
What is a MintPass?
MintPasses are essentially a reservation system for NFTs. You can think of it as unopened trading card packs - you know there’s a trading card (or in our case, an NFT) inside, but you don’t know what it is until you open it.
Prior to MintPasses, new launches of NFT projects were first-come, first-serve. This was problematic at the time because:
to make transactions on a blockchain like Ethereum, users pay transaction fees (i.e. gas fees)
while there’s a limit to the number of transactions which can be processed in each block, users can choose to pay extra for their transaction to be prioritised
first-come, first-serve NFT launches created a dynamic where users would choose to pay high amounts of fees in a rush to mint their NFT before the supply ran out, also known as a gas war
Gas wars favour those with the most capital, so Pixel Vault conceptualised the MintPass in July 2021 to enable more fair & equitable NFT drops. The concept was quick to be adopted by other teams and is now extremely common.
Pixel Vault MintPasses include:
MintPass #1, the ticket to getting Inhabitants Identities
MintPass #2, the ticket to getting DOTs
There were provided for free or at a low cost to existing holders of PV assets, as a reward for their support.
