One of the hardest things about being a writer in the crypto space is the speed at which innovation happens. The learning never stops and I’m constantly striving to keep abreast of the latest news.
It’s also one of the best parts of the job.
Every single day, talented developers out there identify problems I didn’t even know I had and build innovative solutions that make our lives just that little bit easier. That is precisely what the AlchemyToys team have done with their latest offering — Minted Vodka.
Minted Vodka is an innovative take on the NFT marketplaces of today. While it does also have the basic capability of allowing users to bid on and sell NFTs, it boasts several new functionalities yet unseen in the market that aims to solve the problems currently plaguing popular NFT exchanges like Opensea and Rarible.
Flexible Deals Engine
One of the most annoying problems about the NFT space today is the inability to trade NFTs directly. Sure, we could carry out 2 transactions where we each spend the same amount of BNB to buy each other’s NFT’s on Opensea. But what if the deal involved trading my Tier 5 (super rare) NFT for 3 of your Tier 2(less rare) NFTs + 5 BNB?
Enter Minted Vodka’s flexible deals engine. Capable of facilitating the exchange of any combination of NFT, currency and token, this is by far my favorite feature. Using the system, users can now:
- Swap — Directly trade an NFT for another, regardless of collection. Want to swap a rare Cryptopunk NFT for an equally rare Cryptokitty NFT? You can do that in one transaction without any money involved.
- Bundle — Want to trade a Tier 5 (super rare) NFT for three Tier 2 (less rare) NFTs + 5 BNB? Now you can do that in one bundle trade.
- Counter offer — Not satisfied with an offer someone made on your bid? Let him know by making a new deal as a counter offer!
This flexibility opens up a world of new possibilities in the trading of assets. Besides trading NFTs, this system could allow for OTC trading of large currencies. Say you were interested in trading a large sum of BNB for USDT and want to have a pre-determined exchange rate. You could create a trade on MintedVodka for say.. 10,000 BNB for $3M and any interested parties would simply accept the trade. Both sides walk away with exactly what they expected to get, without the hassle of exchange rates potentially changing the final result.
No more failed trades with Deal Deeds
Ever try to bid for an NFT only to have the trade fail because the NFT was already gone or been transferred out of the wallet? Someone could genuinely have the intention to bid on an NFT you’ve listed, but forget about it 2 days later. By the time you’ve come back from a long weekend and hit accept, the trade would fail because the bidder’s already transferred the funds elsewhere.
Minted Vodka solves this problem with a “Deed”. When listing an NFT or making a bid, your asset is locked into a contract and you receive a “Deed” NFT in return. This deed acts as a receipt of sorts, proving that you’re the owner of the locked assets so you still maintain complete control over those assets.
Because the assets are locked in a contract, they can’t be transferred elsewhere and both bidder and seller can feel reassured that any item offered in a deal is guaranteed to still exist in the other party’s wallet.
Fees? What fees?
Most NFT marketplaces out there today (I’m looking at you Opensea & Rarible) charge a percentage fee. 2.5% might not sound like a lot, but when NFTs can go for $69 million, that’s a cool $1.75 million in fees alone.
Minted Vodka on the other hand, has turned the entire industry on its head by pioneering a flat fee structure. Regardless of whether your trade is $6.9 or $69M in value, Minted Vodka will only take 0.014 BNB in fees. At the time of writing, this is just shy of $5.
That’s not all! Should either side of the trade involve only $GAT (the native token of the Alchemy Toys and Minted Vodka platform), the trade will be instantly “promoted” to a premium trade that will be fee free.
For the time being, 100% of fees earned by Minted Vodka will go directly into the reward for winning the Alchemy Toys game. This will encourage more people to take part in the game, which effectively creates a positive feedback loop that increases the customer base for Minted Vodka when these new players turn around and attempt to trade/sell their Alchemy Toys game NFTs.
As both Minted Vodka and Alchemy Toys grow in popularity, so does the price of GAT, benefitting the gamers who stake their GAT tokens within the Alchemy Toys game. In the future, there are plans to encourage GAT liquidity by splitting a part of Minted Vodka’s earnings to be used as rewards for the GAT-BNB liquidity providers.
Move over Google, the Bartender is here
A quick little experiment: Assume you wanted to buy a very specific NFT, say Cryptopunks #5048, how long would it take for you to find that specific NFT? Go on and give it a go, I’ll wait.
Unfortunately, there’s just no good way of searching for a particular NFT today. We’ve used Cryptopunks as an example above, arguably one of the most popular collections in the market today, so can you imagine the difficulty should you be searching for a less known NFT?
This is where the Minted Vodka’s Bartender comes in. A search engine built specifically for NFTs, it allows users to search by a range of NFT attributes such as title, deal type and so much more!
With the bartender, a user who’s only interested in looking at deals that are willing to pay in a specific currency or exchange a particular collection of NFT can do so with an easy to pick up, intuitive UI. Minted Vodka regulars can then choose to save their search selections in a custom queries list, which allows them to quickly re-use it later.
For the more advanced users, a step further can see the Bartender searching deals even by wallet address. An example of the kind of complexities the Bartender was build to handle is as follows:
Find me all successful deals from the past 30 days where the user “0x1234..” offered a TOYS NFT called “Golden Dragon” with serial number #999 and demanded $BAKE in return, where user “0x5678” was the buyer.
Collections as NFTs & IMOs
Once again, Minted Vodka is pushing the boundaries of NFT technology by introducing the concept of collections as NFTs. For the laymen out there, think of a collection as a brand — Cryptopunks is a collection and so is Axie Infinity. So far, the capability to trade an entire collection does not exist in the market, and that’s precisely what Minted Vodka is proposing.
By creating the collection as an NFT that can be traded like any other, the owner of said NFT will be the owner of the entire collection. Besides the prestige of being the owner of a popular collection, owners get the additional benefit of creating an IMO.
Collections can be either capped or uncapped. A capped collection (like CryptoPunks) has a maximum number of 10,000 NFTs and no more can ever be created. An uncapped collection, however, will allow owners to create an Initial Minting Offering (IMO) by paying a small amount of GAT. Think of an IMO as sort of a “blueprint”, which will specify conditions like “create a maximum of X NFTs in this collection”. Users can then pay GAT to access the blueprint to “mint” their NFT, thus owning the newly created NFT.
Minted Vodka is gearing up to be so much more than just an NFT marketplace. With ideas that constantly challenge the status quo, it’s my belief that we’ll soon see other NFT marketplaces falling in line or risk losing a significant chunk of market share.
Minted Vodka is set to go public on the 28th of June 2021, so make sure to check them out. If you haven’t already, check out this article that gives a brief overview to what AlchemyToys is all about. You can also find them at: