#nft platform

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Exploring NFT Marketplace Platforms

In recent years, the emergence of Non-Fungible Tokens (NFTs) has revolutionized the way we perceive ownership in the digital realm. These unique digital assets, powered by blockchain technology, have opened up a new world of possibilities for creators, collectors, and investors alike. At the heart of this digital revolution lies the NFT marketplace platform, serving as the vibrant marketplace where NFTs are bought, sold, and traded.

NFT marketplace platforms act as the virtual storefronts where artists, musicians, gamers, and other creators showcase their digital creations as NFTs. These platforms offer a seamless and secure environment for buyers and sellers to interact, facilitated by smart contracts that ensure transparency and authenticity in transactions.

One of the key features of NFT marketplace platforms is their ability to democratize the creation and ownership of digital assets. Through these platforms, creators can tokenize their work, allowing them to retain ownership rights and receive royalties each time their NFT is sold or traded in the secondary market. This provides artists with a new avenue for monetizing their creations and establishing direct relationships with their audience.

Moreover, NFT marketplace platforms have become hotbeds for cultural phenomena, with digital art, collectibles, and virtual real estate fetching millions of dollars in transactions. From iconic moments in sports to virtual fashion items and rare in-game assets, the scope of NFTs available on these platforms is as diverse as the interests of their users.

As the popularity of NFTs continues to soar, the demand for robust and user-friendly marketplace platforms is on the rise. Whether you’re an artist looking to tokenize your work or an avid collector seeking the next big NFT investment, finding the right marketplace platform is essential for navigating this dynamic ecosystem.

In conclusion, NFT marketplace platforms represent a paradigm shift in digital ownership, offering creators unprecedented opportunities to monetize their work and collectors access to a vast array of unique digital assets. As the NFT market continues to evolve, these platforms will play a pivotal role in shaping the future of the digital economy.

Are you a passionate Computer aided designer, digital artist, or a content creator? Every piece you create, consists of your time, sweat and wisdom. However, a nightmare for any artist or designer is to witness their intellectual property succumb to theft or forgery. Non-fungible tokens(NFTs) emerge as a promising solution for designers to register and authenticate their creations on the blockchain and showcase it to the world, yet there is a dark side to the process of minting NFTs.

Bots and scammers have found ways to steal original artworks and create NFTs without the creator's knowledge. This surge in spam, theft and other malicious activities gained momentum with the introduction of the lazy minting feature in 2021. Before you NFTs are even minted on the blockchain they’ve already been copied. 

Here’s all you need to know about lazy minting NFTs and how your content is at the risk due to the feature. We also share tips on how you can safeguard your content from being stolen by minting 3D printable CAD files on Mintcad’s NFT platform. 

Why Do You Need NFTs for Intellectual Property? 

Firstly, let’s understand what an NFT is. In simple terms, NFTs or Non-Fungible Tokens, indicate a unique digital identifier attached to a content file whether it’s a 3D printable CAD file or other forms of digital content. It represents the authenticity and the genuine ownership of the underlying art. They allow digital property to form digital assets by registering their ownership on the blockchain. The process of converting a digital file into a non-fungible digital asset by assigning it a unique token on the blockchain is known as minting. 

The unique feature about NFTs is their non-fungibility ie. you cannot exchange two NFTs for a single NFT as you can with fiat currency. These are non-interchangeable and irreplaceable. You can transfer the ownership if you sell your NFT or even rent it out to users for single use through custom smart contracts.

The digital asset’s metadata and underlying file is stored on a decentralized database such as IPFS which makes it nearly impossible to edit or modify the record unless the owner transfers or burns (deletes) it. No one can steal their work and claim it to be theirs ensuring CAD security with NFTs.

What is Lazy Minting of NFTs? 

If you have read Mintcad’s article on how to mint your first NFT, you have a fair idea about minting NFTs. However, minting NFTs is a pricey procedure as creators must pay an upfront gas fee to mint their NFT on the blockchain. This creates an entry barrier for most of the creators who do not want to commit a good sum of money and risk before testing the waters. 

Lazy minting or gasless minting emerged as a solution to this. Gasless minting does not mean you can mint NFTs without a gas fee. It simply implies that you assign a placeholder for your NFT to be minted later. Your NFT will not appear on the blockchain unless it is minted nor does its metadata and underlying file get stored on the IPFS.

Nevertheless, your NFT gets listed on the marketplace, but when a buyer places an order to buy the NFT, the NFT gets minted on the blockchain. Thus, the buyer bears the minting charges or the gas fees along with the cost of NFT. 

How Lazy Minting poses a threat to digital content creators? 

Lazy minting makes entering the NFT market a breeze for anyone who wants to list and sell their NFTs. It removes initial expenses allowing anyone to create NFTs for free, but if you haven’t minted your design yet, anyone can download the file from centralized databases and mint it before you can, making your NFT a copy.

This not only benefits the artists and designers but also the scammers who are successfully pulling off NFT scams. 

Content theft is one of the major drawbacks of lazy minting NFTs. As the initial minting is free of cost, scammers steal content creators’ works and create an NFT for it, listing it on the marketplaces for sale. Sometimes the original creator does not even know that their work is being stolen and sold without their knowledge. 

One of the top NFT marketplaces, OpenSea has even admitted, “Over 80% of the NFTs created with our "free minting tool" are 'plagiarized works, fake collections, and spam'.”

Lazy minting which was assumed to be a boon for the designers has allowed art thieves to exploit the entire system with virtually zero risk.

Real-world Examples of Lazy Minting NFT leading to content theft

Aja Trier, an artist faced a new and overwhelming challenge when she discovered that her popular Vincent Van Gogh-style paintings had been transformed into almost 86,000 NFTs (Non-Fungible Tokens). These digital tokens were being sold on OpenSea, without Aja's knowledge. 

The issue arose because these NFTs were created using a method known as "lazy minting" on OpenSea. Lazy minting allows users to list NFTs for sale without completing the transaction on the blockchain until a buyer comes along. This feature became a problem because scammers exploited it to list numerous stolen items in the hope of finding buyers.

The method involved bots scraping art from online galleries or using keyword searches on Google Images to create collections with automatically generated descriptions. OpenSea, due to its popularity and less rigorous vetting system, became a hotspot for such activities.

Solution to Content Theft Caused by Lazy Minting

Though lazy minting looks lucrative on the surface allowing you to easily enter the NFT market it is putting your CAD assets at the risk of theft. At Mintcad we do not support lazy minting, we want to protect your design IPs with NFTs and believe the original creators should remain safe in this novel marketplace. 

With lazy minting, the metadata of your CAD file gets stored only on a database like AWS, however when you mint your NFTs on Mintcad, we store your data on the decentralized database like IPFS. This ensures that the ownership of your NFT gets secured on the blockchain.

Along with this we are also working on an AI-based geometric recognition algorithm that recognizes the NFTs already minted and rejects the request on re-minting. This ensures that your CAD assets do not get stolen or forged. 

We are working towards algorithm updates that restrict minting NFTs for content that violate any copyrights. We are taking every step to secure the digital assets of our content creators and enable them to leverage the benefits of NFTs. 

If you are looking to secure the ownership of your 3D printable CAD files, mint NFTs for your CAD files on Mintcad, get them listed for sale or allow 3D printing enthusiast to print your file for a small fee that you as a creator earn.

NFT Minting on Mintcad

To mint your NFT, you must choose an appropriate NFT marketplace, Mintcad serves as a no-code solution to mint NFTs via smart specialized contracts.  

Mintcad is one of the best NFT platforms to mint your 3D printable CAD files, list them for sale or allow your designs to be printed. You can learn more about how to mint your first 3d printable NFT on Mintcad.

The strategic alliance between Pudgy Penguins and Walmart has reached a new milestone as Pudgy Toys are now available in an additional 1,100 Walmart stores, bringing the total to 3,100 across the US. This expansion is viewed as a key driver in advancing Web3 mainstream adoption, seamlessly blending blockchain-based NFTs with traditional retail spaces.

In a recent X post, Pudgy Penguins declared, "The path to Web3 mainstream adoption continues," emphasizing the significance of their collaboration with Walmart. Luca Netz, CEO of Pudgy Penguins, highlighted the success of integrating blockchain technology into traditional retail platforms, creating an enhanced consumer experience. Netz expressed excitement about the enduring appeal of Pudgy Penguins characters in the consumer market.

The collaboration, initially announced in September 2023, aimed to bridge the gap between physical and digital play. In December 2023, Pudgy Penguins introduced Pudgy World, a Web3 game powered by Ethereum's zkSync, further solidifying their commitment to innovative technologies.

Acknowledging the impact of Pudgy Penguins and Pudgy World, zkSync shared an X post, labeling them as the "Trojan horse to bring Web3 mainstream." This recognition signifies the pivotal role that Pudgy Penguins plays in expanding the adoption of Web3 technologies beyond the blockchain community.

Walmart now offers exclusive Pudgy Penguins collections, featuring figurines and mystery igloos with unique characters. The integration of QR codes on these toys enables users to unlock digital traits and collectibles within the Pudgy World game, seamlessly connecting the physical and digital realms.