Market Place "Minted" Number

The new market place feature that shows how many of each NFT have been “minted” seems to be incorrect, or is at the very least misleading.

Currently, the description says “minted”, but this is actually showing the max supply, not how many are minted so far. For example, the SPACE mint amount per these descriptions is totaling to 600K, but we know only about a quarter of that are in supply so far.

This should be fixed immediately because it’s creating a false sense of dilution in the market. This would be more clear if the description had both “Max Supply” and “Minted” values.

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It should also be a little lighter in text color (so the price stands out) and moved to the right of the price so it doesn’t push the page down so far for each item.

image

-Blazo

Actually problem with the way I pasted above is if someone lists an item for $180,000,000 and it’s the only 1, it would break the listing, so doing it on 2 lines was needed.

In my opinion, the Minted option could just be on the details page but maybe there is a reason for them wanting to add this to each item.

I wish I could delete my own posts =)

-Blazo

I think the wording is correct. The total supply is not distributed for sure, but doesn’t means that all the supply is not minted already.

They might have already minted everything and even saving transactions in a decentralized way, who knows. That would actually be a good way to be sure that no server crash or bugs have a chance to impact our NFTs like it can happen with pocket watch and equipments.

Even if the total supply is already minted, this is misleading because the wording makes it sound like all are in circulation.

Also, my understanding of the “vault” technology that BT has is that these NFTs aren’t actually minted until withdrawn from the game, which is how they get around the gas fees. But I could be mistaken about that.

Minting is just the process to create an NFT on a blockchain, not to distribute it. And with batch transactions, minting all the supply at once is probably more cost efficient that a mint on distribution.

There is only a need to have no gas fees for end user. Doesn’t mean there is no gas fee involved. It’s like meta transactions, also called gas less transaction.
It’s gass less, sure! But only for the end user. A third party have to pay the transaction in any case.

“Big Time Studios will provide and host digital wallets for players. The assets are kept in custody in our secure vault, allowing for instantaneous transfers and low costs. Advanced users still have the ability to transfer items to their…”

So IMO :

  • all the NFT were minted upfront, that’s why they put “Minted” on the marketplace
  • we all have a wallet created an managed by the studio ( that’s part of how they can claim it’s a “secure vault” )
  • when you drop or buy an item, it’s transfered to your hosted wallet at some point ( they might batch the transaction to lower the gas fee )
  • there are plenty of low gas fee chains out there, and compared to the fees the marketplace is generating, these fees are probably insignificant.
  • if NFT were not minted already, they probably would not have chosen to called it NFT just yet.

But that’s just my opinion, I could be wrong on it all…

Take a look at the Vault patent here, it goes into detail on how this process works on their end. This states "…the facilitator may enable movement of the game asset into the game environment to be included in the player’s in-game inventory, without the token needing to be minted at that time. Rather, the minting of the token can be deferred until when and if the player desires to withdraw the game asset from the game environment.

My read of this is that the NFTs are not minted upfront, but rather minted upon withdrawal from the game. Regardless, for a game that is trying to be Web2 friendly, the word “mint” is unfamiliar to traditional gamers. Even if they are minted upfront, the wording makes it sound like this is the amount currently in circulation, while this is not the case.

3 Likes

I see this was just changed to “Max supply”.

Thank you Big Time team for listening to our feedback!