The history of minting has traditionally been associated with governments creating and stamping official currency.
Enter the blockchain, and the essence of minting has found a new life, helping create and permanently record the genesis of “something new” (not money) on a given distributed ledger. Initially, we minted fungible cryptocurrency tokens, the first of which was Bitcoin. Later, around 2018, artists and producers began minting millions of Non-Fungible Tokens (NFTs), which they then sold to enthusiastic users.
With Web3 adoption now accelerating, minting is solidifying its place as a native action with an amazing array of versatile uses that will gradually challenge the widely used social media actions "Like," "Share," and "Subscribe."
While early Web3 adopters are taking minting like a duck to water, this concept has barely made a dent in the minds of Web2 users who represent a large target market.
The following table aims to demystify what minting is about, hopefully making the concept more comprehensible to a larger audience.
The New Web3 Signal
Minting is destined to become a significant social signal in the emerging Web3 world. But it’s not just similar to a Like or a Share. Likes and Shares don’t cost you anything, and sometimes they are not even genuine. Minting signals have more “skin-in-the-game” or “sense of belonging”; and they will cost you something. Based on the above use case, one could argue they are more similar to a continuous Subscribe or “Support”.
We don’t stress over paying monthly fees for broadband Internet access, a premium ChatGPT service, or a given newspaper subscription. So why not acknowledge that being involved in blockchain will also entail a little monthly budget for minting this or that?
It is now necessary for the rest of the world to comprehend minting.
As the cost of minting continues to drop to almost insignificant levels, the applications for minting are only beginning to be explored. The creativity of the avant-garde blockchain community—often referred to colloquially as the "Degens"—is boundless. As this community continues to experiment and innovate, we can expect to see minting applied in ever more creative and impactful ways, further cementing its role as a foundational action for Web3.
Without a doubt, minting will develop into a new social signal and an everyday pastime when browsing blockchain-oriented destinations. To see minting actions flow like a river, just visit Zora or Warpcast.
Source - William Mougayar's Blog
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