Singapore-based non-fungible token (NFT) marketplace Mintable has introduced community coin (meme coin) protocol, ERC-721ex (721ex), to revitalise the NFT market, which has seen a 96% dip in value.
The protocol enables NFT collection owners to create Community Tokens, offering a lifeline to projects that have lost significant value.
This initiative aims to harness current interest in meme coins and trade NFT collections based on their cultural value today.
The 721ex protocol allows for the creation of Community Coins, restricted to one per NFT collection.
Mintable said that these tokens are allocated using a bonding curve to ensure fair pricing and to deter bot interference, a prevalent issue in meme coin trading.
The protocol, which mergers NFTs and bonding curves, establishes a universal DAO for each NFT collection, empowering communities with governance rights.
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By GlobalDataMintable’s goal is to return control of online community development to the users, especially in cases where founders have abandoned projects.
By combining the ERC-721 standard for NFTs with the ERC-20 token framework, the ERC-721ex protocol represents a community-centric evolution in the use of NFTs on the Ethereum network, integrating NFTs and crypto tokens within a single community for the first time.
Furthermore, the ERC-721ex protocol provides NFT ecosystems with the tools for community-led value creation, governance, and incentive alignment.
As a first-of-its-kind, the protocol unlocks new engagement and liquidity opportunities across NFT projects, returning power to the holders and shaping the future of decentralised communities.
Mintable’s 721EX reached $2.32m in trading volume in the first 24 hours of its launch. The protocol allows NFT owners turn their NFTs into meme coins.
Mintable CEO Zach Burks said: “NFTs have always been about the community; we must learn from their drop in value and ensure that we are developing for 96% of users who have lost value and their communities they once believed in.
“We want to give a decentralised mechanism for communities and offer the necessary powers and freedoms they need to realise their true potential to push NFTs forward. Our goal with 721ex is to give users what they need to remint and reclaim the social value of the NFT movement as well as have a say in shaping the future of their own communities.”
