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The Mint Blog

Myth-Busting! Debunking the Misconceptions with NFTs

Clarifying the Confusion, Clearing up the Concerns

It’s been nearly a year since the interest and curiosity around digital tokens and assets have transformed into legitimate strategic marketing opportunities and activations. Yet in all that time, the inconsistent terminology and misconceptions have resulted in delays, missteps and flawed projects. Here and now, let’s put these myths to rest once and for all.

Myth: NFTs are bad for the environment.

Actually, no. With Mint, you have incredibly energy-efficient NFTs. We build on “proof of stake,” blockchains (or L2), so our NFTs require less energy to mint than it takes to post a tweet, TikTok video, or Instagram Story.

Myth: Our consumers aren’t really into crypto

No crypto required to purchase NFTs with Mint. Credit card and email only.
We built Mint to avoid the confusing, complicated processes and tools required to buy & transfer crypto. It could not be easier for creator & collector.

Myth: NFTs aren’t safe. It’s all just a scam.

Research is critical, but we only work with established brands. The tech behind NFTs is open and verifiable. If you trust the creator or believe in the creator, you can believe in the NFT.

Myth: We won’t need NFTs if we build a metaverse.

The best metaverse experiences will be powered by NFTs. While there is still a great deal of term confusion, metaverse virtual worlds will either run on NFTs, crypto, or both.

Myth: There is too much volatility in Web3 right now.

Crypto markets are volatile. Utility + feature-driven NFT communities are versatile. While many NFT 1.0 projects are going to struggle, have confidence building strategic, community-focused, long-term projects on our “stable coin” platform tied to the US Dollar.

Myth: Decentralization doesn’t work for our brand.

Your NFT community and experiences can live on your website and stay within your branded look and feel. They don’t actually have to be “decentralized” at all. Actually, this isn’t a myth as much as a misconception. Our NFT platform actually gives you MORE control over your fully-branded ecosystem, from storefront, to NFT viewer and marketplace.

Myth: NFTs are only for art collectors.

That may have been true a year or two ago, but times, they are a-changin’. There are so many incredible NFT projects and opportunities already, and art collection is just one. New models for participation, engagement, redemption are here.

Myth: This is too expensive for us at the moment.

With the right blockchain and a smart test-and-learn strategy, the barriers to enter are quite low. Getting started requires relatively low investment as a brand, and setting purchase prices as low as you want to drives consumer inclusivity and accessibility.

Myth: With NFTs, this whole fad is all just a cash grab.

Digital assets and token-enabled experiences aren’t going anywhere. But if direct revenue is the primary goal, you’re probably doing it wrong. Many of the initial projects were speculatively driven, but the next phase of NFTs as marketing tools for brands will not be. We’re also seeing incredible innovation & philanthropic use cases already.

Myth: There is no real utility with NFTs, so why would people buy them?

If you believe this, then you are involved in the wrong projects. Utility is synonymous with benefits, and there are already a ton of projects with great value exchange. From rewards and access (virtual + IRL) to voting, participation & feedback, it’s good and will get better.

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Mint

Mint

Mint simplifies the experience for brands to sell NFTs, launch branded marketplaces, and provide seamless transactions, interactions, & utility for collectors.