If you’ve used XYO World, you may have come across the need to mint your new geotoken after winning an auction to get it. But there are a few different options! It’s a little confusing if you aren’t familiar, so let’s go over the hows and the whys.
What is minting?
Minting a geotoken is similar to minting a real coin. It takes the raw material of what you’re creating and turns it into the token, itself. Until you mint your geotoken, it’s not fully realized and can’t be used.
Minting a geotoken is a series of operations that make the geotoken able to function, and since geotokens can store data, it’s fairly complex. Minting is done through the Ethereum blockchain and, like all such transactions, requires gas. You’ll find that minting requires more gas than bidding, due to its complexity.
Minting Type 1: Minting Your Own Geotoken After Winning a Live Auction
After you win a live auction on XYO World, you won’t get your geotoken right away. You’ll have to mint it in order to use it.
To mint a geotoken you’ve bid on and won, visit the completed auctions and select your geotoken. It will be denoted as yours in the listing as long as you’re using the list view.
Use these settings in the upper left corner of the completed auctions page to ensure you can find your geotoken easily.
Your geotoken should be near the top of the list, just look for your wallet address. Click on Mint to open your wallet and begin the minting process. Your wallet’s interface will walk you through the transaction.
You might notice a second option next to Mint that says “Mint w/ Reward.” Now we’re getting into the tricky stuff!
Minting Type 2: Minting Someone Else’s Geotoken With Reward
Next to the “Mint” button on the completed auctions page, you’ll see a “Mint w/ Reward” button. Some of the buttons may be disabled, but others, you’ll be able to click.
Mint w/ Reward is different from Mint, in that it allows you to mint someone else’s geotoken for them if they don’t do it, themselves. They have 24 hours to mint their own geotoken with no competition, but after that, the ability to mint the geotoken goes public and anyone can do it.
As the button suggests, there’s a reward for doing this. Each time a geotoken is minted, it stores most of the XYO tokens paid to obtain it, which can then be rebated to the buyer when their geotoken unlocks. If you choose to mint someone else’s geotoken for them, they still get the geotoken they purchased, but you “steal” some of the XYO contained inside of it. You’ll get it right away, as soon as you’ve minted the geotoken.
Mint w/ Reward works the same way as minting. Simply click the button and process the mint through your wallet. The reward will come back to your wallet automatically as soon as the minting is complete.
It’s also worth noting that if you want a child geotoken from the unminted geotoken, any geotoken will produce children as soon as it’s minted. This is the primary reason for the Mint w/ Reward feature— it ensures that no one can permanently camp a certain area and lock other people out.
Remember, you will have to pay the gas in order to mint someone else’s geotoken, so be sure the reward or the child geotoken is worth it to you!
Minting Type 3: Mint Now to End a Live Auction and Claim the Geotoken
From the live auctions page, you’ll find a Mint button next to the Bid button. This lets you use the Mint Now feature.
This option allows you to override the auction entirely and simply buy a geotoken outright. If you choose to Mint Now, you’ll get the geotoken immediately and stop all other competition. However, the minting deposit will be four times the current minimum bid, so choose wisely if you want to use Mint Now.
Other than that, it works the same way as all other minting features.
Hopefully this answers all your burning questions about minting your XYO World geotokens. But if you have any additional questions about minting, or run into any concerns, you can get in touch with our support team and we’ll be happy to help you!