Jack Levin and his team came up with a new XEN Crypto product called XENFT that is going to change the way you mint and trade your XEN. By enabling XEN NFT creation, it is entering the global NFT market, estimated at USD 4.36 billion in 2021, which is predicted to grow to USD 20 billion by 2028. Today, you can jump on the Ethereum testnet (Goerli) and try to test for free the batch minter, create an NFT, and sell it on the testnet of the OpenSea. Here, we show you how to do this step by step.
How to test XENFT on a testnet
- Download MetaMask
- Add the Goerli testnet
- Get free goerliETH
- Mint XENFT
- View XENFT on the OpeanSea testnet
1. Download MetaMask
If you want to know how to download and install MetaMask, we have it covered for you. Read this guide or watch the video. We also explain how the Ethereum gas fee is calculated so you know what you pay for when you want to transact on the mainnet.
2. Add the Goerli testnet network
You can add the Goerli testnet network manually to your MetaMask wallet, and we explain how to do it in our testnet guide. The XEN team, however, makes it easy for you, and it’s enough that you go to the XEN testnet dapp at https://testnet4.xen.network/goerli/xenft and connect your wallet. The Goerli test network will be added automatically for you, and you’ll be prompted to switch networks.
3. Get free goerliETH
Once you are connected to Goerli, you need some free testnet ETH to transact with. Remember that you’re on the testnet, and you can get them from a faucet. You need to go to this link: Goerli PoW Faucet (pk910.de) and mine some for yourself. Alternatively, you can go here and get some https://faucet.paradigm.xyz from the XEN Telegram official group and ask someone to send you a few GoerliETH. You will need to provide your Goerli testnet address to receive the tokens. You already have it in your MetaMask, so copy it and paste it in the faucet field. The faucet should be fast enough if you’re using it without a VPN. Claim.
4. Mint XENFT
Now you’re ready to mint your first XENFT. Press the button. You will see a window where you’ll be asked to choose the number of VMUs and the Mint Term.
What are VMUs? The XEN official dapp describes VMU (Virtual Minting Unit) as a “virtual wallet created by a smart contract and controlled by you through the same contract. No one has the keys to these wallets; access to them is controlled by the XENFT that you receive. Actual possible count of VMUs is determined by the network block gas limit.”
In layman’s terms, it means that one VMU is like one address you claim your cRank with. If you choose 100 VMUs, it will mean that you will be able to mint XEN with 100 addresses with just one click of a button. The gas fee will be equivalent to 100 transactions.
There are XENFTs with 163 VMUs because they all got into one block, however the maximum number may be usually closer to 128 VMUs.
The XEN batch minting facilitates XEN minting so you can spend less time creating multiple wallets. It’s going to be audited before the release on the mainnet to ensure security.
Confirm the transaction.
Once you’ve accepted and completed the transaction, you’ll see an NFT pop up in your dashboard under the Owned XENFTs field. You’ll see your cRank, AMP, EAA, number of VMUs, and the Mint Term. The claim button will be more visible when your claim day arrives.
5. View XENFT on the OpeanSea testnet
If you press on your XENFT, you’ll be redirected to the OpeanSea NFT marketplace. You’ll see your colorful NFT with all the specifications and a quote.
Now you can put it up for sale.
You can list it for a fixed price or put it up for auction. There are other options you can choose from, like a bundle sale or a specific buyer sale. The OpenSea fee is 2.5%, so keep that in mind when selling your real XENFT on the mainnet. The dashboard also shows the floor price of the XENFT and the top trait floor price, so you have a market price for XENFTs similar to yours. Once you put it up for sale by confirming transaction, you’ll see that your XENFT got the price you asked for. You can cancel the listing anytime or lower its price.
XENFT Properties
XENFTs have seven different properties that can be searched for. They are:
- AMP
- EAA
- VMUs
- CRank End
- cRank Start
- Limited
- Redeemed
OpenSea assigns a score to each trait so you can know how rare a particular trait is. This is important information when it comes to NFT trading. If your XENFT is Limited, then it means that it belongs to the first 10,000 XENFTs with at least 100 VMUs each.
If your XENFT is Redeemed, it means that the XEN it was backing have been redeemed, and what remains of the NFT is a graphical representation, kind of like a postage stamp. It can possibly find its value in the collectibles market.
