How to Vault your Monacoin/Monaparty NFTs
What is MonaCoin?
Monacoin is a considered the first Japanese Cryptocurrency that was conceived in December 2013 and is based off of the Japanese ascii character “Mona”. It is a Proof-of-Work Blockchain that operates off of the Lyra2RE(v2) algorithm with a 1.5 Minute Block Time and a reward of 12.5 MONA. $MONA is the native currency and it is known as a community operated blockchain.
In 2017 Monaparty was launched on top of Monacoin. It is modeled from the 2014 Bitcoin token asset platform Counterparty and is similar to 2014 Dogecoin token asset platform Dogeparty. This platform allows the Monaparty community to issue unique tokens inclusive of Art, Music, Trading Cards, Community Tokens, Unlock Tokens, and much more.
Monaparty’s most popular collection is known as MonaCard, which launched on January 8th, 2018 and consists of over 6,000 unique tokens. Currently there are over 50 artists that actively contribute to the project and the community consists of an active collector base.
What you need to buy a MonaCard?
You will also need $MONA or Monaparty’s native token $XMP which can be acquired on a centralized exchanges Bittrex, CoinEx, Bitbank, and Huobi Japan.
To purchase MonaCards or you’ll need these tools:
MPurse (Web3 Wallet | Similar to MetaMask)
MonaPallete (Marketplace | Similar to OpenSea)
Mona Card (Directory | Visually displays every token)
Google Translate Web Extension (To translate from Japanese)
Now that you have all the tools, follow one of these step-by-step instructions to purchase your first card.
Introduction to MonaCard
Mona Card Twitter Thread by Jake Gallen
How to Vault your MonaCards
When you are ready to sell a Monacard the best option is Emblem Vault as it will give you access to collectors all Ethereum marketplaces.
1) First, you’ll need ETH to pay for gas fees.
2) Second, Emblem requires 250 $COVAL to mint a vault.
3) If you don’t own any $COVAL tokens are available for purchase on Uniswap or Coinbase.
4) Now you’re ready! Click “Create” and let’s get started!
- Once the create tab is open click on “Next” to begin labeling your vault.
Your first steps will be adding a Vault Name and Vault Description. These two inputs are at the discretion and preference of the user. As each assets across each blockchain follow their own technical implementations and community standards Emblem Vault hasn’t created an automatic standardization, only a recommendation. Although some communities have created their own standardization like Namecoin Identities which can be seen here.
1) Emblem Vault recommends the “Vault Name” to be established as so:
NAME OF ASSET (YEAR TOKEN WAS MINTED)| BLOCKCHAIN | SUPPLY
EXAMPLE: MONASEGWIT (2018) | Monacoin | 1/1000
2) Emblem Vault recommends the “Vault Description” to be established as so:
THIS TOKEN was created on THIS SPECIFIC DATE by ARTIST/CREATOR/TEAM and is a supply of TOTAL SUPPLY OF SPECIFIC TOKEN.
INPUT ANY RELEVANT FACTUAL INFORMATION ABOUT THE SPECIFIC TOKEN, PROJECT, TEAM, OR SIGNIFICANT INFORMATION HERE. THERE IS NO LIMIT TO THE AMOUNT OF DETAIL THAT CAN BE SHARED IN THE VAULT DESCRIPTION.
EXAMPLE: MONASEGWIT was created on January 8th, 2018 by Artist Doodle AC (https://twitter.com/rkgk_ac) and is a total supply of 1000.
MonaCard is a collection issued on the token asset platform MonaParty, which is based off of the the 2014 Bitcoin token asset platform Counterparty. MonaCard is a collection of over 6,000 unique Art and Creator-based tokens. Monacoin is considered the first Japanese Cryptocurrency that launched in 2014 and is a Proof-of-Work Blockchain.
3) Click “Next” to move to additional vaulting steps.
Now you’ll need an image that represents the NFT to plan to send inside of your vault. It’s important to understand that this uploaded image is what will be displayed on any NFT Marketplace (Opensea, Looks Rare, etc.) or any ERC-721 Integrations. (Metaverse Museums, Gaming Assets, etc..)
If you plan for this vault since hold a single NFT you will want to save the highest quality image file that represents your asset, which is usually the image displayed on their native block explorer.
When vaulting a MonaCard you can pull the image directly from the MonaCard website. All you need to do is click on the appropriate NFT from the website and right-click-save the image from it’s “Card Detail” page.
1) Click on “Choose File”.
2) Choose an jpeg, jpg, or gif file from your computer.
3) Click “Create Vault”
1) You’ll now notice that the owner of the vault is 0x0000.. which is what should be displayed. This means that the vault has been created but has yet to be minted on to the blockchain.
2) This is where your vaulted tokens will be displayed. Since the vault hasn’t been minted and tokens haven’t been sent to the vault yet, the vault will remain empty displaying “refreshing” until done so.
3) Click “Mint Vault”.
1) Click “Sign Message”.
2) Check Gas Fees and estimate the appropriate amount of gwei required measured against the amount of traffic on the Ethereum Network (this example is 13 gwei) You can EthGasStation.info for help!
3) Click to “Confirm” the transaction and mint your Emblem Vault.
Sending Mona Assets to your Vault
Success! Your Vault has been minted. Now it’s time to send your asset(s) to your vault. Also just to be sure your fault has been minted you’ll first notice 250 $COVAL has been paid to create your vault, some ETH has been contributed towards gas fees, and you’ll now see “Transfer Vault”, “Approve Gifting”, and “Claim (Crack Open Vault)” at the bottom of your vault.
1) Click “MONA” under “Deposit Addresses” to view your Monacoin wallet address.
2) Click on your address under “MONA Address” to copy your wallet address.
Once your wallet address is copied head over to the Mona wallet of your choice. (Electrum, Monacoin Core, MPurse)
1) Check to ensure you are sending the correct amount of NFTS to your vault.
2) Paste the address from your vault into the area labeled “Address”.
3) Click “Send” and verify transaction through your wallet provider.
Now head back to your vault and click “Refresh Balance”. After a few minutes your NFT should display inside of the vault. Congrats, you have successfully vaulted your very own MonaCard NFT!
Bonus Tip: If you have any plans to crack open the vault in the future to bring your asset back on-chain then we recommend also vaulting some $MONA inside. This will save you an additional step if you plan to move your asset from it’s imported wallet to a different location.
If you’d like to learn more about Emblem Vault checkout the links below:
Twitter: https://twitter.com/CircuitsOfValue
Youtube: https://www.youtube.com/channel/UCHYE_QLk12tdG0eJFE-z4Ew
Website: https://circuitsofvalue.com/
Telegram: https://t.me/Coval_Chat
