A local Non-fungible tokens (NFT) marketplace called Momint, where content creators can sell their work was launched on Friday.
The platform’s objective is to give local creators a way of monetising their online creations using blockchain technology.
The social media marketplace is for artists, filmmakers, musicians, sportspeople, and creators of all kinds to sell their works as NFTs.
According to the company, while other NFTs use crypto-currency for fans to purchase content of their favourate creators, with Mommint, consumers can use South African rand currency.
Momint CEO and co-founder Ahren Posthumus said an NFT is a digital certificate of ownership for creators.
“In the past, it was impossible to prove ownership of digital works, which can be easily copied, pasted, altered, and shared online. Using NFTs, if work is altered, even by a fraction, the fingerprint of that work changes, and it’s quite easy to see it’s not the same digital work,” he said.
Momint COO and co-founder Joshua Minsk said: “NFTs offer a means for creators to sell their works and support themselves without needing to litter their work with sponsor shout-outs or advertisements.”
Momint said the marketplace was tested two weeks ago when former rugby player Bryan Habana sold his 3D turntable and raised R150 000 for the Bryan Habana Foundation.
Habana said it was a wonderful experience to be part of Momint and the first South African athlete to sell an NFT.
“We’ve seen NFTs taking off for athletes, particularly in the US, and they present an exciting avenue for sports people, musicians, and so on to commercialise and monetise their work. I’m grateful to the Momint team for the opportunity and looking forward to seeing offering go from strength to strength,” he said.
How will the NFT work?
To avoid duplication of the same type of content and encourage creativity and quality content, Momint restricts the number of posts a content creator can post per week.
According to the company, NFTs can be sold via auction or directly to a fan for a fixed price. The only cost to the creator is a 12% auction fee or a 0,5% direct sales fee that Momint charges once the NFT is sold.
The company said fans can collect and display moments on the Momint app, adding a social element to the offering, alongside standard features such as likes, comments, and follows.
Founded by Minsk, Posthumus, Romyn, and investor Rob Hersov, Momint raised pre-seed funding that values the company at over R30 million from a mix of foreign and local investors. The company is in discussion with several local celebrities to launch further NFTs soon.
In the longer term, it plans to take the platform globally.
Momint said the platform would go live with NFT offerings from sports stars Bryan Habana and AB de Villiers, musicians Goldfish and The Kiffness, influencer Diipa Khosla and filmmaker Dan Mace.
BUSINESS REPORT ONLINE