Watch | South African start-up ‘Momint’ launches world’s first Social Media NFT marketplace


Momint

South African start-up, Momint is launching a social media marketplace for local artists, filmmakers, musicians, athletes and creators to sell their work as NFTs.

NFTs have been dominating headlines this year, with a whole list of celebs and artists cashing in on the crypto-craze from Grimes to Kings of Leon, Jack Dorsey, Chris Torres, Azealia Banks, Steve Aoki and Paris Hilton to name a few. More recently brands like Time Magazine, Taco Bell and the NBA have also made NFT drops while Beeple, a previously unknown artist, sold the world’s most expensive NFT – a collage for $69.3 million.

Momint seeks to enable local creators – filmmakers, artists, musicians, sportspeople etc – to monetise their work and sell directly to fans. Momint is going 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.

Read More | Grimes makes $6 million in under 20 minutes selling crypto-art

The increasingly popular sale of non-fungible tokens or NFTs has contributed to a crypto-art market, currently valued at over $100 million and growing. But what is an NFT and how is it used? An NFT or non-fungible token is a type of cryptographic token which represents something unique like an artwork. It is a digital certificate for intellectual property stored on the blockchain. Non-fungible tokens are therefore not mutually interchangeable, unlike cryptocurrencies such as bitcoin, and many other network or utility tokens that are fungible.

NFTs can represent any tangible or intangible item including, artwork, video game stock (such as skins, currency, weapons and avatars), music, collectables, domain names, tokenized real-world assets such as real estate and cars to racehorses and designer sneakers, virtual land, exclusive photos/ footage and more.

How does Momint Work?

Fans do not need to buy NFTs using crypto-currency, as is the case with other offerings. On Momint, all use good old Rands (fiat currency) to buy unique items from their favourite creators. You can sign up, right here.

Momint beta tested the app two weeks ago with an auction of a 3D turntable of rugby icon Bryan Habana racing a cheetah. Habana became the first South African sports star to sell an NFT. The beta was a huge success and included 800 people from 25 countries. It raised over R150 000 for the Bryan Habana Foundation.

Momint also auctioned some limited edition coins, in conjunction with Smutby (an exclusive members club for decision-makers, and celebrities), which will contribute funds to the SPCA wildlife division to help in the aftermath of the recent fires in Cape Town. Cumulative sales during Momint’s closed beta release reached over R300 000 across two days.

It enables anyone to not just appreciate but actually own art within a digital space from anywhere in the world, to have access to unique, scarce pieces of work.” – Dan Mace

In a bid to encourage creativity and quality content, Momint will restrict the number of posts a content creator can post per week. This will help ensure that creators don’t all post the same types of content, as seen on many social media platforms, said CTO and co-founder Adam Romyn.

NFTs can be sold via auction or directly to a fan for a fixed price on Momint. The only cost to the creator is a 12% auction fee or a 0,5% direct sales fee that Momint charges once it is sold.

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. Momint is reportedly in talks with a number of local celebrities to launch further NFTs in the near future and has plans to take the platform to a global market.

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