Recently non-fungible tokens or NFTs have been grabbing headlines with the exorbitant amounts they seem to fetch and now South Africa is getting in on the action.
Today a website called Momint launches and it’s billing itself as the place for filmmakers, musicians, sportspeople and creators of all kinds to sell their work as an NFT.
The marketplace has been in beta testing for two weeks and in those two weeks, sales of two NFTs have amounted to R300 000.
One of those NFTs was a “3D turntable of rugby superstar Bryan Habana racing a cheetah”. We’ve seen an image of this and it is quite literally a digital image of Bryan Habana racing a cheetah presented as an infinitely looping GIF.
The second item was limited edition coins that were sold to raise funds for the SPCA wildlife division in the Western Cape following the recent fires in the region.
Whether you’re an NFT believer somebody who doesn’t believe the trend will last, having a way for South African creators to sell NFTs through a local platform is a good thing.
But where does Momint come from?
The firm was founded by Joshua Minsk, Adam Romyn, Ahren Posthumus (all pictured above in order) and investor Rob Hersov. Together, pre-seed funding was raised through local and international investors and the company is valued at over R30 million.
As the purveyor of the NFTs, Momint will take a 12 percent auction fee or a 0.5 percent sales fee once the NFT is sold. This means creators have a choice to auction content or sell it at a fixed price directly to fans.
On of the creators Momint has said it will be working with is Dan “Bru” Mace.
“It’s another point of contact for followers to be able to own something they’ve always wanted,” said Mace speaking about Momint. “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”
The YouTuber says he will be selling timelines from the films he’s made as NFTs through Momint.
“It’s a slice of life for people who appreciate the hard work that goes into creating, and in so doing, sharing my love for what I do,” says Mace.
Something curious worth mentioning is that Momint will limit the amount of content creators can post per week.
“This should help ensure that creators don’t all post the same types of content, as seen on many social media platforms,” says Adam Romyn.
This seems like a pointless limit as trends will still be seen in the marketplace regardless of whether folks can post five or 50 pieces a week. If something is popular buyers and creators will gravitate towards it, limiting the content just feels needless to us.
To sign up for Momint as a creator or a buyer, head to the official website here.