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South Africa has joined in on the non-fungible token (NFT) craze, with the launch of a local NFT platform called Momint.
The platform aims to give local content creators and celebrities a way to monetize their online creations using the blockchain technology that has seen an upswing in 2021.
Momint was tested in a closed beta before its official launch on 30 April. During this beta, former rugby player Bryan Habana auctioned his own NFT and raised over R150 000 for the Bryan Habana Foundation.
Meanwhile, exclusive members club Smutby auctioned some limited edition coins in conjunction with Momint during the beta.
In total, the beta saw over R300 000 in sales take place on the platform.
What is the Momint NFT platform about?
The platform provides buyers with a blockchain-backed certificate of ownership of digital works. Owners can choose to auction this NFT again in future.
“An NFT is a digital certificate of ownership. In the past, it was impossible to prove ownership of digital works, which can be easily copied, pasted, altered and shared online,” Momint CEO and co-founder Ahren Posthumus said in a statement.
According to Momint COO and co-founder Joshua Minsk, the platform will offer a way for local creators to sell their works.
“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,” Minsk says.
Creators can sign up to the platform to become verified and sell their works via Momint. However, there will be a limit to how many posts they can add per week,
The NFTs can be sold at an auction, or directly to a fan for a fixed price. Momint takes a 12% fee for auctions, and a 0.5% direct sales fee when an NFT is sold.
Meanwhile, fans can display their collection on the app. You can find out more about the platform on the Momint website.
While NFTs have come under fire for their high electricity consumption during creation, as well as reported flaws in image link preservation, the trend has continued in 2021.
Numerous celebrities have joined in. Notably, Twitter CEO Jack Dorsey sold his first tweet for over $2.9 million in March.
Feature image: Momint