An NFT is a digital certificate of ownership. It’s a token that lives on the blockchain it is completely transparent and cannot be tampered with. Creating an NFT is called ‘minting’ during this process we fingerprint and store the digital asset on an open source blockchain called IPFS (InterPlanetary file system - cool right?) - this means that the file will never be edited or deleted.
Why would I buy an NFT?
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There are many reasons why someone may buy an NFT. As a collectors item: The item you own will always be in mint condition, no worrying about storage or scuff marks. You can always prove that you own it, and you can see a fully transparent history log of ownership from the day it was created. As an Investment: Many people believe that as the world moves digital, that these collectors items or artworks will become worth far more in the future. It seems a bit outlandish for a JPEG like Beeple’s 5000 days, to go up in value from $69m - but currency as we know it is changing. Value is subjective and currencies will almost certainly be governed and traded over the blockchain in the future, it only makes sense that valuable assets should follow suit. To support your favorite creator: Today, creators and influencers are left with little options other than marketing products to their audience. Products that they may not don't even truly use or support. The 21st century has been defined by the mass use of personal data to optimize advertising, a lot of people are tired of it. It could be alot easier, private and meaningful to purchase unique content for them, supporting them directly. What’s even better, is that you can showcase this support and these unique items; in the app, in a digital frame or anywhere of your choosing. Your username is explicitly stamped on this item for all to see!
Why would creators want to sell NFTs?
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There are so many reasons why a creator might want to sell NFTs; Format: NFTs are an exciting new format for content. It can be 3 dimensional, it can be flat, it can contain audio, or it can just be data (like a file, or a document or … anything!) Copyright: NFTs have the potential to solve problems of copyright and ownership: copyright has been a pain for creators since the dawn of the internet. For the first time in history we have a solution that can manage and validate ownership claims completely autonomously and reliably at a cost that is far more efficient than using an agency or law firm. Royalties: Royalty management has historically been a cumbersome, expensive and unreliable activity. NFTs can programmatically set rules for royalties and disburse them automatically forever! Diversification: Creators like musicians, in large make most of their real revenues in live performance. In a post-covid world where events and performances are far and few between, and with current copyright infrastructure, digital consumption is largely unpaid. NFTs are not only a new way to express creativity, but also a new way to earn a living from that creative expression. Here is a bit more info on how we stack up against common providers:
I heard NFTs are bad for the environment. are yours?
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Momint uses a proof-of-stake Blockchain - that means that our energy consumption is significantly lowered. In fact, NFT creation and transfers on our blockchain are over 300x more efficient than typical visa transactions!
Can you take my tokens away from me?
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No. Tokens that you buy are sent to a crypto wallet that we generate for you, or to a connected crypto wallet. As long as you have access to the app, your wallet or your private key (which you can find in your profile) - you can always control your own tokens. You can also transfer those tokens to another wallet you own (or a friends!).
Can you delete or modify my NFT in any way?
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No. When creators ‘mint’ tokens for the first time, files are fingerprinted [hashed] and stored on an open source blockchain called IPFS (Inter Planetary file system). This means that the asset is stored on a decentralized blockchain which no single person controls. Files cannot be deleted or modified, not even by us! What's more, is that this ‘hash’ or fingerprint, is stored in your NFT token, Hashing is a one way operation, and even slightly changing a single pixel, would result in an entirely different hash - so it’s always very easy to know if you are looking at an original or not.
How do I become a verified creator?
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All you have to do is apply here: <insert typeform link> Applications will be considered on a wide range of criteria including:
-Target audience -Novelty of content -Size of existing following
Why do you need so much personal information from me to bid?
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Bidding is a complex process completely separate to the complexities of a blockchain dApp. We need to have mechanisms in place to ensure that people who are placing bids are real people and can afford the bids that are being placed. This is simply to ensure that artists aren't flooded with fake bids that can never be fulfilled.
I heard minting is really expensive, how much does it cost with Momint?
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Zero. Minting can be very expensive on an L1 chain like Etherium. This is because all transactions require a ‘gas’ payment. This is how all the computers who make up the blockchain earn currency for the work they do in validating transactions. The cost varies depending on traffic in the network, but typical ranges are $80-$250.
With Momint, minting is Free! We pay all gas fees on behalf of creators, and provide the platform for all to use in exchange for a 1% royalty on sales.
Why is minting limited?
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At Momint we believe that scarcity breeds creativity, and flooding the ecosystem with bad content is counter productive to the ecosystem as a whole. Creators are limited to a maximum of one drop per week. We are a social media application in the aspect of sharing and engaging, not an endless barrage of babies, selfies and plates of food
Still Got Questions? Don’t be shy, shoot us an email!
