NFT stands for Non-Fungible Token. It is a digital asset that is unique. NFTs are used mostly in gaming and live event ticketing. The new cryptocurrency is called NFTY, and it is an NFT-based currency which is being used as a unit of account for the new blockchain-based marketplace which was launched recently. The marketplace, which is called NFTY Exchange, is the first of its kind in Africa, and it has been in a trial phase since December 2018. These NFTY coins are being used in order to buy and sell non-fungible tokens on the NFTY Exchange, and the NFTY Exchange is used as a medium through which Bryan Habana
If there’s one thing that South Africa is good at, it’s rugby. The country’s national rugby team has been ranked in the top three in the world for the last three years running, and they are considered favorites to win the upcoming World Cup. In fact, the team has won the coveted trophy twice before, first in 1995 and again in 2007. A big reason for their success may be the fact that the team is managed by a group of blockchain experts that have been working on a cryptocurrency for the team, called “Habana Coins.”
South African non-fungible token (NFT) exchange Momint has officially launched after a two-week trial that raised over $10,000 for the artwork of former rugby player Brian Habana. More than 800 people from 25 countries attended the auction.
Marketplace Momint, which was developed as an Instagram-like social media app, is backed by investor Rob Hersov and has pre-funding that reportedly values the company at more than $2 million.
According to the report, Momint combines the NFT marketplace with the functionality of a social media platform. In addition to accepting cryptocurrencies like BTC and ETH, Momint says customers will also be able to use fiat currency. In a statement after the launch, co-founder and COO Joshua Minsky said:
NFTs offer authors the chance to sell their work and support themselves without having to rely on sponsors or advertising.
Besides Habana, the platform is initially counting on the participation of other South African celebrities, such as cricketer Abraham Benjamin de Villiers and musicians Goldfish and The Kiffness.
Filmmaker Dan Mays also joins the list of South African celebrities who will initially benefit from the deal. In his own launch speech, Mays explained that the platform would allow anyone to not only appreciate art, but also own it digitally, wherever they are in the world. Mays confirmed his own intentions to sell and said: I’m going to sell my project and the timelines of the films I’ve made.
What do you think about the introduction of the NFT market? Tell us what you think in the comments below.
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