Minta is a social marketplace which leverages blockchain technology to tokenise products and services. By doing so, Minta offers a decentralised and secure platform that enables users to connect, transact, and create value in new and innovative ways. This is especially useful for digital content and content creators as Minta tackles a range of pain points by implementing the unboundedly scalable BSV blockchain.
Traditional social marketplaces lack transparency and control over transactions. Users often face issues such as counterfeit products, lack of trust, and limited options for monetising their creations. Current solutions rely heavily on centralised platforms and advertising models, resulting in an inundation of ads and compromised user privacy.
In the digital economy, content creators face various challenges in monetising their work effectively. Existing platforms may have convoluted payment processes, lack transparency, or expose creators to impersonation and copyright infringement.
Another good use case for Minta is ticket sales, which Steve Smid, Project Manager at Gate2Chain demonstrated in more detail in an episode of Blockchain Hustlers. The traditional ticket sales model lacks transparency and control, allowing for potential exploitation by intermediaries and scalpers. Moreover, the current advertising-driven social media model inundates users with ads, compromising their privacy and experience.
Minta improves security and transparency – and puts the user in control
Blockchain technology presents an ideal solution to the problems above. Minta utilises blockchain, specifically the BSV blockchain, to create a decentralised marketplace that offers increased security, transparency, and user control. By tokenising products and services, Minta enables users to establish legally binding contracts and maintain ownership over their creations.
Minta also offers a range of additional features, including a social marketplace, messaging app, wallet, and exchange, all integrated into a user-friendly “super app.” Furthermore, Minta envisions a future where social media transitions from an advertising-centric model to one based on microtransactions, allowing users to pay for content directly from their wallets. The benefit of using Minta can be showcased by presenting concrete use cases of the platform.
The use case of reselling concert tickets
In a real-life scenario, let’s consider a music concert where tickets are sold using Minta. The event organiser creates NFTs for each ticket, embedding relevant information and a unique QR code. These tickets are then made available on the Minta marketplace. All necessary information is available on the platform. Counterfeiting, price gouging and fraud are excluded by Minta’s comprehensive Marketplace. This way, all parties involved can trust each other and the resale takes place in a regulated setting.
When a ticket is purchased, the NFT is sent to the buyer’s wallet, establishing a transparent ownership record on the blockchain. If the buyer decides to resell the ticket, a percentage of the resale price can be automatically directed back to the original artist, ensuring they continue to benefit from their creation. In principle, this concept can be applied to any products and services that can be represented by NFTs as well as all digital content.
Benefits of using Minta
Minta enables creators to maintain control over their content and track their ownership through blockchain technology, reducing scalping and unauthorised resales. By establishing royalties for resales, Minta ensures that artists receive ongoing compensation for their work, fostering a fair and sustainable ecosystem. Minta verifies the identity of content creators and ensures that the NFTs being purchased originate from the rightful owners, providing confidence to buyers.
This also offers opportunities to improve the user experience. Moving towards a micro-transaction-based social media model allows users to eliminate intrusive advertisements and pay small amounts for the specific content they consume, improving their experience and privacy. Leveraging the BSV blockchain, Minta offers fast and cost-effective transactions, making micropayments feasible.
How the BSV blockchain enables Minta
Implementing Minta requires a robust infrastructure through blockchain technology. This includes a secure and scalable network protocol, which is the BSV blockchain, as the marketplace needs to be capable of handling secure transactions in high volume and supporting the creation and management of NFTs.
The tokenisation process involves creating and maintaining an object, uploading relevant information, and binding it with a legally binding contract on the blockchain. Transactions are carried out using micropayments in BSV, which translates to a fraction of a cent in fiat currencies. Integration with payment gateways and compliance with Know Your Customer (KYC) procedures are also necessary for the features of Minta.
For more information, you can visit the Minta website, where you can also sign up to test the beta version of the platform. Further information is also available at gate2chain.com/minta.
