GoMint provides tokenization and marketplace services designed to easily onboard artists and content creators as well as brands and enterprises to web3.0.
NFTs sold
unique customers
total sales value
ALEX TAYLOR
CO-FOUNDER & CTO, GoMint
Industry
Media
Use Case
Asset Tokenization
Overview
GoMint is a digital content and eventually real-world asset tokenization and monetization engine that runs on Hedera Hashgraph.
Challenge
Ethereum and alternative public blockchains prove to have expensive and unpredictable fees, slow transactions, unsustainable energy consumption, and complex smart contract configuration. GoMint required a public distributed ledger that offers native non-fungible tokenization for digital and physical assets with speed, low fees, and a reduced carbon footprint.
Solution
GoMint uses the Hedera Token Service to improve the minting and settlement times of NFTs from minutes to seconds, reduce transaction fees by over 99% compared to Ethereum, and enhance the end-user experience to drive greater adoption and retention of the GoMint platform.
GoMint makes it easy for creators, such as digital artists, to tokenize their digital content, including artwork, videos and photos. Likewise, musicians can create new revenue streams by offering limited edition digital collectibles linked to their music releases to their superfans.
GoMint launched the very first token marketplace on Hedera with a ‘proof of concept’ in May 2021, even before NFT’s were natively available on Hedera’s technology. Digital artists within the Hedera community leveraged GoMint’s POC platform to sell NFTs with an aggregate value of circa US$700k.
GoMint currently provides a marketplace for creators such as digital artists to list their artwork as unique one-of-one pieces or as limited editions. Buyers can browse GoMint’s curated marketplace safe in the knowledge that creators have been vetted and that the digital art is authentic and the creator owns the rights. GoMint v2 is also one of the DApps available within the Hashpack wallet allowing users to seamlessly buy GoMint NFTs in-wallet.
Alternative public blockchains prove to have expensive and unpredictable fees, slow settlement times, and unsustainable energy consumption
GoMint participated in the Hedera21 developer hackathon and won the Chopra Foundation's 'Social Good' challenge for their application built using the newly released Hedera Token Service (HTS). The GoMint team was attracted to Hedera for its ability to overcome the inefficiencies and costs associated with today's NFT marketplaces and minting providers using alternative proof-of-work public blockchains and distributed ledger technologies. In the same vein, these alternative public networks offer transaction execution based on who paid the highest fees, which creates unfair marketplaces for bids and asks. GoMint believes that Hedera’s strong environmental credentials, growing NFT ecosystem, and low fee structure will make it the ledger of choice going forward. A particularly attractive feature is Hedera’s unique governance model which makes it a preferred option for enterprises.
A fast, inexpensive, and fair marketplace for NFT minting and exchange
GoMint utilizes Hedera for tokenization of media using the Hedera Token Service (HTS), where native non-fungible tokens represent assets that are issued directly to accounts on the Hedera public network without the need for expensive and potentially faulty smart contracts.
Thanks to HTS, GoMint overcomes smart contract tokenization limitations through the efficiency of Hedera’s underlying hashgraph consensus algorithm; other obstacles found in Ethereum, such as network forks, are overcome by its global governance structure. HTS reduces the total cost of issuance and management, improves transaction settlement time from hours to seconds.
Brands will be able to plug in to GoMint’s tokenisation engine and mint tokens on Hedera, for example linked to digital or real-world products sold to consumers, or to authenticate event tickets, subscriptions or loyalty club memberships.
“As the world transitions from web2.0 to web3.0”, says GoMint co-founder Richard MacNamara, “we are supporting startups and enterprise clients to launch their own private-label marketplaces and other innovative tokenization use-cases. We are also still very active in the Hedera community, and are collaborating with teams and protocols such as Hashpack, Stader Labs, Filecoin and Circle.”
Hedera is not affiliated with, and does not sponsor or endorse this project.
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