A new platform is helping Black creators leverage NFTs in a major way.
According to a news release, MNFTM launched a new Web3 NFT marketplace and platform specifically for Black and ethnically diverse creators & collectors globally. According to the company, it’s the first offering of its kind.
“We sought out to create an NFT marketplace and community that enables Black and ethnically diverse creators globally to participate and thrive in this new digital economy,” Founder and CEO Ed Ukaonu said in the news release. “To showcase their exceptional masterpieces to the world by empowering and positioning them with the right tools in this new digital economy, Web 3.0.”
The platform will aim to provide a full-service experience to both artists/creators and collectors/holders and will includes offering mentorship to artists new to the metaverse.
Most NFTs exist on the Ethereum blockchain which causes them to have “smart contracts” built in. These are the rules applied to the NFT that are executed to keep the digital marketplace fair and balanced. For example, if someone purchases an NFT and decides to resell, they automatically receive a percentage of every sale of their NFT even after someone purchases it from it. NFTs have become especially important to creatives. For example CNBC highlighted one photographer that went from living paycheck to paycheck to earning more than $109,000.