Reimagining the value chain for creators
The World Bank estimates that two-thirds of adults worldwide make or receive digital payments. The payments are for products and services ranging from food and clothing to subscriptions and face-to-face services.
And the pace of adoption for digital payments continues to rise, particularly in developing markets where mobile money has leapfrogged traditional payment systems offered by financial institutions.
This is good news for creators. It means most of the world is now comfortable transacting digitally and is primed to recognise the value of goods and services offered via digital platforms.
But what has been not-so-good news for creators — small to medium-sized businesses relying on retail customers — has been their limitations in creating and managing digital assets for their businesses and building a sustainable value chain alongside them.
The typical platforms they use are excellent in providing binary transactions; straightforward purchases. But they fail to deliver ongoing growth and value enablement around the full lifespan of the products and services they sell.
What do we mean? An easy example is a musician who sells tickets to a local show at which they’re performing. Once they sell the ticket, the owner of that ticket is free to re-sell it at a profit, with none of that money going to the musician. The same could be said of artwork or even blocks of hotel bookings.
But if those assets were secured to the blockchain and tied to smart contracts with conditional triggers, incremental payments for things like resale in the secondary market could be made back to the owner of that contract. In other words, the value chain is extended, and the original owner of the content or service is in control of how and when they derive value.
Gate2Chain has worked with creators across a range of industries to understand the limits they face and find ways to remove them. We ended up building Minta, a new kind of digital marketplace that allows creators to define the lifetime value of their products and services.
Minta unlocks new value sets extending well beyond the more transactional buying and selling platforms.
- Turn a song into a digital asset and sell it directly to a peer or fan
- Create a digital twin of a painting/a shirt to bring value around the authenticity of that product
- Turn a membership (gym/club) into a token and sell it directly to a peer
- Build communities and reward them with products, relationship-building, discounts, direct payments
- Allow direct and conditional payments among your users
- Program money and value and add money to a message
- Give users their own digital wallets and allow them to create their tokens in the marketplace you create
Imagination is the only limitation in a network where creators get to control every aspect of their digital assets for life.