Updated: Sep 3, 2021
What is an NFT anyways? It’s defined as a non-fungible token which is actually a unit of data stored on a digital ledger that is also known as a blockchain. Why does this matter for businesses or individuals? By using the CoinOS platform businesses or artists can now skip the middleman and save money when doing business.
Business BC breaks the Vancouver based business down in this introduction: Meet the company making it easier to buy and sell NFTs
CoinOS’s platform may have launched recently, but it’s been almost a decade in the making for co-founder and lead developer Adam Soltys, who started the company as an open-source bitcoin wallet app that lets anyone send and receive payments freely and instantly from their browser or mobile device.
Now CoinOS has added the white-label marketplace to its existing point-of-sale and peer-to-peer transactions system. The latter is doing about six figures a week.
Typically, NFT designers have to pay somewhere between US$50 and US$100 to mint their products, but CoinOS’s platform allows people to put NFTs up for grabs for minimal fees (most are around 5 cents).
BC Business also spoke with the CEO Kris Constable, here’s what he said:
“It’s changed the entire game right now,” says co-founder and CEO Kris Constable.
“There’s a bit of a cult following already, but we’re just looking to put it out there. Right now, you’re a struggling artist paying 50 bucks for a piece of art to put it on the blockchain versus 5 cents. It’s a night-and-day difference.”
“There are a couple things that NFT offers you that we don’t see in the local art world,” he says, arguing that the digital system allows for verification of the original product, as well as payment security.
“When I put an NFT up, I can say that I get 10-percent royalties in perpetuity. So even if it sells in 12 years from now, for an outrageous amount, I’ll still get 10 percent of that because it’s on the blockchain.”
“There’s such an opportunity right now,” he says, noting that there’s “only really one other big player in this space,” a U.S. company called Zap.
Are you a tech startup looking for some great media coverage? Learn more and contact a Vancouver tech PR firm