Bitcoin is typically considered by companies as a form of digital cash or because of its ledger capabilities. However, it is also increasingly being used in the events and social media industries. This is the case with Minta, a new kind of social commerce platform where people and companies can tokenize products, services and tickets.

In this episode of Blockchain Hustlers, Chief Product Officer of Trueworld Steve Smid details how his firm is using BSV blockchain to revolutionise the events space and make ticketing easier and safer.

Cleaning up the events industry

Smid explained that once tickets are sold for an event, organisers typically lose control over what happens to them. This includes everything from buskers selling tickets at a significant markup to fraudsters looking to take advantage of unsuspecting event goers.

‘The idea of using Minta is that you create this Metanet object which has the ticket information inside of it. (This includes) the QR code. You then wrap it up in a legal contract and make an NFT, or token, out of it. Then you are allowed to place a royalty on that, which either comes back to the creator or the artist itself.’

‘The idea is that every time that that ticket or that token gets resold if you allow that feature, a certain percentage goes back in the form of a royalty or Satoshis to the original artist,’ he said.

The same principle can be used to tokenise other items, such as a physical or digital artwork, to ensure that the artist receives royalties as their work is sold from one collector to the next.

No blockchain knowledge required

Smid said that users require no prior knowledge of blockchain to use Minta and that the platform has been designed to be as intuitive as possible for event goers and organisers. This is done by simply opening a wallet on the platform.

‘That non-custodial wallet means that you owned everything inside that wallet. So we have no way of accessing that information or any sort of tokens or money that you have in that wallet. That wallet is 100% yours and is protected by 12 unique passwords. So once you create the wallet, then you’re able to start interacting with a marketplace.’

‘And we have partnered with Swift and integrated it into our system. (This means) money will go from a credit card directly into your bank account.’

Minta is built on the BSV blockchain

Smid noted that Minta is built on BSV blockchain because of its incredible microtransaction capabilities and its ability to scale. ‘It has very cheap transactions – one-hundredth of a cent. The transactions are instant and we’ve been using them now for several years.’

He added that Minta is backing Bitcoin as the blockchain that’s going to empower the new internet and that it is the only blockchain that’s capable of scaling. This is important not only for the transactions on Minta, but because of what it means for the larger advertising industry and social media, he said.

‘Right now, social media is very reliant on advertising. So every time you go to watch a YouTube video, there’s an advert. You want to get some content or scroll through a timeline then you get another advert – there are ads everywhere.’

Smid said that this is set to change when Bitcoin and wallets see large-scale adoption across the internet.

‘So imagine now you have a wallet that’s following you around the Internet. And as you go to an equivalent of YouTube, instead of watching that three or four-second advert, you pay a microtransaction for the content that you see. So you could watch half an hour of a piece of content or a documentary, and you’ll be paying micro cents per second or minute and you won’t even realise that you’re paying it because it’s so cheap.’

Demonstration of Minta

This episode of Blockchain Hustlers also includes a demonstration by Smid on how Minta works, including:

• Minta’s community features, including the ability to send messages to connections;
• Minta’s marketplace and payment features;
• Setting up an account and wallet;
• The legalities of using Minta and tokens;
• A walkthrough of creating and distributing events using the platform.