Trade Reports

ITSMYNE: Social-plus Marketplace for Officially Licensed Sports NFTs

From music to images, digital ownership is going to revolutionize the world of creation, distribution, and ownership.

Blockchain is an excellent tool for determining who owns digital assets. This is where the idea of owning things digitally comes from. NFTs are digital items that anyone may buy, sell, and exchange.

Prerequisite knowledge of how to mint, price, and sell digital collectibles (NFTs), as well as concerns about NFTs’ non-eco-sustainable character, are limiting constraints for NFT adoption in the film and sports supply-side communities.

Concerns over collectibles’ origination sources, the obligation to pay in cryptocurrencies or platform-native tokens, and the nature of platforms as “unfriendly” to non-crypto-native retail consumers are all hurdles to NFT adoption on the demand side.

ITSMYNE is a centralized platform that allows retail consumers to acquire officially licensed digital collectibles directly from athletes, sports teams, movie stars, and production companies, regardless of whether they have prior crypto experience.

ITSMYNE, unlike other platforms in this field, is more of a Reddit-like community where handpicked enthusiasts (of movies and sports) discuss their favorite topics and buy and exchange officially-licensed digital collectibles (NFTs) related to those topics.

What Problem Does ITSMYNE Solve?

On both the demand and supply sides of the digital collectibles industry, there are bottlenecks. The theories described below have been validated by the ITSMYNE team through over 650 stakeholder interviews from both the supply and demand sides.

Let’s take a closer look at these stumbling hurdles.

Problems with the supply side:

  • The creators, whether from film or sports, must first scour the NFT marketplace world for information on how to utilize the marketplace, how to go about the listing procedure, how to promote the listing, and so on. Although most individual influencers, sports teams, or production houses may rely on their marketing staff to do this scouting effort and select the best-suited marketplace, this process can take anything from 30 minutes to 4 hours and remains a friction point.
  • The creators and their proxies may be hesitant to fully utilize the marketplace or NFT platform, as they may lack sufficient knowledge of what types of content are best suited for distribution as digital collectibles, how to price those collectibles, how much royalties to seek for secondary sales, and so on.
  • Discomfort with pricing digital collectibles in various digital currencies because the developers haven’t optimized to collect and use cryptocurrency revenues and instead rely on fiat currency.
  • Many creators are hesitant to adopt NFTs as a story-telling medium due to concerns that the NFT creation process consumes an excessive amount of energy, rendering the NFT creation activity environmentally irresponsible, given that the majority of electricity used to power blockchains is generated from fossil fuels.
  • The digital collectable in the context of movies and sports may often involve numerous stakeholders, such as multiple members of a sports team, a male-female actor pair from a film, and so on. This makes deciding who should sell the digital collectible, who should receive the proceeds from its sale, who should receive royalty money from recurrent sales, and so on difficult for producers. This adds a layer of difficulty since, even if the earning-sharing agreement is finalized among the involved parties, enforcing the attribution and distribution of earnings remains difficult and costly.
  • Popular blockchains where NFTs are traditionally produced, such as Ethereum, use a verification/proofing paradigm in which the fees for such verification, i.e. transaction or gas fees, can be rather high, making the resulting NFTs unaffordable for the general public.

Problems with the demand side:

  • Many NFT marketplaces and platforms do not allow consumers to transact using fiat currency, therefore buyers must hold funds in cryptocurrencies or platform-native tokens.
  • Given that around 50-65 percent of sports memorabilia is false, this piracy problem is projected to spread to the world of digital treasures. If the NFT you bought turns out to be a fake, it will be worthless. The adoption of NFTs by the vast retail community will be hampered by this worry. We can expect this friction point in adoption to extend to movie-specific memorabilia as well, given the overlap in people interested in film and sports memorabilia.
  • Users want to be a part of a community where they can interact with other users, some of whom are likely to be specialists on a particular sport or film genre, and so be able to support the collection worth of certain assets in the context of the scenarios they represent. An underdog team’s first big league triumph, for example. To gain perspectives on things of interest, they currently need to discuss specific collectibles on separate generic discussion and Q&A forums like Reddit and Quora.
  • Users anticipate that certain iconic collectibles, which may be initially priced high, will attain a delta in appreciation greater than lower-priced peer NFTs, and they may seek to profit from this appreciation. A fraction ownership option, similar to what Masterworks.io is providing for traditional art collecting, is required to make this investment possibility available to the retial user group.
  • The majority of marketplace models are transactional in the future, which reduces usage frequency, engagement, retention, and overall experience “stickiness.” This lack of loyalty results in higher user chum, lowering the platform’s average Customer Life-Time Value. When it comes to creating and scaling a marketplace model while maintaining and expanding profitability, this is the most pressing issue.

Both the demand and supply-side issues outlined above have resulted in the exclusion of a few hundred thousand people from the realm of digital collectibles for movies and sports, squandering an opportunity for the ITSMYNE initiative to generate over $1 billion in transactions.

Solution by ITSMYNE

ITSMYNE is a user-friendly, community-oriented website where movie and sports enthusiasts can collect and trade officially licensed digital memorabilia. This platform will be a mobile-first offering, with native apps available on the Apple and Android app stores. There will be a web-app version as well. ITSMYNE is a Reddit dedicated to the purchase and trade of officially licensed digital collectibles. The main ITSMYNE product is a community-driven marketplace.

Unique Features for Creators:

  • Personalized onboarding: In addition to wallet setup, ITSMYNE offers advice on content type, marketing text, price, and royalties to help them get up and running quickly.
  • NFT-as-a-Service: They convert raw digital content into 3D formats, videos into GIFs, and other formats so that producers don’t have to worry about the technicalities of creation.
  • Earnings split automatically: The platform also allows creators to pre-define a percentage of how earnings and royalties from NFT sales should be distributed between various creators, if at all. In this situation, the listing will only go live if all of the creators involved have consented to the suggested divide.
  • Green NFT Platform: ITSMYNE addresses creators’ fears that their NFTs would hurt the environment by minting them on the NEAR blockchain, which uses 2 million times less energy than Ethereum. They’ll also supply Solana with additional network assistance. It is crucial to note that ITSMYNE is not fixed on a specific blockchain technology and, as the technology landscape rapidly advances, may look to an additional and/or other network in the future.
  • Fiat Currency: ITSMYNE gives their creators the option of receiving their rewards in fiat cash by linking with exchanges and payment systems. This feature will be expanded to allow creators to list the price of their NFT in fiat cash.
  • Advertise to captive audiences: They provide each creator with a unique link that they may use to promote their NFT drops on social media and drive their followers to collectibles from creators they like.
  • Experience that is user-friendly: Each creator is automatically granted a wallet where they may keep track of the treasures they’ve listed.
  • Uncomplicated: On the backend, they handle all of the blockchain. There is no pressure or misunderstanding on the creator to study crypto if they do not like to.
  • Support: Great support, for everyone, always.

Unique Features for Buyers:

  • ITSMYNE community: Share your knowledge of important events in cinema and sports history, define what makes particular moments more collectible, show off your trivia and Googling skills, and show your support for your favourite creators in the ITSMYNE community. Earn incentives in the form of MYNE token giveaways when the community upvotes your posts and comments.
  • Inclusive platform: ITSMYNE is an inclusive platform for crypto aficionados and non-crypto collectors that allows users to transact using leading cryptocurrencies, their own MYNE tokens, and fiat currency using payment methods like Stripe and Razor pay.
  • Worthy collectibles: Premium, authorized digital collectibles endorsed by the world’s biggest movie and sports influencers are available.
  • Flexibility: Collectibles can be bought, sold, swapped, bid on, and gifted.
  • Fractional ownership: Options for owning a portion of a high-priced NFT.
  • Onboarding is simple: Signing up for an email account is simple.
  • Social Capital: Use social media to flaunt your collections.
  • Gamification: Develop your ITSMYNE profile through gamification.
  • User-friendly interface: Each user is automatically issued a wallet in which they can store their collections.
  • ITSMYNE native MYNE token: Can be used to get first dibs on limited-edition goods and take part in fractional ownership.
  • Uncomplicated: On the backend, they handle all of the blockchain. There is no pressure or misunderstanding on the creator to study crypto if they do not like to.
  • Support: Great support, for everyone, always.

Project Roadmap

While the project has had a successful year in 2021, with business model validation, community setup, seed and private round funding, and the launch of ITSMYNE Marketplace, among other things, the ITSMYNE team has some exciting activities planned for the coming year.

Q1, 2022:

  • ITSMYNE’s customer-side public beta launch.
  • On-boarding Bollywood and cricket-based brands.
  • On-boarding additional human capital.
  • Affiliate partner program.
  • Launch on Cardano chain.

Q2, 2022:

  • Launch ITSMYNE customer-side alpha on iOS and Android playstore.
  • Optimize NFT governance.
  • De-risk by adding content creators beyond Bollywood and Cricket.
  • Launch ITSMYNE Stars.

Q3, 2022:

  • Achieving a steady level of user app open rates, on-boarding completions, and engagement before investing in growth.
  • Monitoring user behavior by scenario simulations via growth experiments and optimize.

Q4, 2022:

  • Investing in customer acquisition, primarily by increasing spend on paid marketing.
  • Making NFTs usable on additional chains.

Tokenomics

MYNE is the native cryptocurrency of ITSMYNE. MYNE is a BSC token that represents users’ rights on ITSMYNE and is intended for ecosystem empowerment and community governance. This is used to recommend and track the total worth of all NFTs on ITSMYNE, similar to an index. MYNE is also the base trading token, which is used to create trading pairs that can be traded on ITSMYNE Swap using fan tokens.

The total supply of the $MYNE token is 1,00,000,000.

Token Utilities

Common Utilities:

  • On ITSMYNE and partner apps, MYNE is utilized to whitelist NFTs.
  • For the ITSMYNE Stars Program, MYNE is required.
  • MYNE can be used for pool farming, as well as fixed and expedited staking.
  • For fractional purchase pools, MYNE must be utilized.
  • Crowdfunders must use MYNE to earn dividends by contributing to the acquisition of the NFT.

Community Governance:

ITSMYNE will have a decentralized autonomous organization (DAO) that is run by the community. On ITSMYNE, MYNE holders can create and vote on various proposals. Vote on how ITSMYNE should evolve and manage itself, from Reserves to migration and support for other blockchains.

Treasury:

ITSMYNE will spend a portion of its net profit to repurchase MYNE tokens and deposit them in the Treasury as an incentive. The majority of the MYNE tokens that have been bought back will be distributed to MYNE holders and ITSMYNE Star owners.

Rewards % Bonus:

ITSMYNE will create and operate a variety of DeFi programs that will let users earn extra interest in their MYNE tokens.

Fees & Discounts:

Users will receive discounts on collection goods based on the quantity of MYNE they have.

Token Structure

AllocationMYNE%USD ($)Raise
Seed Sale4,140,0004.14%$0.050$207,000
Private Sale11,190,00011.19%$0.095$1,062,600
Public Sale4,070,0004.17%$0.12$500,400
Liquidity Provision5,500,0005.50%
Ecosystem, Rewards & Staking42,000,00042%
Company Reserves10,000,00010%
Team17,000,00017%
Advisors6,000,0006%
Total100,000,000100%$1,770,000

Token Sale & Vesting

The vesting terms for MYNE from various allocation types are listed in the table below. By issuing MYNE in a linear fashion, investors will continue to get MYNE based on block heights on BSC.

AllocationVesting
Seed Sale5% on TGE, 3-months cliff, and linear unlocking over 10 months thereafter
Private Sale10% on TGE, 3-months cliff, and linear unlocking over 10 months thereafter
Public Sale50% immediately, balance vested over 2 months thereafter
Team1-year cliff, 24 months linear vesting
Advisors3-months cliff, then 8.33% each month for 12 months

Earn other tokens by staking $MYNE

For those who wish to earn high yields on their investments and diversify their portfolio at the same time, UniFarm is the best bet in all forms.

There are several examples of users who’ve earned staggering returns by investing small in UniFarm.

What you need to do?

For the tokens you’ve purchased using PancakeSwap, you need to transfer those tokens to your MetaMask wallet and stake those tokens in UniFarm.

You will earn a minimum of 36% APY which can go up to 250% APY maximum, which is a win-win for investors.

You can follow this How to Stake guide to learn the staking process.


Launched by a team of second-time entrepreneurs based in India and Kazakhstan, ITSMYNE is a multi-chain social-plus marketplace for officially-licensed sports NFTs.

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