The file-sharing startup WeTransfer, founded in 2009, announced its entry into the NFT industry on February 6, 2023. WeTransfer announced a partnership with distributed communications network Minima, a blockchain project slated to launch in March. Using the Minima cooperative technology, users will be able to mint NFTs for peer-to-peer sharing, and creators will be able to collect royalties for their NFT inventions.
WeTransfer’s partnership with Minima sets a bar for NFT entities
Minima is a layer 1 blockchain and peer-to-peer network designed for mobile use. According to its website, its ultra-lean protocol would allow users to “run a full constructing and validating node,” resulting in what they believe will be a fully decentralized network.
The blockchain employs the Minima token as its native currency to facilitate peer-to-peer exchanges between users without the necessity of a third party. The platform is now in its testnet phase and will go live in 180 countries in March.
The collaboration with WeTransfer would allow blockchain users to “transfer their digital assets and efficiently collect revenue,” according to a news statement from the firm.
This partnership will explore the practical use of NFT technology, something which interests not only the crypto industry but will be a test case to demonstrate the potential of wider adoption of this innovative digital tool.
Minima CEO Hugo Feiler
Several Web 2 file-sharing firms have expanded their operations by digging deeper into blockchain technology. In October, Google launched a cloud-based blockchain node service for Ethereum, while Amazon’s cloud business, Amazon Web Services (AWS), is hiring to expand its Web 3 products. WeTransfer officials are ecstatic about the partnership’s new prospects, stating:
WeTransfer is thrilled to work with Minima, whose vision is aligned strongly with ours to seamlessly connect people and facilitate innovation and creativity without sacrificing privacy.
Damian Bradfield, the chief creative officer at WeTransfer
Details of the partnership
The two firms plan to put non-fungible tokens (NFTs) on the Minima network to provide creators all around the world with digital rights management for their intellectual property.
Users will be able to generate NFTs directly from their phones or other devices, allowing them freedom over how and with whom they share their digital assets and receive remuneration.
Minima’s blockchain technology will be critical in influencing the future of Web3 development, with data privacy and self-sovereignty at its core.
The secure peer-to-peer network of Minima enables the movement of value between individuals without the need for intermediaries. This enables users to generate income directly from their own digital assets and continue to do so for the duration of the asset’s use.
This partnership will explore the practical use of NFT technology, which is not only of interest to the cryptocurrency sector but will also serve as a test case to demonstrate the potential for wider adoption of this revolutionary digital tool.
Minima, the blockchain platform, and its developers claim to be the only mobile-native Layer 1 blockchain. The platform’s website promotes the impending release of a minimal token (MINIMA). Furthermore, it claims to be a completely distributed network with no single point of failure, validated by “hundreds of thousands of nodes.” The documentation provided by the firm includes step-by-step instructions for running a Minima node on Android 9 and higher.
WeTransfer’s foray into the NFT industry follows Ebay’s recent acquisition of NFT marketplace Knownorigin and the company’s development into the digital collectibles space. Facebook, Instagram, and Twitter have also experimented with NFT technology. While WeTransfer NFTs via Minima will be free, users will need to run a node.
