WeTransfer Turns to NFTs in Tie Up With Blockchain Firm Minima

WeTransfer has taken its first step into the NFT business by partnering with Minima, a Swiss blockchain firm.

Minima was founded in 2018 in Zug, Switzerland, a town known for its crypto start-up ecosystem. WeTransfer is one of the largest file transfer companies in the world, posting a revenue of $77 million in 2021.

The partnership will see the two companies deploy NFTs on Minima’s network, which is set to go live in March in 180 countries, giving creators rights management for their digital property.

Consumers will have the ability to generate NFTs from their phones or any other device, according to the companies.

In addition, consumers will be able to control how and with whom they share their digital assets, as well as tools to monetize these NFTs.

Minima uses a proof-of-work (PoW) based consensus mechanism, which, per its whitepaper, is specifically built around decentralizing power usage, removing large miners and rewards from the equation, and spreading the calculations across devices in its network.

The company raised $6.5 million in a Series A funding round from several notable investors in October 2021, including GSR, SMO Capital, and Vinny Lingham.

Decrypt has contacted WeTransfer and Minima for additional comment.

Big brands turn to NFTs

Established firms attempting to get their footing in the provision of NFT infrastructure is nothing new.

Mastercard announced a project with Polygon during the most recent Consumer Electronics Show (CES) in Las Vegas, NV. The collaboration with the speedy blockchain network included a proposed infrastructure for artists to mint their own NFTs.

Online retail giant eBay has also acquired the NFT marketplace KnownOrigin for an undisclosed sum in June 2022.