Ishan Pandey: Hi Geoffrey Frank, welcome to our series “Behind the Startup.” Please tell us about yourself and the motivation behind?*
Geoffrey Frank: My name is Geoffrey Frank and I am the Founder of Myntist. I come from a background in e-commerce and was motivated to create Myntist to take advantage of the value creation opportunities I saw in the Web 3.0 space. I spotted an opportunity to take all the best parts of Web 2.0 and Web 3.0, crypto and blockchain and merge them into a digital hybrid ecosystem that allows users to create superior value creation for themselves by monetising the everyday objects in their physical and digital lives.
Vested Interest Disclosure: The author is an independent contributor publishing via our
Ishan Pandey: What is the main idea behind the Myntist? Can you explain what D-commerce is in layman’s terms?
Geoffrey Frank: D-commerce simply takes the idea of asset ownership from the physical world and moves it into the digital world. More and More assets will be in purely Digital format, which has many advantages; for example, digital assets cannot be destroyed and can be powerful tools of wealth creation for people and companies in the future. Myntist uses a unique royalty-sharing algorithm in both its e-commerce and d-commerce platforms that shares the marketplace commission with its sellers, effectively turning every product you will ever own both physical and digital into an asset with potential cashflow for life.
Ishan Pandey: How can we help in stopping climate change? Can web3 applications help in this regard?
Geoffrey Frank: In many ways, Firstly by having many assets in digital form won’t require wealth creation to always be extracted by using natural resources. We help by introducing the concept of extendablity, we have created financial incentives that now rewards companies the more times a product is sold and resold in our marketplace by sharing our commission with our sellers. Companies now have a financial incentive to create longer-lasting products by helping them produce free cash flow, not by producing more each year to maximise profit, but by extending the shelf life of their products. Hence the term extendability complements sustainability, boosting the circular economy and lowering the world’s reliance on natural resources.
Ishan Pandey: There is a lot of uncertainty in the current global economic climate. What effect will it have on the Web3 economy, in your opinion?
Geoffrey Frank: From a trading standpoint the economic uncertainty is likely to prolong the bear market in crypto. However, from the perspective of Web3 as a whole, I think we will keep seeing an increase in investment, venture capital and development in new ecosystems in the Web3 sphere.
Ishan Pandey: Governments are quite concerned about the misuse of cryptocurrencies. Should defi be legislated, in your opinion?
Geoffrey Frank: Just like any evangelising industry, DeFi will scare governments because it has developed out of their direct control. The idea that DeFi will be utterly decentralised to the point of being completely unregulated and untouched by governments is a delusion though. It is already regulated fairly extensively and will keep being regulated further. I am not against regulation in DeFi, I just hope the involvement of central banks is limited as they are often the problem.
Ishan Pandey: What fresh trends will we observe in the near future in the crypto ecosystem?
Geoffrey Frank: I think the days of memecoins and PFP project NFTs are declining, people want to have serious income potential in crypto that is sustainable and part of a serious ecosystem and product rather than an off-chance moonshot or ‘flipping’ side hustle. Web3 builders are moving in this direction in parallel with consumer interest.
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