Token of Authenticity
Each Minnaar comes with a Token of Authenticity (ToA) registered on the Liquid Network (a Bitcoin sidechain). Possession of this token serves as provenance and proof of ownership while authenticating the accompanying physical artwork.
Each ToA can be verified by checking it against the description of each Minnaar in the catalogue. The ToA helps protect buyers and sellers when transacting between private parties and should be verified and included with the transfer of the artwork when trading or selling.
To receive a Token of Authenticity you will need a Liquid Wallet. We suggest downloading the Blockstream Green wallet app. Open your Liquid wallet to generate a Liquid Address to receive your ToA.
Suggested Trading Practices Between Private Parties
In-Person Trades:
When trading in person, meet in a public and secure environment (like the lobby of your bank). Verify the Seller’s TOA by matching the Asset ID to the corresponding artwork catalogued at StevenMinnaar.com and have the Seller transfer it to your wallet along with the physical artwork in exchange for your payment.
Trading at a distance:
Trading for other Minnaars:
You can trade ToA’s first and then follow it up by shipping the physical artworks.
Trading Minnaars for bitcoin or dollars/fiat:
After a trade is negotiated the Minnaar owner may want to send the Token of Authenticity and then wait for payment before sending the physical artwork.
Trading with Unknown Parties:
Since value is involved, reputation and risk management are important so please do your due diligence on the person you are considering trading with.
To reduce the possibility of “Man In The Middle” attacks, I recommend the following:
If accepting payment by fiat you should avoid bank transfers because they can be reversed or can be used fraudulently. This could result with you getting stuck with a payment reversal after you have released the artwork. So, an alternative is to only accept cash in the mail, a U.S. Postal Money Order, or gold and silver bullion as payment.
The authenticity of cash can be verified with counterfeit checking pens or a trip to the bank where they can check it for you. US Postal Money Orders can be verified and cashed at any US Post Office. Gold and Silver bullion can be verified by a trip to your local bullion shop.
You should also require the purchaser to include the following note with the payment in the envelope:
“Please accept my enclosed payment for Minnaar Artwork #XXXXX per our recent communication. I acknowledge that I am purchasing this artwork on my own behalf and not on the behalf of any third party.”
Reputation and Risk Management:
Ways to reduce risk include asking/providing links to references and other social media profiles. Messaging them through these other channels are helpful as well to verify that they indeed control those accounts.
NOTE: You assume all risk when trading with private parties so please do your “due diligence”!