How Mynt Condition Works
The world's first preloved luxury destination built on community, not commission
We’ve always loved pre-loved fashion, especially luxury bags. There’s something magical about stumbling on a classic you’ve pined for, or discovering a vintage bag that wasn’t even on your radar but now you cannot live without. Throw in the fact that many luxury bags hold their value as well or better than the stock market — and often go up in value even when the stock market goes down — and the pre-loved market is The Promised Land. Well, kind of.
It’s got some issues too. Huge commissions taken by traditional resellers lower profits for sellers and raise prices for buyers. Shopping pre-loved online is kind of a hot mess express in terms of customer experience. And, perhaps most glaringly, authenticating is a continual battle, for all parties involved. Mynt Condition is here to change that.
Mynt Condition is the world’s first preloved luxury destination built on community, not commission. We do not rely on in-house authenticators (who both drive up costs and can make mistakes). Instead, we tap the knowledge of our own community to validate the authenticity of bags via a fun-and-easy voting system. This crowdsourced approach lets us provide a luxury resale channel free from traditional commissions.
Interested? Keep reading for the breakdown on how it works.
An owner submits a bag using a simple, standard form.
Our community members evaluate the authenticity of a submitted bag and vote to Mynt (indicating they believe the bag is authentic) or not to Mynt (indicating they believe the bag is not authentic).
The bag is Mynted, or Not Mynted — and points are earned, or lost.
If our community members reach a consensus that the bag is authentic, we Mynt the bag by creating a public record of its authenticity and provenance. We track members’ contributions to the Mynting process using points which unlock new levels of authority and perks on the platform. Think of it like Fantasy Football for Louis Vuitton fans. (More on that post-beta!)
Love your bag, or sell it.
During our beta launch, all Mynted bags may be sold over Mynt Condition for a flat 10% commission. That’s about 70% less than the industry standard. Mynt Condition is also the only preloved luxury platform that pays the original owner of record a royalty any time their Mynted bag sells over the platform in the future.
Post-beta, Mynted bags may be set as “open to offers” without being listed for sale, which allows owners to continue to enjoy the bags without missing out on any potential monetization opportunities.
The password comes off the site on 9/12/23.