ArtVerse is a blockchain-based decentralized protocol introduced to solve the problems around the art industry. This network aims to build a global art trading marketplace leveraging the essence of blockchain's decentralization.
Art producers can freely create content or art pieces, while the distributors can ensure the art is well distributed, and the recipients will enjoy the art pieces without fearing counterfeits. Artists can make profits off of their art without external help from other institutions.
ArtVerse is based on a blockchain that cannot be tampered with; therefore, all works are certified on-chain. The on-chain certification ensures the art remains unique. By leveraging the blockchain, ArtVerse will be able to solve the issues of traceability and counterfeiting.
ArtVerse: The Technology
ArtVerse will be leveraging the power of blockchain technology to effect its services in the art industry while generating incomes. The blockchain platform of choice is Ethereum because of its ease of use, robustness, and interoperability.
Therefore, the network will have three classes of Ethereum based assets which include ERC-20, ERC-721, and ERC-1155.
In addition to the Ethereum blockchain, Artverse leverages the IPFS chain concept for special storage of the NFT assets. Storing the NFT using the idea of IPFS will help assure the creator or owner that no unauthorized persons can make changes.
Although it’s initially based on Ethereum, ArtVerse will be expanding further to other chains in the future to bring a better experience into the blockchain space. The technology involved in creating the ArtVerse network allows it to have excellent tokens and provide efficient services.
ArtVerse: The Features
The ArtVerse platform has multiple features helping in the creation process until the trading of the assets. Here are the tools that help in creating more efficiency for creators and users;
- NFT Splitting- The Artverse network allows the splitting of NFTs. Investors can sell each part of the Split NFT separately.
- NFT request tool- If people can not find any good NFT they like, they can present their requests, then the registered artists will make custom NFTs for them.
- The Artverse network has a tool capable of minting real world assets like oil painting and sculptures into NFTs.
- ArtEdit- A tool allowing creators to develop and automatically upload their assets
- Metamask- This could include a web3 wallet like METAMASK that acts as an intermediary between the blockchain and its users
- A browser for users to interact with ArtVerse servers
- Artist Certification- This tool will help in identifying certified ArtVerse creators
- The Trading Market- This tool allows artists to sell their art easily. It requires details like the description, details, price, value thumbnail, etc.
ArtVerse: The Tokens
The ArtVerse network leverages a token dubbed AVT, which will help run the platform's operations smoothly. AVT, as already mentioned, leverages Ethereum smart contracts; therefore, it is an ERC-20 token. Among the functions of this particular token include;
- Utility- This token helps in the purchasing and exchanging of NFT in the ArtVerse NFT marketplace. Therefore, every art selling transaction will create an immense need for the art.
- Governance- AVT token helps in the governance of the entire ArtVerse network. Therefore, AVT holders will always participate in management and decision-making using DAO systems. A holder will also have the option of delegating their voting rights to other people in the network.
- Betting/staking- The AVT token can also help gain passive gain by adding leverage.
This token will also help in the generation of revenue for all holders who stake them in pools. According to their whitepaper, ArtVerse will be charging a 5% fee on all transactions completed using AVT.
50% of the amount charged as the fee will help reward the persons who stake their AVT tokens. Therefore, ArtVerse will be encouraging investors to hold the coins for long-term benefits.
The remaining 50% of the transaction charge will go to the ArtVerse foundation to support high-quality content creation. The ArtVerse network also has three other tokens labeled Art-ERC-20, Art-ERC721, and Art ERC-1155.
AVT remains the primary center of the ArtVerse ecosystem. According to the whitepaper, once they put the major network online, they will airdrop Art-ERC-20 for AVT tokens.
ArtVerse: The Tokenomics
The maximum number of ArtVerse ERC-20 tokens to be issued is 2.1 billion tokens. However, the network allocates the tokens as follows;
- Private sale - 630 million tokens(30%)
- Foundation operations- 525 million tokens(25%)
- Team tokens- 420 million (20%)
- Rewarding and operations- 315 million tokens (15%)
- Developer tokens- 210 million (10%)
The Artverse network is currently conducting an airdrop campaign of AVT tokens on Twitter. It plans to distribute over 5 million AVT in the Airdrop. Participation is quite easy for anyone. You only need to retweet the tweet here. Afterward, take a screenshot and send it to @Artverseofficial telegram, including your ERC-20 wallet address. You will receive the tokens in a few days.
Final Word
The plans for the full launch of the ArtVerse network are currently underway. Once it launches, it will solve the many issues troubling the art industry while benefiting the users.
The technology used by Artverse is Top-notch and will highly impact the average investors of the art industry, helping them create value for their creations. Also, this technology will foster art security and value the artwork.
AVT and the Art-ERC20 token are also critical features of this network. These tools will help holders maximize their incomes through holding and staking.
