Non-fungible tokens (NFTs) ruled 2021 with JPEGs being sold for tens of millions of dollars and traditional auction houses joining in to sell the blockchain-based artworks and accept cryptocurrency.
NFTs are digital assets representing the ownership of internet items like art, games, and music and record their identifying information on blockchain making them unique.
Overall, the nascent but burgeoning NFT market recorded more than $23 billion in trading volume, a number vastly outdoing a mere $100 million from last year, as per Dapp Radar. The data shows that an estimated 140,000 unique wallets have been engaging with NFTs by the end of this year, up from just 5,000 at the beginning of 2021.
A New NFT Platform That Will Change the NFT Industry for Good
With NFTs taking over crypto and going mainstream, 3Space Art launched its NFT platform to discover and collect digital art by emerging artists.
However, it is more than just a virtual gathering place for artists and collectors. 3Space Art is actually working with offline venues like galleries, departments, and corporate offices as well as event organizations to showcase digital art.
The Non-crypto crowd can buy these NFTs at offline exhibitions and galleries with their credit cards by simply scanning the QR code. Then, they can display their NFTs in their homes or offices.
Besides being a primary marketplace to buy digital art in NFTs, the NFT owners can also stake their collection in the platform’s Art Pool to receive PACE tokens. PACE token is part of the platform’s royalty program for artists and collectors that aligns the incentives between artists, collectors, and audiences.
By staking NFTs in this Art Pool, the owner delegates the rights to exhibit their art for online and offline events. It helps the artists gain traction and attract new buyers. Additionally, all the proceeds from a commercial event will be distributed to the pool among the artists and collectors.
The NFT platform allows its users to collect digital artwork using cryptocurrencies and fiat Korean Won (KRW). Interestingly, in South Korea, six of the ten best-performing stocks this year have been linked to NFTs and the metaverse.
“The NFT trend has given opportunity and hope for artists, and a new wave of creativity and expression has entered the scene. Our goal is to not waste these beautiful creations, and allow more people to see them in their daily lives — during their commute, at work — so that they, too, can experience the change,” 3Space Art co-founder Yoon Kim said in an interview.
In line with the current multi-chain world, 3space Art supports multiple blockchain networks and is currently minting NFTs on the Ethereum and Klaytn networks. The platform supports KLIP wallets for Klaytn blockchain and the popular Metamask or any of the wallets on Walletconnect for Ethereum.
