Please describe your proposed solution.
Using the NMKR Dev API we are developing a marketplace integrated into the Crown Shy Continuum (CSC) website, where artists can mint and sell their NFTs. Using the same framework artists can integrate the NFTs into their personal websites to sell their digital art directly to their fans.
Background information about the status Quo
The Crown Shy Continuum (CSC) project is designed to give artists the opportunity to show their art along Extended Reality in a completely new way.
How do we proceed?
We digitize/scan the artists’ physical sculptures and present the sculptures in Mixed Reality experiences. Using MR devices you are seeing a real museum extended with virtual sculptures, sometimes you see the digitized sculptures placed in full virtual words. This presents the originally physical art objects in a unique and interactive way. We are going to have exhibitions in multiple museums and art galleries in different cities around the world which expands around each show, integrating local artists who will benefit from the way the art is staged, giving the artist and the art new ways to be seen and experienced. The participating artists are all recognized and well known in the sculptor art space.
Now they are looking for a way to bring art to places where they have never been before and attract new people, which has not been possible before (in their traditional exhibitions) with limited reach due to the size and high value of the physical artwork.
We are facing two challenges.
The visitors side: They would like to purchase a collectible to remember the unique experience and some of them would like to invest in (digital) art. This is proven by our research.
The artist side: They are looking for a solution to generate an additional revenue stream (beyond selling the physical sculpture) and get closer to the art buyer using NFTs.
Therefore have designed the CSC-NFT-tool to engage two stakeholder groups:
- Sculptor building artists seeking to mint and sell their artwork
- Buyers who want to have access and the possibility tp purchase the artwork
For people to have a memory, take home a collectible, possibly get the opportunity to go to exclusive events or get the right of first refusal on a physical piece of art, NFTs are issued.
All CSC participating artists are curated and therefore help to attract new buyers from people who are interested in one CSC artist, but potentially do now know yet the other. Using the NMKR DEV API we are developing a marketplace integrated into the CSC website, where artists can mint and sell their NFTs.
Using the same framework artists can integrate the NFTs into their personal websites to sell their digital art to their fans.
Minimum viable product (MVP)
The first mint will be done on Ethereum due to synergies to another smart contract project.
Before CSC scales, we have a unique chance to switch to Cardano, what we really want to do, because we believe regarding decentralization, scalability and especially Cardano's Governance, it is the more sustainable solution for the artists. Therefore we kindly ask the Cardano Community to fund this proposal.
Building the CSC-NFT tool on Cardano, we need to do:
- Agile product development: Design and build a prototype, get the CSC-NFT tools in the hands of artists to test the functionality, collect feedback, further develop it to a running product
- Documentation, implementation and adoption support: Assure interested artists learn how to implement and adopt the CSC-NFT tool to mint their artwork and collect feedback.
- Market research & business analysis: Competitor and industry analysis. Target market validation and refinement. Revenue stream and cost structure analysis and business modelling.
- Marketing: Communicate new CSC-marketplace and NFT-tool on exhibitions (go-to-market strategy) and artists' websites.
- Legal and regulatory compliance: Legal and regulatory compliance for launch in Germany, homebase of CSC. (Other countries already planned)
Outlook into the future:
Develop/integrate a solution to burn already minted CSC-Ethereum-NFTs and replace them with newly minted CSC-NFTs on Cardano.
How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?
Implementing the NMKR Dev API, we expand the Cardano NFT ecosystem towards physical/phygital/digital sculptor art (artists and buyers). This is not yet existing, though requested by supply (artists) and demand (fans of the artists / art buyers).
The great thing:
CSC is founded, the first artists joined, the first exhibitions are scheduled, we are in discussion with more artists. We do have pro-active requests from buyers to purchase NFTs from our artists.
We are working on the first mint (using Ehereum because we already do have a working smart contract from another project for the use case to get started, and we do not have enough time and funds to develop the CSC tooling using NMKR API. But we want to have it bigger (marketplace on CSC website, tooling to be integrated into artists websites, as described above). Therefore, we request the funds here.
CSC is not at all relying on Project Catalyst and Cardano. We generate money selling tickets to experience the mixed reality exhibitions. But we see a huge win-win when CSC gets the funding:
But we see a huge win-win when CSC gets the funding:
Advantage for CSC:
- Professional tooling and more opportunities to mind and sell (in comparison to the restricted Ethereum solution)
Advantage for Cardano
- Use of NMKR Dev API
- Increasing ada-transactions
- New specific marketplace attracting artists and art-lovers
How do you intend to measure the success of your project?
It is live
- CSC website is live using the CSC NFT tools (with NMKR dev API)
- Multiple sculptor artists integrated the CSC NFT tools (using NMKR dev API) into their personal websites.
It is in use
- Artists mint their artwork
- Artists sell their artwork
It is growing
- Artists mint not only once
- Buyers purchase multiple NFTs over time
Within a six-month period after go-live:
- Number of artists using the CSC NFT tool
- Number of NFTs minted using the CSC NFT tool
- Number of NFTs sold using the CSC NFT tool
- Number of unique buyers
- Total transaction volume
- AVG transaction volume
In the short-term, we expect artists minting their NFTs on their own website or on the CSC website reaching people in their existing buyer network and those who visit the mixed reality exhibitions. In the mid-term, we expect to attract new artists and new buyers to the Cardano ecosystem offering an easy to use, low-risk & high-reward solution to mind and sell sculptor art. In the long-term, we estimate the CSC NFT tools will reduce the time and effort to create and sell NFTs and become a sustainable additional revenue-stream for the artists.
Please describe your plans to share the outputs and results of your project?
You can see the results on the
- CSC website as soon as the tool is integrated and live.
- On artist(s) website(s) as soon as the tool is integrated and live.
We will continue to share the outputs of our project through:
- Comprehensive documentation of development on a CFC-NFT-GitHub
- CSC-Instagram page with regular updates (new artists, new artwork, new marketplace …) (Instagram, because the artists and their fans are on Instagram)
- Progress reports will be made available through our website on a monthly-base