This software solutions firm explains how
Much like anything that deals with works created by humankind, the art industry constantly evolving. With the current times, even how artists sell their works has changed. Exhibits and auctions—physical and virtual—are no longer the only ways for artworks to be sold. Not-so-recent developments in technology have given birth to non-fungible tokens or NFTs, the latest buzzword in the world of digital art.
According to Forbes.com an NFT is a “digital asset that represents real-world objects like art music, in-game items and videos.” NFTs are bought and sold online usually through digital money or cryptocurrencies such as Bitcoin and Ethereum.
The value of NFTs can go up to millions of dollars. Some of the most popular NFTs are videos of top shots by NBA players, and videos and images of iconic moments in the Miss Universe pageant. The most expensive ones include digital artist Mark Winkleman’s “Everydays: The First 5000 Days,” a composite of 5,000 drawings which sold for a whopping $69.3 million at Christie’s just last March. Another high-selling NFT is the Nyan Cat GIF, which was bought on the NFT marketplace called Foundation for 300ETH (300 Ethereum), roughly around $561,000.
Locally, Heart Evangelista in collaboration with Luis Buenaventura a.k.a Cryptopop—one of the first and most talented Filipino NFT artists—and with the Manila Philharmonic Orchestra’s Rodel Colmenar sold an NFT for P3.6 million.
Welcoming more Filipino artists
In an interview with Manila Bulletin Lifestyle, Michael Molina, software solutions architect from Xircus—a multi-chain, multi-token, multi-DEX gamified decentralized autonomous organization (DAO) platform that allows users to create and deploy customized personal and community NFT marketplaces—shares how more Filipino artists can earn from NFTs.
“While creating NFTs is a great way to sell ‘creative assets’ by digitizing them, the process is expensive and intimidating,” he says. “NFT creators often have to rely upon several NFT marketplaces to reach potential buyers. Moreover, there are several other additional costs and limitations.”
Xircus aims to empower NFT creators by helping them sell directly to buyers. On top of this, the platform is also available for free. For first time users, it’s just like setting up their own websites. It has created a platform that can create and launch a custom NFT marketplace on which creators can build their own ecosystem at zero-cost. Moreover, creators and collectors can gain maximum financial benefits through this platform.
“All popular NFT marketplaces charge a significant commission. Often these marketplaces set the prices and also control the market. On average existing marketplaces allow up to 10 percent royalty fee for creators,” he shares. “Xircus provides flexible royalty for creators and they can get up to 15 percent share, and collectors can receive from one percent redistributed royalty shares as their third sales. Also, existing marketplaces charge up to a whopping 35 percent on first sales. This makes it difficult for new creators and DApps (decentralized applications) to enter the market. Xircus eliminates middlemen fee.”
With this features, creators can benefit by automating royalty fees and giving collectors proof of ownership, providing value for both ends.
“The platform gives you the freedom to deploy your own NFT marketplace, customize your fees, and invite your community and followers to upload NFTs with you,” Michael says. “Thru Xircus, you can be the next OpenSea, Rarible, or Foundation NFT marketplaces or sell physical items with crypto currencies as payments, automatic proof of transaction, and proof of ownership is built-in with the platform.”