This relates to the The Art Auction
Problem:
How to create a artist token which relates to an auction platform and incentives buyers to invest in pre-production work.
Solution
Create an on-boarding solution as part of the Art Auction Platform which allows Artists to setup contracts which pay investors a specified number of tokens per Euro invested into the contract.
The Contract will pay the artist on work in progress milestones being reached. This protects investors and ensures that the artist is able to secure funding as they need it. The contracts are set up as milestones chained together which as a final step is the auction/sale of the NFT.
Project benefits
Enhancing the Mint base marketplace by:
- Art Assets are embodied in an NFT as the final step increasing the marketplace of NFTs and these will be connected to the Artist DAO. Potentially transactions on the marketplace can go beyond the Auction Application
**Leveraging the NEAR ecosystem by: **
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Create a reliable and transparent method of investing in art assets, using smart contracts on the NEAR platform this can be applied to other use cases where milestone payments are needed (See BlockFive: The Technology Building Platform)
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Such a network will be tied to the Near protocol as the storage of reputation, assets and tokens and thereby increase demand for NEAR tokens
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NEAR Tokens can be used to fund the contracts, increasing demand for NEAR Tokens
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Creating more DAOs on the NEAR eco-system
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Better coupling with mobile apps with the NEAR protocol, many aspects of the technological stack will run in the cloud but will trigger events to the Blockchain.