[PROPOSAL] - The Art Auction

Ecosystem Social Tokens
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Problem
Different artists exhibit their work on a monthly basis in CoCasa
The Art needs a method to sell the art. Create the Art Auction Application

Solution
The Artist creates and registers their NFT on mintbase for each piece of Art they sell in the SPACE

The SPACE places money into an Insurance Contract guaranteeing that the Auction is legitimate and all pieces are authenticated

The NFT is then placed on Auction with each auction closing on a specified day

The Art hangs in the SPACE during the time of the Auction for public viewing

Members can register for the Auction by either being alerted by the Auction Application, where they can receive notification of all auctions or specific art or genres etc. A member can also register for the auction via the Artwork QR Code, which allows the Member onboard process to complete.

The auction is done by the member staking 10% of the bid in a contract which will return the funds if the auction bid is not successful

The Artist can elect that for every Artists Community token (unique for each artist) they may allow any arbitrary bonus e.g. 2 Euros for every token redeemed.
So a bidder can bid 10 Tokens = 20 Euro Bid. This allows the Artist to sell tokens to commission the art and this can be bought by the artists network.
Artists on boarding involves creating their own DAO coin (see IDEA: Artist Fundraising DAO)

Once the Auction concludes the NFT holder can either claim the art piece or rent the piece to people and earn a monthly dividend.

The NFT Rental contracts are a method available to NFTs purchased in the Auction.

Groups of people can collectively bid on an NFT also allowing for art investment funds to be created

The artist can embed additional value in the NFT such as video footage of the creation or documentary of the piece etc. potentially making them more valuable to the bidder.

NFT holders can vote for re-auctioning an NFT on the platform after purchase

Project benefits

Enhancing the Mint base marketplace by:

  • Creating a easy gateway for artists to create NFTs and improve the marketplace of NFTs
  • Increase the use cases for NFTs on mintbase
  • Allow for multiple ownerships to be embedded in an NFT

**Leveraging the NEAR ecosystem by: **

  • Create case for NEAR DAOs for Artists seeking funding
  • Use Near to store ownership data
  • Use Near to store membership data
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I like a lot the idea.
I have been thinking that this social token should give right to other kind of experiences
real experiences as having a diner with the artist / or beeing invited to the launch of his expo or even to pay a lawyer that is already a collector or artist part of MONOGRAMA

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One last point I have been thinking : An option might not be the adequate way to start … since we do not know the market demand and by default the response
In case of lack of demand this could affect deeply the project

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Thanks for the feedback, yes I agree other benefits can be embedded into the NFT apart from the right to own and lease the artwork.
The aim of this proposal is to create a vibrant primary and secondary market for local artists. One way to achieve this is to ensure members (bidders) join onsite at a space or by referral from an existing member.

One goal of the project is to socialize the art by making affordable and standard lease agreements (secured by staking). Ensuring that more people can enjoy an artwork allows greater appreciation of the work of an emerging artists. A primary reason to localise the art is so that Artists would take on local issues and challenge the community to explore different perspectives of things that are familiar to them things that relate to their local governments, social situations etcetera.

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I moved this over to the social token forum so it’s along for the ride with it’s buddy post: artist fundraising dao.

I voted the idea submission up in the nft onboarding DAO. I think it would make sense to combine this proposal with the social token and focus on a tight mechanic that will allow for fundraising for artists.

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