How MIDA’s Token Economy is Set to Rejuvenate the Art Market
07 Giugno 2022 - 06:33PM
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It’s no secret that art museums have seen better days. As far back
as 2001, attendance at U.S. museums was already in stagnation, and
the trend has only continued to deteriorate in the years since. In
2016, total visitors to art museums across Britain’s leading
museums and galleries fell to just under 50 million—a 20 percent
drop from the peak of 63 million in 1992. In the wake of covid-19
restrictions, the world’s busiest art museums saw the most
significant drop set at 77%, from 203 million worldwide in 2019 to
a paltry 54 million in 2020. And it’s not just attendance that’s
down. Funding for arts and culture has been in decline for years,
as government support has dwindled and private donors have shifted
their philanthropic priorities. In the U.S., federal funding for
the National Endowment for the Arts (NEA) has declined by more than
60 percent since its peak in 1992. State arts funding has also
fallen sharply, down 27 percent since 2008. As a result, many
museums have been forced to make cutbacks, from reducing staff and
programming to scaling back exhibitions and even selling off
artworks from their collections. The situation is even direr in
other parts of the world. In the United Kingdom, government arts
funding was slashed by 30 percent between 2010 and 2015. And in
Australia, arts funding has been cut by more than $10 million.
These trends have put immense pressure on museums to find new
sources of revenue. But in a time of declining attendance and
diminishing government support, that’s easier said than done. A
Rising Tide of NFT-Based ART Meanwhile, the NFT market has seen
explosive growth in recent months, with the total value of NFTs
sold rising from just over $12 million early in 2020 to more than
$80 million by the end of 2020. And in 2021, the market continued
to accelerate, with more than $5 billion worth of NFTs sold in the
first two months of the year. According to reports, while the NFT
market has cooled off over the past few months, trading NFTs spiked
over 200 times at the end of 2021 to more than $17 billion. One
sector that has been quick to cash in on the NFT hype is the art
world, as auction houses sold NFTs representing simple artworks for
millions of dollars with no exchange of any physical objects.
Online-only auction houses have conquered the world of NFT art,
with examples including Christie’s sale of Beeple’s NFT artwork for
$69 million, making it the most expensive digital work ever sold.
The growing popularity of NFTs has also led to a new breed of
crypto art platforms specifically designed for trading NFTs. These
platforms include Rarible, OpenSea, and SuperRare, which have all
seen a surge in activity. The Solution: MIDA’s Token Economy One of
the critical advantages of NFTs is that they can be easily traded
and sold online without the need for a central authority, such as
an art gallery or auction house. This has led to the rise of a new
breed of online-only art markets that are specifically designed for
trading NFTs. Art institutions and museums can borrow a leaf from
the digital art world and establish their foothold in this emerging
digital economy by creating their own NFTs and increasing their
sources of revenue. MIDA is one such platform that is designed with
the best tools to connect these art institutions and museums with
the safest and most efficient digitization methods. MIDA is a
decentralized web3 company that works with European Art
Institutions to bring a new revenue stream to art museums through
its token economy. Thanks to MIDA, art museums can mint
unique NFTs out of authenticated art pieces, creating a
parallel metaverse-ready art market. Using $MIDA (the platform’s
utility token), users can help fund museums and art institutions
that suffer from a lack of funding and even give creators and
emerging artists better visibility. MIDA ($MIDA) Tokenomics With a
total supply of 100 million $MIDA tokens, a whopping 20% is
allocated for the platform’s development, showing how the team
behind MIDA is highly committed to the project’s success. The
tokenomics is also fair, with an 18% allocation to the platform’s
liquidity pool. Users will be able to earn an APY by participating
in liquidity farming with $MIDA, where major liquidity providers
will be rewarded with airdrops of exclusive NFT artworks from
emerging creators. In addition, the platform comes with a social
token called STENDHAL(SDH) that is used to show appreciation on
creators’ NFTs on the social layer of MIDA. While SDH doesn’t
have any economic value, it will help buyers gauge the popularity
of the NFTs and measure engagement. Conclusion The NFT market is
still in its infancy, and there is a lot of speculation as to
whether the current prices are sustainable in the long run.
However, what is certain is that the way we trade and consume art
is changing, and Art institutions need to adapt to this new digital
economy. MIDA provides the perfect solution for art museums and
institutions to mint NFTs and creates a new revenue stream for an
already existing market. Given the advantages that MIDA offers and
the world renowned masterpieces involved, the team behind the
project aim to see widespread adoption with an outlook of a full
token release schedule spread out into the next 48 months.
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