To tokenize an art means to create a virtual representation of it on a blockchain network. Generally, valuable items are tokenized so that its ownership can be divided among a large number of investors. The ownership stakes are secured with the help of digital tokens that are recorded on a blockchain.
NFT Showroom is such a tokenized art project that is built on the Hive blockchain- the first blockchain company that is publicly listed. Members of the Minnow Support Project (a large off-chain community to support the members of the Peace, Abundance, and Liberty Network Discord channel) requested for such services on the Hive network after similar projects on tokenized art on Ethereum became a huge hit.
The NFT Showroom project is powered by layer two smart contract platform on the Hive blockchain, which provides the opportunity to both the artists and the collectors to share the story behind such tokenized art forms on the platform. The original artists can create NFTs and sell them on the NFT Showroom platform just by paying a commission of 10% to @nftshowroom. The collectors can buy limited edition pieces from the artists and put it for resale on the NFT platform; this way, both the collectors and the artists can make profits from a single artwork.
The testing process of the NFT Showroom site has already begun, and after these are completed, the site will be opened to the public. Artists who are in the whitelist can only put up their piece of tokenized art for sale on the NFT Showroom platform.
To apply for a whitelist, the artists need to log into their account on the Hive platform and click on their profile, and a form will open. The artists need to fill up this form correctly with the maximum information because this will help the developers to verify the information quickly and whitelist the most deserving candidates.
Currently, the project is in an alpha version on the Hive blockchain; once it is upgraded to the beta, the artists will be able to bid for their pieces of tokenized art forms. Presently, the alpha version of the site only allows for tokenization, buying, and selling of digital art forms and not any photography.
Moving into the beta version will add up more features like faster loading times, updated notifications on the transaction history, and many more functionalities. It will also allow the artists to earn multiple times from a single art piece over the entire process of creation.
Currently, the alpha version offers artists with two options for tokenizing their artworks. The first option is to sell the art forms privately where the original copyright of the artworks remains with the artists themselves. The second option is to convey the ‘full commercial rights’ to the collectors to whom the original artists sell their artworks.
The collectors who own the ‘full commercial rights’ can use the artforms for commercial purposes or even can put them for resale. However, the collectors do not own the liberty to retokenize the artforms again on the NFT Showroom or any other platforms.
The price for tokenizing a new piece of art is fixed at 5 Swap.Hive, while for any new edition that the artists want to release, they will be charged 1 Swap.Hive. The NFT Showroom will charge a commission of 10% on the first sale of any edition of the art.
