Home » Blockchain firm X-widget tests art NFT service with gallery

Blockchain firm X-widget tests art NFT service with gallery

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Blockchain company X-widget is piloting a non-fungible token platform developed in collaboration with major local art galleries to use NFTs as proof of ownership for digital assets such as works of art. said to have started.

The NFT Contest Market Your Own Pick (NCOP) is a Web 3.0 platform that enables users to discover and evaluate the value of works using NFTs. This is a blockchain-based decentralized application that will officially launch at the end of this year.

Based on a strong community of artists and collectors and blockchain technology, X-widget and Pyo Gallery launched the NCOP project with the aim of developing a commercial and popular NFT platform. Art can be evaluated in contests and NFTs he can create, sell and trade on one platform.

The art market is divided between a small number of high-priced works by well-known artists and a myriad of other works of art, so prices are generally determined by auctions and by the artists themselves. The competition aims to gain a level of objectivity in art pricing through collective intelligence and to help talented and up-and-coming artists enter the market.

Anyone who owns an e-wallet on the platform can exercise their voting rights and start a ‘contest’. In this contest, the first vote is by general users and the second is by art experts.

NFTs are created after the sale is settled. You can create multiple NFTs of him of the same work of art and sell them to multiple buyers. NFT staking products will also be launched.

“The platform is structured to provide a community for artists, fans, and collectors, allowing art lovers and users to participate in blockchain-based NFT competitions to discover and appreciate their work,” said the company. , CEO of X-widget Kim Sung- uoen who leads the NCOP project.

“Unlike other NFT platforms, works are selected through contests and their value is assessed by collective intelligence, but we are able to build a fandom for creators and reward creators systematically. ”

Starting as an art NFT platform service, NCOP will evolve into a Web 3.0 decentralized application platform running on its own mainnet by the end of this year, according to Kim.

A decentralized autonomous organization (DAO) of users is formed on the NCOP, giving users the opportunity to discover and evaluate the value of their artworks to ensure a certain level of objectivity, operational transparency and profit sharing system. Offers.

Starting with the art NFT marketplace, NCOP will expand its music, gaming and real estate platforms, integrating NCOP’s NFTs and DAOs into the Metaverse by 2024.

Kim’s goal is to grow it into the world’s largest global NFT platform.

Earlier this month, X-widget announced that its blockchain-based discount coupon system, which allows users to collect 10% of their purchases and offer 10% discounts, has attracted more than 800,000 users and over 1,000 stores in South Korea have joined the service. I made it clear that I signed up. Vietnam.

A blockchain-based payment and business development company, the company plans to open more shops and stores in Southeast Asia to reach 100 million users worldwide, including 10 million users in South Korea, by 2024. It says it wants to attract users and expand to other parts of Asia.

Kim So Hyun (sophie@heraldcorp.com)

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