MIDA is busy inking partnerships with art Institutions like the famous Venetian Foundation Scuola Grande di San Rocco, that preserve multimillionaire valued artworks from world-renowned artist like Tiepolo, Tintoretto, Tiziano, and Giorgione to give them digital eternity on the blockchain.
This latest development comes after they announced their involvement as Corporate Golden Donors of the National Trust For Italy (FAI), the most important active organization safeguarding Cultural Heritage in the country.
So, what's so fascinating about this firm?
The Venetian-based MIDA basically offers institutions a new way to valorize the artworks preserved by creating and selling unique NFT Masterpieces to the collectors of the metaverse.
The Booming Market after the successful year of 2021, non-fungible tokens (NFTs) are experiencing a bit of a slowdown in sales volume, but the interest in them as a long-term asset class remains strong as ever. So, what exactly does NFTs mean?
NFTs are digital assets representing the ownership of internet collectibles or items such as art. They are unique and non-interchangeable, making digital ownership provable and digital possible.
It was only in late 2020 that NFT gained mainstream attention, but in just a short amount of time, it has seen its use cases go beyond just art to now also include gaming, music, fashion, and the metaverse.
Metaverse is also getting a ton of hype, which is a digital world created by virtual reality (VR) and augmented reality (AR). This new trend promises to deliver a new immersive, collective, and realistic virtual environment.
Many see it as a trillion-dollar opportunity, with Citi seeing the total addressable market (TAM) for the metaverse economy to be between $8 trillion and $13 trillion by 2030, with up to five billion users.
While metaverse isn't anything new, interest in it really began to spike at the end of 2021 due to the rise in sales of NFTs and big tech companies like Facebook (rebranded to Meta), Microsoft, Apple, and many others announcing their interest in the sector.
According to the banking giant, the metaverse is actually moving towards becoming the next
generation of the internet or Web 3. Furthermore, the open metaverse would be community-owned and community-governed and could see its use cases in commerce, art, media, advertising, healthcare, and social collaboration.
As put by MIDA, "Metaverses reinforce novelty by providing a new social space of fruition and exhibitions where important private collections can be appreciated and valorized."
Inspired by the State Hermitage Museum's auction on Binance, where 5 NFTs from famous artists like Leonardo Da Vinci and Vincent Van Gogh were sold for total revenue of $440.000, MIDA disrupt the rules of the NFT market by creating a non-algorithmic collection where each NFT is the digital alter ego of an existing Masterpiece, minting only 2 copies from the physical artwork, one is kept by the Museum while the other is auctioned in the major Marketplaces of the crypto space.
MIDA allocates the majority of the auction proceeds to the institution that holds the physical masterpieces, and half of the 7% royalties from the secondary market go to support the Museums in preserving the Collective Cultural Heritage.
Although owning a unique alter-ego of the masterpieces that have characterized our cultural history is a unique privilege that has never happened, the value of this asset is not only sought on the collector's side.
Purchasing a MIDA's NFT Masterpiece gives you access to a network of art world professionals made up of famous critics, artists, influencers and other like-minded enthusiasts. In addition, MIDA organizes, thanks to its partner FAI, exclusive events in luxurious villas and palaces where people from the NFT space can meet and connect with the Kol's of the traditional art world.
This operation is carried out with the living artists and galleries too following the same formula, 2 NFTs are created from the physical work, the first one remains tied to the physical artwork as a certificate of authenticity while the second one is sold within the blockchain and acts as a membership card to access the artist's network.
This allows traditional art collectors to obtain a direct relationship with the artist and for the latter to gain the loyalty of his audience, doubling at the same time his revenue stream to finance his artistic research and to create new ones in the long term through the sale's royalties in the secondary market.
After the serious crisis caused by the Covid 19 related restrictions, some of the hardest hit sectors have been museums and cultural events that usually welcome large numbers of visitors throughout the year. Some museums, such as in the United States, have been forced to sell some of their works in order to meet the costs of keeping the doors open to the public. As MIDA states "Losing the possibility to see and to appreciate those artworks is in fact a huge pity for the whole humanity". That is what drives MIDA's team on the daily duties carried out with those public institutions.
The Platform
MIDA is a multilayer art platform composed of a Boutique Marketplace and a Social Layer that offer a decentralized system of visibility to emerging artists.
While artists and collectors will be able to buy and sell artwork on its marketplace, meanwhile, the Social Layer will comprise a feed aggregator and user profiles.
Users can exchange appreciation through the allocation of our social token received from $MIDA Liquidity Farming: Stendhal (SDH).
Each NFT may be subject to SDH allocation up to the amount chosen by the user. The more a post is subject to SDH, the more visible it will be in the aggregate feed.
The use of SDH as a social token allows the public and possible buyers to analyze the Creator's appeal in a transparent and immediate way providing data about the number of supporters and average allocation.
Creators with the highest overall SDH statistics are supported and sponsored by MIDA in the launch of their collection by transforming their physical artworks into digital NFT copies and taking care of their sales.
Thus, MIDA becomes a decentralized launchpad for emerging artists guaranteeing global visibility to emerging creators.
MIDA is arousing the interest of the Ventures Capitals in the industry, successfully closing its $440,000 Seed Sale with the Hollywood firm Big Brain Holding as a lead investor.
Recently, MIDA announced the integration of Chainlink VRF to enable auctions with different
currencies. But currently, MIDA is focused on building its community, which has grown to 10000 users on its Telegram channel.
Competitive Advantage
All the NFT masterpieces that MIDA creates ensure that they maintain the critical components of their physical counterpart: uniqueness and authenticity.
The beauty of MIDA is that while the market is already saturated by algorithmic PFP collections, MIDA's unique and institution-certified NFTs give it competitive advantages.
MIDA is differentiating its products on both the quantitative and qualitative fronts. Each piece of MIDA's collection uniquely represents the digital alter ego of a real masterpiece. The NFT and traditional art market both rely on the same fundamentals: authenticity and uniqueness. Therefore it is mandatory for MIDA to guarantee these two characteristics to collectors, and above all to institutions, whose potential income is tied to the maintenance of these two pillars.
This scarcity is guaranteed by the signature of the Value Preservation Agreement made between MIDA and the museums, the contract is a reciprocal commitment to not create other authenticated NFT copies from the same artwork, in order to preserve the value of the NFT Masterpieces placed in the market.
At the same time, the NFT Masterpiece serves as a membership card for access to an elite community of art enthusiasts, NFT experts, industry professionals, NFT experts,s and emerging artists to instill long-term value for the buyer.
Owning a MIDA's NFT further guarantees access to offline VIP events in exclusive locations like historical villas and palaces so that art connoisseurs and people from the NFT space can meet and connect.
MIDA's network is the meeting point between the traditional art world and the NFT space. It connects the custodians of our past to the exponents of the most advanced cultural avant-garde, giving both the opportunity to exchange views and build relations in fascinating locations.
MIDA is the perfect example of how blockchain technology can be used to preserve and generate revenue from art and culture. The platform is helping art institutions integrate digital solutions into their business while helping them transition smoothly into the digital revolution.
As NFT sales continue to increase, demand for authentic and timeless masterpieces is bound to increase and MIDA is poised to become the go-to platform for art institutions and art lovers looking for an intersection between art and technology.
