The crypto art market has seen extensive progress in the past year. However, as compared to the traditional fine art market, the crypto art market is still vastly underdeveloped. The fine art market according to a report by AMMA and Artmarket was able to generate $13.3 billion. Nowadays, with the crazy $69 million sale of Beeple’s NFT and the FOMO generated with NBA Top Shot, many collectors are turning to blockchain artists.
When you compare traditional and crypto art markets, the crypto art market is still much smaller in terms of volume. Not to mention, the art market also faces several issues in terms of appraisal. A lot of amateur collectors find it difficult to access trustworthy affordable appraisal services. Moreover, a bigger issue with art is forgery. Many of the forgery techniques have been made cheaper and better making it much harder for authorities and customers to detect the legitimacy of an artwork. All these issues hinder art collectors from collecting reliable pieces from their adored artists, and many of these issues only outline a small portion of the problems faced in the art community.
How do we solve these issues?...FM Gallery?
In order to tackle the issues faced in the art community and provide a more user-friendly environment, FM Gallery came to life. FM Gallery is a blockchain-based distribution platform built for NFT artworks. The team hopes to empower the world of arts and fashion through using innovative technology like the blockchain. With the help of blockchain technology, an artwork divide into several fragments. Each fragment will be represented by an NFT.
How does FM Gallery work?
By collecting fragments, the users will then be able to complete the artwork and redeem the completed NFT for physical artworks. By collaborating with top artists, galleries, and auction houses from around the world, the platform will release both physical and virtual crypto artworks on the blockchain. The FM Gallery has also just recently integrated with Binance Smart Chain. This would bring various benefits for FM Gallery’s growth which include:
- Smart contract functionality & compatibility with the Ethereum Virtual Machine (EVM)
- Faster and more convenient transactions
- More cost-effective strategy that eliminates the issue of high gas fees on Ethereum
- More explore to a widespread NFT artwork and marketplace environment
- FMG token deployed and available as an ERC20 and BEP20 token on Ethereum and Binance
Moreover, the platform has also partnered with OpenSea to make NFTs much more accessible for everyone! Users that are interested in any of the artwork that is available on FM Gallery can directly check it out on OpenSea and purchase it through OpenSea. The platform also has a discovery function that allows users to browse through all the different artists and art that is available for sale.
Let's talk about the FMG Token
FMG is the governance token for the FM Gallery ecosystem. It is an ERC20 token with a total supply of 100,000,000 tokens. Since the platform is a DAO, the team will design a fair model for the distribution of FMG tokens to incentivize the community. The distribution model will front-load and adjust depending on community vote. There will be no vesting schedule for the supply. So the main purpose of FMG is to provide a convenient and secure mode of payment and settlement for participants that interact within the ecosystem.
FMG will only be effective on the FM Gallery platform and will only have usage and interaction capabilities within the FM Gallery platform. To promote the governance on the network, FMG will allow holders to propose and vote on governance proposals to determine features and parameters of the FM Gallery platform. This also includes protocol improvements and new product development, and even changes to the governance process. The main ways for the community to earn FMG tokens are as follows:
Blind box NFT purchase Rewards
Every blind box NFT fragment that is purchased on FM Gallery platform will grant the user the ability to receive rebates in the form of FMG tokens. At the end of every epoch, the amount of FMG that a token receives will be proportional to the user’s spending on the blind boxes.
Initial DEX Offering
Users will have the opportunity to purchase the FMG tokens on various decentralized exchanges.
FMG Token Liquidity Mining
In order to incentivise users to provide liquidity, a total of 31 million FMG tokens will be distributed through the “liquidity mining” program over two years. Users will be eligible to earn FMG tokens if they stake liquidity until the end of the epoch.
What exactly are the use cases for FMG?
As said previously, FMG is a governance token that possesses a payment utility. It will have functions such as
- Voting, allow users to collectively decide on auctions of group ownership
- Signature, users can use FMG token to sign on the NFT; signatures will be unique and belong only to one NFT, adding an additional layer of scarcity to the artwork
- FMG-Only Exclusives, some artists may release limited edition artworks which can only be purchased with FMG. Only selected users can participate in these exclusive artworks.
- Online and Onsite Events: FM Gallery will regularly host online and onsite events which features different artists. Furthermore, events will have a limit to a number of participants offering high-value, art-related services.
A little more about FM Gallery’s DAO...
FM Gallery will move to create a DAO-based governance when a sufficient amount of FMG tokens are distributed to the community. In order to make sure that the platform is not gamed, there will be certain thresholds that need to be met before the proposal is implemented. These proposals include:
- Proposal Threshold: 0.5% ownership of the DAO (0.5% of the circulating supply)
- Vote Length: Votes will last for three days
- Minimum Quorum: 20% of circulating supply must vote on the proposal
Once the protocol has moved to a DAO-based governance, the decisions regarding community distribution of FMG tokens will be decided through a community vote. Before submitting a proposal to vote, a few steps need to be taken before hand:
- Create post on FM Gallery forum following structure of previous proposals
- Share post with discord and telegram communities
- If proposal requires new implementation, check with team and specify a timeline for change
- If proposal requires tokenomics change, specify proposed date for change and the various effects it may have on content creators and the community
- Have an informal vote for the proposal on the forum
So where exactly can you get FMG?
FMG has already been listed on several crypto exchanges. You can easily buy FMG through using Bitcoin, ETH, USDT from any large exchange and then transferring to the exchange that will offer to trade this coin.
FM Gallery Partnership with OpenSea
FM Gallery has partnered with OpenSea, one of the world’s largest marketplaces for rare digital items and crypto collectibles. Users that obtained NFT assets from FM Gallery’s blind boxes and art fragments will now be able to directly trade on OpenSea. This partnership with OpenSea will allow the platform to introduce more NFT art pieces to collectors around the world. FM Gallery is also looking to host exclusive presale events and auctions on its official page on OpenSea! So be sure to stay tuned for that!
FM Gallery Partnership with Bella Protocol
The Bella Protocol is a suite of open finance products which includes automated yield farming tools, lending protocol, 1-click savings account, customized Robo-advisor and many more. FM Gallery is partnering with Bella Protocol to further explore the innovation at the center of the booming NFT world while also adding value to the current DeFi world. Together, the partnership will help bring to life numerous novel and significant creations!
Check out more about FMG!
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