COVID-19 has wreaked havoc across industries. We have gotten accustomed to reading bleak headlines from various domains. Museums, as well, have suffered a similar fate, witnessing dwindling footfall and sales. According to reports, the overall attendance at the world’s top hundred art museums fell by 77% in 2020, from 230 million in 2019 to just 54 million.
Because of this severe impact, museum directors are obliged to explore new revenue streams to compensate for the loss of the traditional ones, such as tickets and art sales. And digitization has played a significant role in this scenario.
The NFT boom, in particular, has provided museums and art institutions with a new income source. And projects like MIDA have stepped in with solutions to the problem. MIDA’s sole purpose is to alleviate the financial constraints that plague museums and art organizations by remunerating the majority of the sales proceeds to the institution holding the masterpiece. To this end, it facilitates the creation, sale, and purchase of iconic artwork as NFTs.
Building a Social NFT Marketplace
MIDA is a multidimensional art platform comprising a marketplace and a social layer. The marketplace showcases exclusive art pieces and the collections of other admirers. Any purchase within the marketplace requires $MIDA, the platform’s native token.
However, MIDA’s distinguishing mark is the integrated social layer that combines a feed aggregator, user profiles, and posts. It lets users exchange appreciation with its social token, Stendhal (SDH), which they can earn by farming liquidity for $MIDA.
Users can specify SDH allocations for their posts which determines visibility. The greater its SDH allocation, the more visible a post will be on the feed. Moreover, SDH’s usage enables the public and possible buyers to analyze the creator’s audience transparently and immediately. It also provides insights into the number of supporters and average allocation.
MIDA thus envisions becoming a decentralized launchpad for budding artists, ensuring global visibility for their artworks. Beyond that, the platform has designed a sponsorship program for creators with the best SDH statistics overall.
MIDA NFTs: An Utility Rich NFT Collection
While building a social layer marketplace is primary for MIDA, it will also launch an NFT collection; the nft collection is what differentiates the most on the market. These will vary from standard algorithmic NFTs. Each item in the MIDA’s Collection will be unique and reflect the digital alter ego of a genuine masterpiece. The real benefit of these NFTs is that they allow collectors to experience exclusive ownership of masterpieces.
Besides this essential utility, MIDA NFTs will also find value and appreciation through their showcasing in the metaverse. Moreover, the NFT will act as a membership card to access an elite community of art enthusiasts, professionals, and emerging artists who connect via MIDA’s network. Owning a MIDA’s NFT will grant access to online rendezvous in the main metaverses and offline events in exclusive locations. Token holders will have the chance to meet and connect with like-minded people.
Saving Museums and Art Institutions
The epidemic continues to pose an existential danger to cultural institutions. However, NFTs provide museums and other organizations with multiple ways to strengthen finances and increase audience involvement. After all, museums are the guardians of cultures past, present, and future.
The emergence of NFTs and cryptocurrency is now transforming visual culture and, as a whole, Art History. If museums wish to maintain cultural relevance, they must educate about how NFTs may revolutionize the art world.
MIDA comes into play thus, creating unique and institution-certified NFTs. It gives museums the chance to access the NFT market with several competitive advantages. MIDA’s vision is in fact to create value, innovate and connect people promoting the collective cultural heritage.
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