NFT Bubble Participation Guide: Find NFT projects that are quietly built and only creators will pay attention to

I need to explain at the beginning: This article is not the "NFT investment advice" that has become a household name, nor does it contain the so-called "wealth code". I hope to provide an analysis of NFT projects that focuses more on practical experience.

In my opinion, the crypto industry does not lack investors, but producers , that is, people who create value.

The application of NFT in the field of art is an example. As producers of artworks, artists can create value for the crypto industry through the casting and sale of NFTs, while also bringing in incremental users. This narrative not only makes NFTs popular, but more importantly, as some mainstream artists begin to join the NFT camp and earn huge profits through auctions of their works, such news has been amplified by the media, making NFTs a new hot spot again and again, bringing shocks to people, and there has been a strange news that an ordinary pixel work is also called a work of art and sold for $15,000.

NFT has gone from hot to popular, and then cooled down, until the bubble bursts in the foreseeable future. After going through an NFT economic cycle, we may have read "Top 10 NFT Projects Worth Watching", paid attention to those NFT projects that have skyrocketed a hundred times, and admired the mainstream artists who entered the crypto platform and were auctioned for millions of dollars. There is no doubt that the above examples have a positive demonstration effect on attracting capital attention and going out of the circle, but at the same time, in addition to these hot projects, the actions of those neglected NFT practitioners are also worth studying.

For this reason, this article attempts to interpret some projects that have been quietly accumulating strength for a long time . These projects have some common characteristics: Generally, the project initiators come from non-crypto industries, and their rich industry experience makes them realize that there are a series of problems in the industry, which can be solved by adopting blockchain and NFT. Because of this, these projects generally focus more on execution from the perspective of solutions, so the price of their tokens will not fluctuate too much, and some have not even issued tokens, but their demonstration role in the practice of NFT is worth studying.

It should be noted that since this article mainly discusses projects in a practical sense, the projects introduced in this article only involve projects that have been launched.

DADA

DADA is a social network for art creation , founded by Beatriz Helena Ramos, Yehudit Mam and Abraham Milano in 2014. Initially, DADA did not involve blockchain and cryptocurrency, but was just a communication platform based on painting creation.

What does a communication platform for painting creation mean?

Simply put, it is about collaborative creation . In other words, it is about connecting and communicating with other creators and artists through paintings. Draw a picture and wait for others to reply, but the way of replying is a bit special, that is, it can only be replied in the form of paintings. Not only that, the replying painting must be based on the inspiration generated by the former painting, thus forming an interesting connection and dialogue. Its co-founder Yehudit Mam believes that such a form of cooperation is like jazz improvisation, although there are multiple different instruments and hues, but in the end they form a melody harmoniously.

Boris Z Simunich (Peru), ALE MT (Colombia) and Cromomaniaco (Chile)

This collaborative creation method is an excellent way to stimulate creativity and explore collaborative thinking. This method originated from the game "Exquisite Corpse" invented by surrealist writers and painters. In the 1930s, surrealist artists often participated in this game in French cafes: one person took out a piece of paper, drew something randomly, and then rolled up the paper, leaving only a small pattern at the bottom. Then the second person developed a new picture based on this "clue", and then passed it on to each person. Finally, the whole paper was opened, and a picture with coherent lines but irrelevant content would appear, creating a creative process that was not controlled by consciousness. The name of the game also uses two meaningless words " Exquisite " and " Corpse " placed together to highlight its essence. Although the Chinese literal translation is "exquisite corpse", it is more appropriate to use the more meaningful "Exquisite Corpse".

This is a collaborative work of art produced on the DADA platform. The creators are from Italy, Chile, Spain, the United States, Argentina, Peru and other countries. Due to limited space, only part of the works are captured. To appreciate the full dialogue, please visit here.

DADA has been committed to exploring a new revenue model, that is, to achieve a self-sustaining community model without relying on advertising and selling user data, which has allowed DADA to start practicing decentralized applications and blockchain technology. In 2017, DADA launched the first digital art market on the Ethereum blockchain and began to explore blockchain and art-related use cases. In 2018, DADA received investment from ConsenSys and established a token economic model with its help to provide artists with a guaranteed basic income.

To date, the DADA platform has produced 130,000 digital artworks, all of which can be traded in the form of NFT assets. It is the world's largest collection of rare digital art. Its " The DADA Collective " project has participated in many different exhibitions around the world in the form of on-site multi-person collaborative creation, such as the " SightUnseen " live painting performance at RXC Detroit, USA in March 2019; the " Soul In The Machine " live painting performance at the Ethereal Summit in New York, USA in May 2019; and the " Screens: An Exploration " interactive live painting performance at the Tate Modern in London, UK in November 2019, which was inspired by the Nam June Paik retrospective.

Art by Joe Chiappetta

DADA believes that the problem with the current NFT art market is that the winner takes all . People tend to buy works by artists who have proven to be successful. This leads to the works of recognized artists becoming more and more popular and the prices becoming more and more expensive, while newcomers with the same artistic value are unable to get the opportunity.

Therefore, there is a strange story that a KOL with a large number of fans sold a so-called pixel work for a sky-high price of $15,000. Currently, the crypto art market is full of such speculative cases to attract traders and speculators . DADA believes that such crypto art is at most an encrypted version of the traditional art market. If the so-called blockchain technology is just to replicate an encrypted version of the traditional art market, it is not innovation, but an object that needs to be revolutionized.

DADA believes that this pyramid structure arises because the existing art market ranks market participants (i.e. artists) based on a single attribute, such as “ sales volume ” or “ popularity ”.

To this end, DADA aims to achieve a fairer art system , which will no longer focus on a single metric such as sales volume to distribute value in the art market, but will evaluate the value contribution of different roles in an art market based on more diverse value assessment indicators, and then redistribute art income.

Beatriz Helena Ramos, one of the founders of DADA, is an artist with rich experience in the industry. She previously worked for the New York Times, Disney, and MTV for many years. She believes that it is not difficult for artists to generate income, but the difficulty lies in how to fairly distribute this income and keep the system going organically in the long term.

Take DADA as an example. Since its establishment more than 6 years ago, DADA currently has more than 160,000 registered users and about 130,000 works of art have been created on the platform, of which less than 200 are active contributors. The Creeps and Weirdos series alone has generated hundreds of thousands of dollars in revenue for DADA. In other words, if the income is distributed in the existing way, it is nothing more than distributing these hundreds of thousands of dollars in income to the creators, that is, these 200 people. However, DADA does not intend to let artists participate in the market directly, that is, the proceeds from the auction of works will not be directly distributed to the artists, but 100% will go into the DADA reserve fund , and then redistribute these revenues based on the intangible economic model that DADA is about to launch.

Creeps and Weirdos series launched in October 2017

The so-called intangible economy is the most important innovation of DADA. Beatriz Helena Ramos told Chain News that in a fair art market system, value is not only tangible, but also many value contributions are intangible, which are always ignored and are not taken into account in the current one-dimensional evaluation system of the art market, and cannot be rewarded.

Generally speaking, the art market only considers those mainstream artists who are in the spotlight. The more popular and popular the artists are, the higher the returns they get, while those value contributions that are not so easy to see are usually ignored. For example, those new generation artists with the same value have to starve for a long time, or even have no chance to succeed in their lifetime. Not only that, in DADA's evaluation system, artists are not even the only value contributors . In addition to artists, technical workers, researchers, etc. are also equally regarded as value contributors.

DADA designs a new token economic model to quantify more overlooked but valuable contribution behaviors, and then distributes tokens to contributors according to this value assessment system. Holders of tokens can obtain a share of the art revenue.

In the design of the DADA token system, tokens cannot be obtained through purchase. There is neither private placement nor public offering. All tokens are obtained through behavior, which can be said to be a generalized mining . That is, every valuable operation on the platform will mint a corresponding number of DADA tokens, and the income in the DADA reserve fund can be obtained according to the proportion of tokens held.

But which operations are valuable and how much weight the value has are the key points in the design of this token system.

An obvious value contribution is that an artist creates a work, that is, each work produced on the platform will mint DADA tokens, but how many DADA tokens can be minted for this work is based on broader indicators. The general evaluation system is based on indicators such as sales. That is, we generally believe that a best-selling creator may be the one who mints the most tokens, but DADA is not designed this way. Artists with high sales may not get the most tokens, and even sales themselves will not account for too much weight in token distribution. In order to break this inherent winner-takes-all pattern, DADA will consider a broader dimensional indicator- community integration .

Beatriz Helena Ramos believes that “some people’s works may not be the best (such as novices who are still learning), but they spend a lot of time participating in the community and are very active connectors, making the community full of vitality; in another case, some creators may not have many works, for example, she spent 8 hours or even longer to draw a surreal work with very high artistic value. Such works certainly require more time to carve and polish, so we must also take this contribution into account; even those who do not create works themselves may be regarded as value contributors by the system. Although they do not create, they always give useful comments and suggestions to creators, and these suggestions may even affect the creators’ later creation and modification of works.”

“These actions involve creation , community collaboration , connection , and creativity , which can be said to be an indispensable part of a community and are crucial to the development and growth of the community. The executor of these actions is an active community participant, and his or her actions should be defined as a value contribution indicator. Each time such an action is performed, a corresponding number of DADA tokens will be minted. The more such actions are performed, the higher the percentage of DADA tokens obtained.”

Although DADA will not initiate private placement or public offering in the primary market, it allows token transfer and sale, that is, other users can purchase DADA tokens sold by these community contributors in the secondary market .

DADA is currently designing a fair value assessment mechanism based on Holochain . Once completed, it will consider launching the DADA token mechanism after the new user interface is launched. At that time, DADA will invite users to experience the new website and launch the economic model at the same time, which means that every creation on the platform will receive tokens at that time, but creators will hardly feel that they are minting tokens, they are just creating.

“We hope that people who come here don’t come for tokens, but to experience the process of creation and collaboration, which is a reward in itself.”

“The reason for this design is to ensure that a system is built so that people who join the system do not come to earn tokens, and even if they do, they will leave because they cannot make quick money. In the end, those who stay are because of the community, not the tokens,” said Beatriz Helena Ramos.

Rehab

Rehab is a studio from Estonia. It is a project that integrates meme subculture , independent music distribution , lifestyle , cultural peripherals , physical exchange and brand advertising . Rehab has issued a total of 5,000 REHAD tokens. By staking REHAD tokens on the Unifty platform, each REHAD token can earn 1 point per day. Enough points can be accumulated to redeem its regularly issued NFTs. Currently, each NFT is worth about 20-50 points.

Every time Rehab issues an NFT work that can be redeemed for points on Unifty Farm, it will also list a small number of the same items as commodities on Opensea and rarible. This allows users who do not hold REHAD token points to purchase it by paying Ethereum . More importantly, it gives each limited edition work a market price .

Meme Culture NFT

Rehab is the abbreviation of rehabilitatio , which means a rehabilitation center for drug or alcohol abuse. The name is chosen to imply escape from the smoky and chaotic cryptocurrency culture (manual dog head.jpg). It can be understood as a physiotherapy center for cryptocurrency speculators, and uses this as a narrative clue to produce a series of Meme NFTs such as " Rekt Pepe ".

The " Rekt Pepe " series tells the story of how Rekt Pepe gradually turned from a bad state to a happy ending. A total of 7 works have been released in this series, and each work is issued in limited quantities through NFT, ranging from 3 to 8 pieces.

Rekt Pepe #2

Rekt Pepe collection at a glance

After the "Rekt Pepe" series, Rehab began to tell another Meme story " Rekt Dev ".

Collaboration and cooperation

Since its launch, Rehab has tried various collaborations and cooperation plans , including the Coinhead collaboration plan, the joint guest artist work release plan, and cooperation with other DeFi projects.

Coinhead

The Coinhead collaboration plan mainly aims to design and produce a series of NFTs with the logos of mainstream cryptocurrency projects. These Coinhead designs with strong Meme attributes, coupled with the strong community foundation of these mainstream cryptocurrency projects, can allow Rehab's Coinhead works to be well disseminated whether as pictures or in-group emoticons. After gaining a good reputation, it can even undertake paid tasks from other crypto communities to produce paid versions of Coinhead as a source of income for Rehab, such as Alchemist Coin .

Paid Coinhead made by Rehab for the Alchemist Coin project

Rehab first issued Bitcoin Coinhead , followed by Ethereum Coinhead , each of which only issued 3 coins. Later, UNI, LTC, BNB, BAT, 0Xmon, etc. were successively issued.

Overview of the Coinhead series by Rehab

Guest Artist Collaboration

Rehab launched a guest artist program . The first artist to publish a series of artworks on Rehab is artist Zsófia Boda. Users can redeem them with pledge points or purchase them directly on Opensea and rarible . Zsófia Boda has published a total of 3 works on Rehab.

One of the works: White Flower

Collaborate with the community project Defiville to create a new NFT music experience

Rehab has partnered with the community project Defiville to supply original NFT music works on vending machines in the latter's virtual mining farm. Defiville users can purchase mass-produced NFT music on the vending machines, providing a new sales channel for Rehab's music works. In addition, this vending machine is also a special NFT music player. By default, only the holder of a certain music NFT can play and listen to music through the player. For early users who purchased/redeemed music NFTs in Rehab, this is a brand new experience, and this experience is unique to NFT music work holders, which makes buying and holding an NFT music work meaningful.

In the physical music scene, a tape only makes sense when a record player exists, a CD only makes sense when a CD player exists, and a vinyl only makes sense when a record player exists. Only when this kind of NFT-specific player exists does holding a music NFT make sense.

lifestyle

As a studio, Rehab focuses on the " high tech, lo life " lifestyle. Rehab has produced a series of NFT peripherals that highlight this concept, including coffee tasting, healing peripherals, lofibeats-style music and the first online music festival.

Among them, coffee tasting includes different varieties of coffee beans and coffee-related utensils (including coffee machines, grinders, French presses, etc.). Each one is produced and issued as a limited edition NFT with Rehab's unique aesthetic taste, and points are provided for redemption on the farm or purchased on Opensea . Community users collect these NFTs according to their own needs or hobbies. For example, some coffee lovers will privately seek to purchase in the secondary market in the hope of collecting all the coffee utensils produced. Some coffee novices plan to try some of the coffee beans after being influenced by Rehab.

Each peripheral product released by Rehab reflects Rehab's unique curate interest . It can be said that by issuing coffee peripheral NFTs, a coffee culture is being cultivated. In addition, these NFTs are simple and fresh in style, both in color and style, and full of healing style.

A look at the coffee NFT peripherals produced by Rehab

This kind of aesthetic taste and healing style can also be seen in other series of works, such as the series of healing NFTs produced by Rehab.

Some NFT works also come with music, and these lofibeats-style music sounds relaxing and also has a therapeutic effect.

Some people may ask, what is the use of buying these NFT peripherals? At present, these NFTs are just beautifully made NFTs. As for what other rights these NFT holders have, they can be freely defined by the issuer in the future, which is full of imagination.

Music Festival

Of course, the main lifestyle is inseparable from music festivals. Rehab held an online music festival on a weekend in late March this year.

This music festival has all the rituals of a real music festival, such as music festival posters, music festival tickets, admission wristbands, music festival dress codes and peripherals (sunglasses), etc.

Music Festival Poster

Unlike ordinary music festivals, this festival is live-streamed on mixcloud and is open to everyone, regardless of whether they have tickets or not, but ticket holders will receive more airdrop benefits.

Just like real-life music festivals, this festival has ordinary tickets and VIP tickets . Ticket holders can get more benefits. Specifically, ordinary ticket holders will receive ordinary wristbands airdropped by the organizer on the eve of the festival, and VIP ticket holders will receive VIP wristbands airdropped by the organizer. This means that, unlike ordinary audiences, on the day of the festival, owners of both types of wristbands will receive different airdrops, and the ones received by VIP wristband holders will be rarer than those received by ordinary wristband holders.

The Rehab music festival even has early bird tickets . Just like real music festivals, the price of early bird tickets (corresponding to the points here) will be more affordable.

Rehab Festival Tickets and Wristbands

General ticket holders also received an NFT food S'mores (a toasted marshmallow chocolate sandwich) airdropped by the organizers.

At 12:00 pm that day, the festival officially started on Mixcloud. While the audience enjoyed the DJ playing, ticket holders received airdrops , including NFTs of live music singles. It has to be said that this is a brand new music festival experience, especially in the post-epidemic era when people are stuck at home and there are fewer and fewer outdoor music festivals. Airdropped NFT peripherals will give the audience a greater sense of participation, and these peripherals as a badge/voucher give participants a sense of identity and community belonging, which is also indispensable or especially needed by the group of music lovers.

This new experience is not only limited to cloud music festivals, but is also suitable for expansion to outdoor music festival experiences. Imagine what it would be like when Carsick Cars is singing Zhongnanhai on stage and airdropping Zhongnanhai cigarette NFTs to the audience. For fans, receiving a Zhongnanhai NFT is a testimony to their participation in the band's live music. For the band, it is an impromptu memory fragment of one of their countless tours. Of course, it is full of imagination what benefits these NFT holders can get in the future, such as using it as a voucher for retroactive airdrops .

NFTs that can be exchanged for physical objects

Rehab also has a physical NFT redemption plan . It has currently released the Rehab bottle opener NFT, which comes in 3 versions. Community users can redeem points and destroy the NFTs they hold to redeem physical Rehab bottle openers. Rehab provides free global shipping services to send this product to fans around the world.

Interestingly, before this project, Rehab Studio had worked on another vinyl record encryption project, Groovy Finance . The community grew and expanded, but the project was shelved because Degen broke in and attacked the founder. With the previous experience, the founder of Rehab hopes that this project will grow steadily. Community members are not allowed to discuss prices in the group, and it is not planned to be listed on coingecko. Even during the Groovy Finance period, a popular work "Shilling It" was released (a good song worth listening to!) to satirize the cryptocurrency culture of those who don't even understand the project and ask "wen Gecko?". This song was also forwarded by the founder of coingecko.

However, even if Rehab itself did not apply, its token was forced to be listed by Coingecko, which eventually caused the token to surge 10 times during the listing period. After experiencing ups and downs, the token of the project is currently basically stable.

Snark.art

Snark.art is a Brooklyn-based art studio founded in June 2020 by Andrey Alekhin and Misha Libman. It targets small-budget art collectors , with most works priced below $1,500, and a few as high as $33,000. Artists include Eve Sussman, Kendell Geers, and Ilya and Emilia Kabakov.

Like other NFT platforms, Snark.art will regularly release NFT drops created by artists, but the difference is that the platform only charges a small fee, and 30% of the proceeds from the sale of each artwork will be distributed to other artists on the platform for sharing, the artist himself earns 60%, and the remaining 10% belongs to the platform to pay for development and hosting costs. In other words, as long as an artist's work is successfully auctioned, other artists on the platform will also get a share of the proceeds.

Compared with traditional art platforms that charge up to 50% of the proceeds from the sale of artworks, the 10% platform fee is quite generous. However, unlike traditional galleries, Snark.art does not keep inventory, but allows collectors and artists to communicate directly to arrange the delivery of works.

However, Snark.art did not do this out of any idealistic utopian plan, but rather as a way of coping that had to be chosen during the COVID-19 quarantine to help hungry artists face very urgent livelihood issues during this special epidemic.

Snark.art's business model provides a fairer and more sustainable way to improve the long-standing winner-takes-all situation in the art market. Interestingly, this model is also very popular with well-known artists. According to Executive Director Nadia Taiga , these established artists see it as a way to support young emerging artists and increase the capacity of the artist community. This stems from a kind of empathy. In Nadia Taiga's words, "After all, every artist has struggled for a living before becoming famous."

Art Fund K21

K21 is the first closed-end art fund initiated by Kanon. The fund will include 21 original NFT artworks created by 21 influential contemporary artists, digital artists and crypto-native artists today.

After these 21 contemporary artists complete their works, Kanon will assist them in minting artworks in NFT format and add these NFT tokens to the collection Safe, a Gnosis Safe with a 2/3 multi-signature mechanism, as temporary storage for artworks. Once the team completes the development of the K21 Vault contract and the K21 Buyout contract, these 21 works will be transferred to the K21 Vault .

Kanon has issued K21 tokens with a total supply of 21 million based on K21. Token holders can obtain the proceeds from the final auction of the work in proportion. In addition, K21 also has certain voting rights . Although K21 is not a governance token, it has the veto power to vote on the buyout of the fund pool, that is, to vote against the winner and re-initiate the next round of auction.

Any potential buyer puts $21 million worth of funds into the K21 Buyout contract to trigger the auction. At this point, token holders can vote to veto the bid with a 21% consensus , which means that if the vote reaches 21%, the trigger price will be increased by 7% based on $21 million. Otherwise, K21 token holders will share the revenue auction proceeds in proportion, and 21 NFT works will be sent to the winners, and the proceeds from the auction will be distributed to holders according to the token holding ratio.

This fund is not only curated by professional curators and has a unique aesthetic taste, but also allows ordinary people to participate in art investment through token sales.

This art fund contains works by many of today's influential artists. It was completed by a professional anonymous curatorial team with more than 50 years of experience in contemporary art curation. The works of this art fund come from today's influential artists , including Alex Mordvintsev, COOL 3D WORLD, David OReilly, Filip Hodas, Hank Willis Thomas & the Wide Awakes, Jenna Sutela, Liam Gillick, Pak, Paul Chan, Precious Okoyomon, Rachel Rose, Raoul Marks, Rebecca Allen, Rirkrit Tiravanija, Simon Denny, Suzanne Treister, Terrell Villiers, +4 TBA, Arca, Jenny Holzer and China Tracy.

Among them, Arca is a queer avant-garde experimental musician. Arca's real name is Alejandro Ghersi. He is an avant-garde experimental musician born in Venezuela. He is also a singer, performing artist and music DJ. His music works are bold and unconventional, and he is well-known for his queer identity. He has performed at Burberry's 2020 Fall/Winter fashion show, participated in the production of Kanye West's classic album "Yeezus", FKA Twigs' "EP2", hosted Frank Ocean's "PrEP+" party in New York, and collaborated with Icelandic music queen Björk many times, and was praised as a genius by the latter.

Arca created a video work for K21 called Nonbinary , in collaboration with multimedia artist Frederik Heyman. The music video presents a cyborg Venus , embodying the mysterious realm of posthuman aesthetics and ecological characteristics, presenting the self as a non-binary multiple identity, implying that humans are unclassifiable and irreplaceable. This is consistent with Arca's own queer identity, and also fits the spiritual core of blockchain and NFT.

China Tracy is the avatar created by Chinese artist Cao Fei in the virtual world interactive work Second Life . This game character built a virtual city " People's City ", allowing real art collectors to buy various survival props, animated characters and houses in the city. Cao Fei spent several hours every day inventing a life (even a love life) for this character, and later this experience was filmed. Currently, Cao Fei's solo exhibition "The Stage of the Times" is on display at UCCA Ullens Contemporary Art.

Paul Chan is an experimental artist who is not born in a professional field. He is keen to explore the relationship between AI, art and humans in an experimental way. Previously, he was running an experimental publishing project, specifically training an AI named Sirena to write erotic novels and serving as a customer service manager for his studio. This work he created for K21 is an erotic novel " Southern Interior ", or more precisely, an erotic novel created by the AI ​​" Sirena V.032021 " he developed and trained. This Borges-style novel can be read by scanning the QR code.

" Sirena V.032021 " is the first neural network and natural language processing (NLP) model developed and trained by Paul Chan. The creation of this work stems from a premise that 21st century artworks no longer exist outside of technology or discourse frameworks, and artworks stored on blockchains (and artworks generated by AI) coexist with the machines that generate them. What Paul Chan wants to explore is, are humans the only audience for NFT artworks? Are humans the only creators of these artworks? (Will the machines be awakened?)

Scan the QR code randomly to read one of the pages

In addition, K21 has made it possible for ordinary people to participate in the investment of contemporary art works for the first time. Previously, we have seen NFTs of celebrities and big-name artists being auctioned at sky-high prices of dozens of ETH, but as an ordinary person, you cannot afford such a high price to invest in an NFT. The K21 Art Fund contains works by many influential artists today. It not only has professional curation and aesthetic interest, but also allows ordinary people to participate in art investment through token sales. This is a typical example of the popularization of art investment , which is pioneering and experimental.

Catalog: Music version of Zora

Catalog is a digital record listening platform . In addition to free listening, these digital records in NFT format can also be collected and traded. Each digital record is only issued in one copy, and is personally authorized and verified on the chain by the creator, which can be guaranteed to be 100% authentic. Since all records are on the chain, even if the Catalog platform no longer exists one day, the records released on Catalog are still guaranteed to exist.

Technically, Catalog was created and developed based on the Zora platform, which means that each Catalog record is essentially a Zora NFT , and the two share the auction mechanism powered by Zora and the creator sharing mechanism that is not limited to the platform. It can be said that Catalog is Zora's music channel and is specially optimized for music platforms, such as implementing a custom metadata structure, including fields such as music cover, album information, and visualization tools.

By default, a Catalog digital record does not include publishing rights or IP ownership. So, when a fan buys a digital single in NFT format, what exactly does it buy?

For fans, buying a digital record released by a musician on the Catalog is the most direct way to express support for the musician. The special attributes of NFT give it income value beyond collection value, that is, fans can also obtain premium income through resale in the secondary market.

Of course, unlike scalpers who empty the entire market premium, a large part of the resale income in the secondary market can directly benefit the creators. In other words, in addition to the one-time sales income from selling music NFTs, musicians can also get a share of the fees when the NFT is resold in the secondary market. The proportion can be customized by the music creators on the platform when they press the record single.

In fact, the existence of the secondary market can effectively promote the price discovery of music works. Most of the profits in the traditional resale market are grabbed by scalpers, and the creator-sharing setting can bring the resale premium profits back to the creators themselves. That is, every time the single is resold, a specific percentage of the profits can be automatically obtained. This is the greatest value that NFT brings to producers.

This creator-sharing arrangement is a win-win situation for both fans and creators. It allows them to express their love for musicians and provide financial support to them, while also allowing them to earn income by collecting their works.

Catalog is like a decentralized version of Bandcamp , targeting the same audience - music creators. However, Catalog is based on a new technology that can reshape digital ownership . However, this technology is still in its early stages, which means that Catalog has unlimited space for exploration and imagination.

ChainNews asked Catalog a question that is also often asked by non-crypto native users, namely, " When I buy an NFT, what do I actually buy? "

Mike, the founder of Catalog, told ChainNews that taking the digital music released on Catalog as an example, when a user buys an NFT digital music, he not only owns the record itself, but also as a permanent record on the chain, it can be used as a certificate . How to use it in the future depends on the decision of the issuer, such as enjoying the unique home right of the musician’s chat channel, the right to purchase or airdrop concert tickets and peripherals, and of course, it is possible to own a series of copyrights of the works, such as publishing rights, copyright fees and parent copyrights. For example, when a musician wants to issue community tokens one day, he can retroactively airdrop to the buyers of early music works as a way to give back to early fans for their support. At this time, NFT is used as a loyalty certificate .

Catalog also supports the commission " slice " function, which allows users to provide the " seller " function for other record owners. After the contemporary sales are successful, a certain proportion of commission "slice" can be drawn. Generally speaking, when bidders have good music tastes or have sales channels, it is easier to sell at a price higher than the average market price, which is a good deal for record owners.

The Catalog platform is still in beta beta version. The music works released on the platform are screened and planned by the founding team. They have specific musical aesthetic interests. Musicians can submit a form to apply here. In the future, Catalog will divide online collaborators and will provide tools for the musician community to create/filter their own collection lists, and open the music distribution to as many music creators as possible.

The members of the Catalog team all have music career backgrounds, and most of the members are musicians themselves. Before Catalog, the team members developed a lofi music radio station called " Loft ". This channel plays lofi music 24 hours a day without interruption. When the music is played in real time, users can use Ethereum to reward musicians, and 100% of these rewards are sent to creators; and another project, musician sponsorship project Patreon, was submitted at the 2020 ETHDenver Hacking Matsu.

Catalog's current goal is to create a new music discovery, screening and listening experience, and to create a sustainable musician platform to form a community composed and jointly owned by musicians and enthusiasts, and to disintegrate the demand-based DSP advertising model monopoly by large companies. In the short term, Catalog will have a music auction in the near future.