Blockchain company X-widget said it has started a pilot service of a non-fungible token platform it has developed with a major local art gallery to use NFTs as proof of ownership of digital assets such as artwork.
NFT Contest Market Your Own Pick, or NCOP, is a Web 3.0 platform that allows users to discover and evaluate the value of artwork using NFTs. It is a decentralized blockchain-based application that will be officially launched at the end of this year.
Building on a strong community of artists and collectors as well as blockchain technology, X-widget and Pyo Gallery sought to develop an NFT platform that could be both commercial and popular, and launched the NCOP project so that the value of a work of art could be evaluated through the competition, and NFTs could be poured It is sold and traded on one platform.
Because the art market is divided into a small number of transactions for expensive pieces by famous artists and countless transactions for other works of art, their prices are usually set at auction or by the artists themselves. The competition aims to obtain a certain level of objectivity in art pricing through collective intelligence, and to help emerging talented artists enter the market.
Anyone who owns an e-portfolio on the platform can exercise their right to vote to start a “contest”, where the best works are selected through two rounds of voting – the first by general users and the second by art experts.
NFTs are minted after the sale is settled. Multiple NFTs of the same piece of art can be minted for sale to multiple buyers. An NFT staking product will also be launched.
“The platform is designed to provide a community for artists, fans and collectors, and to allow art enthusiasts and users to participate in the blockchain-based NFT competition to discover and value artworks,” said X-widget CEO Kim Sung. uoen, who leads the NCOP project.
“It differs from other NFT platforms where pieces are selected through a competition, and their value is assessed through collective intelligence, while fanbases can be created for creators and creators can be rewarded systematically.”
NCOP, which will be launched as a technical NFT platform service, will be developed into a Web 3.0 decentralized application platform running on its own MainNet by the end of this year, according to Kim.
He said that a Decentralized Autonomous Organization, or DAO, of Users will be formed in the NCOP to provide users with an opportunity to discover and evaluate the value of artworks to secure a certain level of objectivity, operational transparency and profit-sharing system.
Beginning with the NFT art market, NCOP will expand its music, gaming and real estate platform, integrating NCOP’s NFT and DAO on the metaverse by 2024.
Kim said his goal is to make it grow into the world’s largest global NFT platform.
Earlier this month, X-widget said its blockchain-based discount voucher system that allows users to collect 10 percent of their purchases and gives them a 10 percent discount has attracted more than 800,000 users with more than 1,000 stores that have signed up for the service in South Korea and Vietnam.
The blockchain-based payment and business development firm said it hopes to attract more stores and users in Southeast Asia and expand to other parts of Asia to reach 100 million users worldwide, including 10 million users in Korea, by 2024.
Written by Kim Soo Hyun (email@example.com)
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