The market for NFTs is experiencing explosive growth. The latest available data shows that NFT trading occupied a volume of US$22 billion in 2021, astounding growth from a mere $100mn in 2020. Among the priciest NFTs are tokenized digital arts that fetched millions of dollars. For instance, digital art named The First 5000 Days, by digital artist Mike Winkelmann, also known as Beeple, sold for US$69.3 million. Another piece of digital art, Human One, sold for US$29 million.
But have these high-priced pieces of tokenized art made the space more democratic, accessible, and rewarding? While it would be a far-fetched inference to draw for the space of tokenized art per se, there have come up players like 3Space Art that have already achieved much of these qualities.
You might be wondering how! And, that is what we will explore in the segments to come.
What is 3Space Art?
As a virtual gathering place that accommodates users, artists, general audience, and enthusiasts of digital art, 3Space Art functions with the simple objective of making the digital art world more accessible. It encourages people to share their creative works and create a self-sustaining ecosystem that would continue to capture the imagination of people outside it while staying rewarding for the participants.
The NFT Marketplace and the Ownership of $PACE Tokens
3Space’s art gallery is where you can see and buy digital art in tokenized form or as NFTs. Moreover, these NFTs also come in handy for the user to stake and receive $PACE tokens in return. The staking pool, also known as the Art Pool, incentivizes artists and collectors to exhibit their creations or possessions in offline events and exhibitions.
Making the process inclusive and convenient for the artists, 3Space Art has a seamless submission mechanism where artists can take their work to the larger world through online or offline events.
The owners of these arts can further benefit from the platform by staking their coins in the pool and delegating the exhibition rights for their online art. If these events result in commercial transactions, the proceeds go into the participating pool for distribution.
The Economy and the Propagation of Digital Art
What the platform 3Space Art handles efficiently here are two things. First, the presence of $PACE tokens, the royalty instrument for artists and collectors, helps incentivize and reward all stakeholders of digital art: artists, collectors, and the audience.
Along with offering a structure to the economy, 3Space helps expand the digital art domain by teaming up with a wide range of offline venues and event organizers and helping them leverage signage, TVs, digital art frames, and kiosks as instruments of showcasing. The Art Pool makes it easier to browse through these available options while management is seamless through the platform’s CMS.
Overall, 3Space’s efforts result in helping the world of the tokenized world become a fun and seamless place to be in and work with.