Art and Web3 started with a curious sparkle that has since largely flamed out. Some hold the view that Web3 equals NFT, which equals speculation. In reality, a NFT is a digital medium with unique characteristics, and Web3 is the technical framework that allow these unique characteristics to provide experiences beyond that of conventional art media. Art galleries that understand NFT and Web3 can offer these experiences to their existing patrons and extend the base of their clientele.
Specifically, NFT as a medium of art is not merely a storage of digital information. With advanced smart contracts, NFTs can be continually enriched. Alongside authentication, they can provide digital as well as physical experiences beyond the art itself. NFTs can also be combined in “super NFTs” that offer yet a different experience.
First, an art NFT can be continually enriched. It can interact with other smart contracts. For example, the art embedded in the NFT (let’s call it NFT A) can be a key that opens access to smart contract (let’s call it Smart Contract B). The buyer owns NFT A, which grants certain privileges with NFTs that Smart Contract B points to. The result is that owners of NFT A can showcase a range of art NFTs that are updated periodically in what is akin to a subscription model. For art galleries, this also means that new revenue models can be built, with subscription and rental that expand how they operate.
It is important to note that NFTs can also serve as legal proof of ownership. With NFT authentication services such as the authentication API that FeverTokens is introducing, art galleries can extend their business models with no risk of forgery.
Secondly, with NFT gating, art NFT can function as tickets or keys to events, functions, and/or experiences. NFTs can be catalysts for user growth. For example, an art gallery can co-host special events with artists with NFT as tickets. The art gallery can also adjust the lighting on a specific art when a holder of its art NFT looks at it to suit his or her preferences. Art NFT can also be carried over into the Metaverse.
Lastly, multiple art NFTs can be encapsulated into a “super NFT”. The latter not only functions like a virtual art gallery but can provide access to unique experiences. They open up virtually unlimited possibilities when combined with the Metaverse and/or NFT gating.
Eager to explore these possibilities?
Wondering where to start, yet worrying about the cost?
FeverTokens has created a free-to-use no-code framework for everyone to develop their own Web3 implementations. Via either a simple UI or a feature-rich API, you can achieve numerous functions. We are also open to partnerships and discussions about technical support for the Web3 journey of your art gallery.