How the UniArts Platform is Bringing Forward New Artists?
- Uniarts is a platform for emerging artists to sell their NFT artworks at fair prices.
- The UART is the native token of the platform used for staking and earning block rewards.
Art collectibles are still limited to distinct communities that engage in discovering, auctioning, and buying them. Often, the artist does not receive the true value of their art. Art collectors also need to ensure that they do not flood the market with scarce works and then find them unremunerative.
Recently, artworks have taken the shape of Non-fungible tokens (NFTs), which are unique assets recorded over the blockchain and provide proof of ownership. People are showing interest in this realm and buying NFTs either for appreciating art or as an investment source. This calls for an improved infrastructure around these NFTs that will serve the best interests of the artist, the collector, the community, and the art itself.
What is UniArts?
The blockchain network aims at the democratisation of art through an infrastructure that includes community voting, art grants, and DAO curation. The multi-network NFT ecosystem also utilises smart-contracts-based Ethereum Virtual Machines (EVMs).
The platform allows artists to discover the real price of their art and add extra value to them. The artist first uploads their artwork on the network and mints it into an NFT. Next, they bind this NFT to a curator who acts as a validator in the network. Now, people can cast a vote on the works, and the more votes the NFT receives, the more UART (native token) is minted with the NFT.
This is analogous to the real-world scenario where an artist first paints their painting and then finds a broker or art gallery for it. Here the curator works as that broker who persuades several artists to bond their art with their nodes.
The platform relies on its unique consensus mechanism called the Nominated Proof of Stake (NPoS), which already exists on the Polkadot and Substrate networks. Similar to PoS, the users are required to stake their tokens and earn the right to vote for choosing the network node. In return, they receive a block reward. Under NPoS, some of this block reward is minted with the preferred NFT, increasing its value over time.
In the Uniarts world, each artwork has to be first minted into NFT and then voted on before they could be sold or put up for auction. Users use UART tokens to vote for their preferred NFT. The amount of UART tokens minted within an NFT reflects its degree of preference by the community. However, the price at which the NFT will be sold can completely depend on the price bargained between the buyer and seller. Uniarts can help investors better judge the NFT through a powerful metric of community interest and can breathe an air of certainty in its underlying price.
These NFTs with an attached value to them can be further used in lending platforms as collateral and enter the DeFi market. The art can be made more interesting when the NFT projects of other gaming platforms will be used in the Uniarts play-2-earn ecosystem.
The platform has also launched its art gallery, called “The Impossible Art Formula,” based on smart contracts and currently run by the UniArts team. The smart contract will work as the first validator and being deployed on Polygon, uses its consensus to maintain security.
With the vast majority of NFT collections present, it poses a challenge for buyers to search for the NFT they will love. Often, the NFT marketplaces are restricted to a particular chain and have to continuously hop from platform to platform. The Uniscan feature helps them in finding NFTs in a single place that is cross-chain functional and even find some collections at places they did not know existed.
The internet has helped several sectors come online and increase their audience and value. The art collectible industry has also moved, however, the traditional system has many drawbacks. With blockchains and NFTs revolutionising this sector, the UniArts platform is sure to attract more art lovers and provide exposure to emerging artists.