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Over the last few years, there has been a massive surge in popularity within the NFT space. OpenSea, the largest and most prominent market for NFTs, has an estimated quarter of a million people actively trading NFTs on their platform each month.
More recently, the popularity of metaverses has also begun to build up some steam, with Facebook creating its version with billions already invested. The global metaverse market size is projected to reach $510 billion by 2028.
While the NFT and metaverse spaces have been particularly interested in the more light-hearted art forms these digital collectibles provide, there is still a significant gap for more legitimate, traditional art.
MIDA is filling this gap by bringing the biggest museums into the metaverse. Thanks to the services offered by MIDA, museums will reach a much wider audience that understands the true benefit and excitement of both augmented reality and the metaverse.
MIDA’s mission is to support art institutions taking on the economic burden of preserving some of the world’s most timeless masterpieces by creating a new and revolutionary revenue stream through the sales of corresponding NFT Masterpieces.
How MIDA Works?
The process used by MIDA preserves the integrity of the integrated works of art while also bringing them into the digital age.
MIDA creates a “distillation” of value, allowing what makes a work of art unique and authentic to remain intact even in its digital form. On the other hand, it provides institutions with new revenue streams to preserve our Collective Cultural Heritage.
Here is an in-depth look at the process:-
The digital format of the artwork is acquired through high-definition cameras or an Artec 3D scanner, creating two digital alter-egos of the physical. The artwork’s rights owner authenticates the two copies through signature before being bonded to the smart contract.
While one is auctioned on the blockchain, the institution keeps the other for future virtual exposition or any use cases on metaverses. This protects museums from the risk of digital deaccessioning, implicit in the creation and cession of a single asset.
The Value Added Through Utility
Owning a alter-ego of the masterpieces that have characterized our cultural history is a unique privilege that has never happened, the value of this asset is not only sought on the collector’s side.
Purchasing a MIDA’s NFT Masterpiece gives you access to a network of art world professionals, artists, influencers, famous critics and other like-minded enthusiasts. MIDA organizes, thanks to its partner, National Italian Trust, exclusive events in luxurious villas and palaces where people from the NFT space can meet and connect with the Kol’s of the traditional art world.
The first will happen in late July in a beautiful Villa located next to the famous Lake of Como. If that’s not enough, by staking your NFT Masterpiece, you will receive a daily reward of MIDA$, our utility token.
The MIDA Auction
MIDA auctions are managed entirely on-chain through dedicated smart contracts. Linking auctions to smart contracts and blockchain technology ensures transparency, confidentiality, and regularity of execution for all the parties involved.
Following the auctions, most proceeds are reimbursed to the rights holder of the masterpiece. Also, the institution receives half of the 7% Royalty charged on every trade involving each NFT on the secondary market.
Traditional art and NFTs rely on the same core fundamentals to ensure smooth operation. Authenticity and uniqueness are why these spaces are respected and how they flourish, so MIDA is taking every step necessary to provide these qualities to collectors and institutions.
Enterprises and institutions are going through a rapidly evolving transition that makes NFTs and the metaverse a logical next step. MIDA aims to be the bridge that brings enterprises and institutions into the Web 3.0 world, bridging the gap between the timeless masterpieces of generations gone by with the virtual worlds of the future.