Early this year, CEO and prominent voice in modern traditional art Roger Haas and his talented team of artists and painters announced the building of an ambitious metaverse project ArtMeta.
The project aims to bridge the gap between contemporary art and the NFT ecosystem, providing a platform where artists and collectors across all spheres can explore various art collections and attend auction events.
For the project to kickoff, ArtMeta collaborated with TrustPad to raise funds through IDO. Due to its potential, the launch was oversubscribed by 1045%. In the end, ArtMeta raised $750k.
ArtMeta also exceeded expectations when it raised over $500k during its IDO on Polkastarter, with over 15k signups to the launchpad’s whitelist.
Lowering Entry Barrier to Exhibition and Sales in the Virtual Space
The objective of ArtMeta is to onboard artists and art galleries into the NFT space seamlessly and take art beyond the traditional landscape.
Following the outbreak of Covid-19 in 2020, artists were one of the most affected because the pandemic forced the closure of many galleries where these artists could display their artworks.
As evidence, global art sales transactions dropped to 31 million in 2020 from 40 million in the previous year. Not only did the pandemic limit sales, but these artists were not able to fend for themselves. NFTs came at this point as an alternative to alleviate artists from their misery.
Thanks to blockchain, many artists could tokenize their artworks, exhibit them, and sell them on marketplaces for profits.
However, onboarding artists into the NFT space still had some limitations. For instance, not many artists have the fundamental skill to mint an NFT.
In the end, this limits their abilities from leveraging this new digital medium to auction their artworks. In addition, carrying out exhibitions in the metaverse will lead to the dearth of traditional art galleries and make it challenging to access famous works. For this reason, ArtMeta emerged.
ArtMeta is a photorealistic 3D world that helps artists and galleries adapt to the fast-changing digital sphere.
With interest in establishing a presence in the digital space at an all-time high, ArtMeta emerged as a solution to link art houses and artists to the audience in an immersive virtual space.
The project has tools that can be leveraged to participate in the expanding ecosystem.
According to Haas, the design of ArtMeta feels as though it is a famous auction house. In the metaverse, everyone can explore auction houses, visit the virtual forms of real-life museums, attend auction events, etc. Behind every door in the metaverse is a mysterious box of surprises awaiting to wow the guest.
In addition, artists and galleries can rent spaces and are free to use them as they please. They can show off their tokenized arts to guests and sell them to those willing to purchase them.
ArtMeta serves as the platform to link tokenized artworks to audiences without the limitations of the physical art landscape for artists and galleries.
They can generate a reliable income stream. For art lovers, ArtMeta is a platform to view and acquire a wide range of artworks without physically going to physical auction events.
ArtMeta Announces Release Date for its Beta Version
ArtMeta will work with Tier-1 galleries and artists to turn its vision into reality. Haas plans to recruit about 50 galleries and acquire art collections from galleries worldwide.
The collections will form the bedrock of gamification to spur participation.
In addition, ArtMeta’s alpha development will kickstart soon, and NFT sales will hold between now and Q4 2022 before releasing the beta version in 2023.
The platform will list the metaverse token $SMART on CEXs and DEXs before Quarter Three of 2020 ends.