Settled, Magic Eden, and NFTs' Role in Public Art | Decentralized Arts
Dear Bankless Nation,
The use cases for NFT technology continues to expand, as users develop clever ways to utilize the tech. One such clever use has arisen in Atlanta, GA, where the City commissioned art by way of a physical installation and a corresponding NFT collection. City officials are leveraging the popularity of NFTs to help offset the costs of the collaboration, as well as create a secondary source of revenue for both the city and the artist. Tam Gryn, a guest contributor, provides the details.
Magic Eden, an NFT platform development company, is making waves on Bitcoin, cashing in on the popularity of ordinals, despite the conflict that has arisen within the Bitcoin community around them. Kouros provides an overview.
Chippi prefers spending fiat to bitcoin; DustyEye has captured yet another demon from the Legion of 444; and nonsense drops the alpha on this week’s highlighted piece for BanklessDAO’s NFT Showcase.
Welcome to Decentralized Arts.
Contributors: BanklessDAO Writers Guild (Grendel, Kouros, Kaf, nonsensetwice, Frank America)
This is the official NFT newsletter of BanklessDAO. If you were a Premium Member of the Bankless Newsletter as of May 1st, 2021, you have been subscribed to this newsletter at launch. To unsubscribe, edit your settings here.
Curated NFT News
Magic Eden Becomes Leader in Ordinals NFT Marketplace
Magic Eden launched a Bitcoin NFT marketplace on March 21 dedicated to Ordinals inscriptions and now accounts for the majority of Ordinals inscription trading volume across marketplaces. Magic Eden made 1.9 million USD in sales in the first 10 days compared with the $400K made by the second marketplace, Ordinals Wallet.
The platform provides a similar experience to Magic Eden’s existing marketplaces for Polygon, Ethereum, and Solana-based NFTs. The marketplace supports the Ordinals-compatible Hiro and Xverse wallets at launch.
Bitcoin Ordinals are “sats” or satoshis that have been inscribed with a piece of information, such as text or an image. This piece of information makes the sat unique and turns it into a NFT and as such, Bitcoin Ordinals live on the blockchain and their value is dependent on the information they include rather than as tokens themselves.
NFTs' Role in Public Art and Alleviating Tax Payers
By Tam Gryn
What is Public Art? Simply put, public art is art in public spaces. Public art brings artists and their creative vision into the civic decision-making process, creating a community identity and gathering places for residents and tourists. In short, public art is for everyone.
On-Chain Public Art
Artist: Joseph O’Connell, Creative Machines Inc.
(Design, engineering, fabrication, installation,project management)
Completion date: 2022
Client: City of Atlanta,
Mayor’s Office of Cultural Affairs
Artwork budget: $450,250
The City of Atlanta commissions from the artist a physical public art piece PLUS the primary market NFT collection for their original commission budget of 450,250 USD—the NFT collection is valued at 125,000 USD.
The City of Atlanta sells the NFT collection through the CODAMADE platform for at least 125,000 USD–generating revenue for themselves and the artist.
The City of Atlanta has the potential to receive 80% revenue, amounting to 100,000 USD when the total collection sells, therefore recouping over 20% of the initial cost of the commissioned artwork.
The artist has the potential to receive 10% revenue from the initial starting price if the total collection sells.
Both the city and the artist can receive secondary royalties.
NFT by Creative Machines (CODAMADE)
Phygital Cities of the Future
CODAMADE is launching its newest drop, a limited-edition collection of public art NFTs.
These exclusive NFTs will drop online at CODAMADE, and they will also be incorporated into public art installations at Phygital Cities of the Future, an NFT exhibition spanning three weeks at Mad Arts which kicks off at CODAsummit 2023, taking place from March 29-31, 2023.
For this drop, CODAMADE is unveiling brand new public art NFTs from internationally renowned artists, including, but not limited to, Ana María Caballero, NONOTAK, MGOGLKTKO, and Katie McIntyre.
Showcasing both real and imaginary projects that involve public art and NFTs, this exclusive CODAMADE drop brings these projects together in a harmonious convergence between the physical and the digital–a representation of how cities will be in the future. It demonstrates the congregation of creativity in uniting artists working in various media and adopting blockchain technology with digitally native artists engaging in physical media.
This NFT collection proposes to go beyond the restrictive binary of physical and digital, merging our analog relics with our digital future as a form of collective community expression.
Noted collector, appraiser, and curator of Phygital Cities of the Future, Ronnie K. Pirovino has seen a tremendous level of interest in this NFT space. According to him, these digital and public art collaborations are necessary, as platforms like CODAMADE provide a means for reaching out to interested creators to “provide a way for them to be educated, a way for them to see this work, and a way to imagine how this is all really evolving and converging. It’ll be really exciting to see all the work and the discussion that will come out of it.”
d’ART DROPS
Weekly art drops done in collaboration with up and coming NFT artists, for the Bankless community, presented by Decentralized Arts.
by nonsense
This week brings us the third installment of our collaboration with Dark World Arts: Settled. This is for the hodlers, the crypto natives and newcomers who recognize the long term value in their investments and are unwilling or reluctant to sell as a result. These individuals and communities are content to watch the tumultuous market roll violently between peaks and valleys, unfettered by drops and unmoved by rises, because they know they’re setting themselves up for success in the next bull run, and the next one, and the next one.
This piece will be made available during the BanklessDAO Community Call as part of the community NFT showcase. Head over to Rarible and add it to your favorites so you’re ready to collect it when it goes on sale. 70% of each sale will go to the artist, 5% will go to the DA and bDAO collaboration with ThriveCoin, 10% will be returned to BanklessDAO, and 15% will be retained by Decentralized Arts.
Chippi Corner
By Perchy
THE LEGION OF 444 – Part 11
The Devil in a Bottle, with L.Elrah illustrations
Dear BanklessDAO Readers,
We are in London, the year 1891 has just been inaugurated. Robert Louis Stevenson sits absorbed at his desk. He dips the quill in the inkwell, then moves it towards the page to write the last lines of "The Devil in the Bottle."
Between February and March of the same year, the New York Herald magazine published that story. We can assume Stevenson envisaged the publication of that novella; perhaps there were already some editorial agreements in place.
What Stevenson certainly could not have foreseen is that after almost a century and a half, the idea of him would have been revived to imprison a digital Demon. This week we present the result of a demonic techmigration. The attached photo portrays the entity enclosed in a tempered glass container, with 24-karat gold and various seals.
What can I say? Thanks Robert! Now the demon N°088 is to be considered stabilized, but if anyone has other strategies, do not hesitate to contact us info@DustyEye.com.
…see you next week,
Dusty Eye
______________________
WEB: www.DustyEye.com
IG: @DustyEye_DE
TWITTER: @Dusty_Eye
PostScript & Acknowledgements
Decentralized Arts is written and produced by a small team of contributors who are passionate about art, both visual and written, and its growing place in crypto and NFTs. With each edition, we aim to bring you not only the most current and relevant news in the NFT space, but also explorations in what it means for our culture and societies for this market to continue to grow and expand. When everyone is an owner of art, we all gain a deeper appreciation for it.
If you enjoy reading this newsletter, please share it with someone who you think will appreciate the content. We also welcome suggestions via our feedback form.
With great appreciation for you, we thank you for reading and subscribing to Decentralized Arts.
Cordially,
Grendel, Kouros, Kaf, nonsensetwice, and Frank America