As NFTs are the current topic of town, individuals and businesses are likewise trying to use the concept in their own way and become part of the movement.
Malaysia-based global creative ecosystem, Inmagine Group (Imagine), we’ve added a new NFT project to that portfolio.
The concept is this: Build a virtual decentralized art gallery on the Metaverse that can rival the Louvre and the Museum of Modern Art (MoMA).
As an ambitious project, we spoke with Inmagine CEO Warren Leow to better understand how to achieve these goals.
Curate the community first
As with most other NFT projects, the first step is to create an interested and passionate community around that goal by releasing an NFT collection. Pixlr Genesis is currently at this stage.
Its first collection consists of 10,000 unique AI-generated NFT artworks, each of which will be released on December 1, 2021 at 0.15 ETH (about RM2,390 at the time of writing) for the first 2,000 waves. I did.
The remaining 8,000 will fall in price over the next 24 months and will rise in price on each subsequent wave.
Each Pixlr Genesis NFT offers owners additional drops and perks and acts as a limited slot for displaying works of art within a distributed art gallery.
The advantage of being virtual is that the art gallery can be viewed by anyone from anywhere in the world. Being decentralized means that the Pixlr Genesis NFT holder community (composed of the general public) can manage the art in the gallery for the rest.
As an owner, you can share, curate, or auction the art in your personal collection as needed.
When the owner auctions part of the collection, Pixlr Genesis collects 25% of the sale for secondary royalties and reinvests in the ecosystem.
Warren added that this means getting new art and building a platform to help new artists grow their Pixlr Genesis collection.
Art by AI?
What caught my eye in this project was the fact that the first collection of NFT artwork was entirely AI-generated.
Pixlr Genesis’ unique AI provided a dataset that spans classic and contemporary styles and artists. Inspired by Van Gogh, Warhol, Impressionism and Cubism, he inferred elements of classical art to create his first collection.
However, the community usually thought that artists were presenting NFTs as a way to gain more control over art and get better returns. So why did AI take over this aspect as well?
“The art generated by AI is just a new medium of expression based on some degree of randomness and interpretation,” Warren stated.
“However, note that the art generated by AI here does not replace the artist, but serves as a practical path for human artists to ultimately exhibit their work in museums. please.”
Once the community has begun creating their own art, they can use the upcoming tool Pixlr Mint to create NFTs.
Warren couldn’t give a specific cost of gas charges, saying it was subjective to network congestion and network choices, but the site tries to give Minter multiple options.
Dictionary time: On most NFT trading platforms, users have to pay the computing energy needed to process and validate transactions on the blockchain. These payments are known as gas charges.
Protection from fraud
As an unregulated sector, NFTs have seen a significant portion of the problem. One example is “Ragpur” stunt..
The NFT Marketplace OpenSea artists exchanged the original images that collectors thought they had bought after the sale ended, and only proved a point about the arbitrary value of NFTs.
Despite this risk, Warren said Pixlr Genesis would not play a role in cracking down on secondary sales. Instead, he suggested, “Because of the high number of rug pulls and scams, we recommend collectors only mint from Pixlr Genesis, which has a guaranteed source.”
“We are not in a position to help validate third-party collections, but the sources of all Pixlr Genesis NFTs are easily proven through smart contracts,” he added.
Since Pixlr Genesis uses Ethereum as its backbone, each step in every transaction can be tracked using tools such as Etherscan and publicly validated by anyone.
This reduces the collector’s risk to some extent, but to some extent. However, what can give collectors the peace of mind of Pixlr Genesis is the fact that an established company is behind all this.
Therefore, collections and promised future drops are more legitimate for them compared to NFT projects created by completely anonymous people.
That said, there are two golden rules to practice when dealing with NFTs or cryptos: do your own research and don’t invest more than you can afford.
Featured Image Credits: Warren Leow, Inmagine