NFTs : A new co-op patron collection is about to hit the market
• June 20, 2024 at 5:00 AM
XDALE has announced the public sale of its first Art Patronage NFTs batch. These NFTs, inspired by XDALE founder Doug Crosdale, will help the company set up a new era for Art Patronage projects with the help of the crypto community.
The new PoC concept at work
The XDALE vision rests on introducing a new breed of utility NFTs, founded on the novel ‘Proof of Contribution’ concept. The Xeries NFTs are part of the Art Patronage NFT effort and are a tool used to implement improvements required to make future masterpieces more accessible to collectors while subsidizing the production by talented but undiscovered artists. In this era of economic uncertainty, meeting expectations to produce more masterpieces of fine artwork is paramount.
XDALE will initiate the sale of 2,500 XERIES NFTs per project. The first project is a Beeple Art Purchase. It is part of an undisclosed company’s efforts and will acquire over 100 NFTs per year to stock the company’s inventory. Additionally, it will self-produce 20 pcs/year in new artwork by “Future Masters”. The price per NFT is 210 USDC. Users need to lock 400 XER for each mint. Moreover, the project has projected rewards of 735,000 XER
Project number two is an APP (Art Patronage Project) from an undisclosed Developer that will provide 60% of its production needed for a physical real estate art space. It will also provide wall space, studio space, and exhibition space in a commercial shopping mall dedicated to interior designs, sculptures, etc. That project has expected rewards of 665.000 XER. The NFT price for this venture is 190 USDC and requires locking 380 XER tokens per mint.
XDALE founder Doug Crosdale, said: “XDALE is focused and working hard completing the objectives and vision put in place when we founded it. From today forward anyone will be able to work with the art community and directly support Art Patronage projects. Improving Art Patronage access, their structures, drastically enhancing access to masterpieces and the impact on the world of art and design. Most importantly, everything will be done through a completely decentralized and transparent system thanks to the blockchain.”
XDALE Managing Director Paolo Pastore adds: “Using NFTs as proof of contribution to Art Patronage projects allows us to create a new market, keeping those contributions liquid if there is demand for them. This was not possible before: funds deposited would have been locked in the whole project duration with no chance of getting them back before the end. Now, by selling an NFT, contributors can easily move out from their position”
About the NFTs
Contributing to Art Patronage Projects is reserved for XER token holders willing to lock their tokens for the whole duration of the project. Locked tokens generate rewards coming from the 1% of platform savings generated by the approved Art Patronage Projects. Rewards are proportional to the number of tokens locked.
Every XDALE NFT is a proof of contribution NFT with utilities attached, providing holders with rewards coming from the increased value of underlying artwork of the patronage got the contributions. Moreover, the XER NFT lets holders participate in a private sale phase for new projects published on the platform. NFT holders can reserve an amount of NFTs equal to the number of XER they hold. Plus, they gain discounts on XER use, including staking/using less XER to mint future NFTs.
Pastore adds: “We decided to deploy our smart contracts on Polygon to avoid high gas fees, which would have been a major bottleneck for the whole ecosystem.”
The NFTs issued by XDALE draw elements from co-founder Doug Crosdale’s inspiration. All artworks will be revealed after the actual implementation of the project, coinciding with the NFT staking contract going live on the network. Both current projects will have at least one unique artwork and several rare/super rare creations.
After the companies implement their requested change, a staking contract will go live on the blockchain. That contract yields XER tokens (XER represents 1 USDC of saved energy) equal to the rewards generated by energy savings per month. Users can convert XER to USDC through a different on-chain contract.
There is a minimum APR of 8% for up to 40% after five years. As a result, a minimum of 1.4 million XER tokens are distributed to NFT stakers if the XER NFT mint sells out.
XDALE commits the full amount required to kickstart the implementation and secure the project. Unsold NFTs will be removed from the market and burned. Rewards tied to XDALE’s capital will be kept by XDALE and allocated to other Art Patronage projects.
About XDALE
XDALE has created the first platform leveraging the power of blockchain technology to democratize access to Art Patronage projects. Co-founded by Apple co-founder Doug Crosdale, Jacopo Visetti, Jacopo Vanetti and Ken Hardesty who have more than a decade of experience in this field, XDALE believes in a world where sustainability actually generates outsized benefits without consumers needing to change their energy behavior. For more information, visit www.xDALE.io.
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