ArtMeta announces that it's building a metaverse dedicated to fine art in an effort to unite the traditional art world with the crypto NFT art space.
Uterageri, Switzerland, March 05, 2022 (GLOBE NEWSWIRE) -- ArtMeta announces that it's building a metaverse dedicated to fine art in an effort to unite the traditional art world with the crypto NFT art space. The ArtMeta metaverse will be a fully-realized photorealistic 3D world where artists, art lovers, and collectors can gather to explore virtual galleries and participate in auctions and sales. It will include participation by well-known art galleries from all around the world, as well as high-end auction houses and individual artists.
The idea behind ArtMeta is to help artists and galleries gain a foothold in the NFT space by connecting them to their customers in a purpose-built virtual world. The world itself is an island city imagined by a painter Jonathan Delachaux, and executed in collaboration with a visual and digital effects artist and DI specialist, Romain Donnot. The project is led by the CEO Roger Haas, the founder of a world-class gallery, who also led a museum foundation in Switzerland. Haas is a prominent voice in the contemporary art world, whose support and leadership have proven invaluable for ArtMeta. Its design draws from the look and feel of famous art exhibitions throughout the world, including Documenta, the Venice Biennale, Soho, and Art Basel.
Inside ArtMeta's metaverse, visitors will have the ability to move freely about the city, exploring it as they wish. There will be no locked doors anywhere, and nothing will be off-limits. As they travel, visitors may encounter pop-up art events and can visit the virtual installations of countless real-world museums. And because the indoor spaces in the ArtMeta metaverse are digital – there's always a surprise waiting beyond each door.
This is because the buildings in ArtMeta's metaverse will take advantage of the non-Euclidean nature of the digital world. That means a visitor may enter what appears to be a small unassuming building only to discover a gallery that makes the Louvre in Paris look tiny by comparison. Conversely, they might enter an opulent palatial building and find a stark white room with a single artist's painting.
What they find will be all up to the galleries and artists that rent space in the metaverse. They will be free to control their exhibition space and use it as an expression of their favored design styles. And inside, they can display tokenized versions of their real-world art. Visitors will be able to purchase the NFT versions of that art if they wish through the ArtMeta marketplace or via the services of participating auction houses.
The point of all of this, beyond bringing fine art to the widest possible audience, is to solve a number of problems that now exist in the digital art market. One is that artists lack the technical skills to create NFTs, limiting their ability to participate in the new medium. ArtMeta remedies this by giving artists access to a high-end NFT studio that will help them translate their work into NFT form.
And for galleries, ArtMeta serves as a bridge that connects them to a digital art market that most estimates expect will be worth $13.5 billion by early 2022. Within it, galleries get the space they need to show off their collections, as well as the guidance they require to navigate the new market and thrive within it.
What makes ArtMeta such a unique value proposition is that it will also serve as a magnet for art lovers and collectors around the world. By assembling a large and diverse audience in a single digital space, artists and galleries can turn their participation in the metaverse into a reliable and repeatable income stream. They can use that money to support their offline work, expand their metaverse footprint, or both.
To get their ambitious new metaverse off the ground, ArtMeta worked with the highly-regarded crypto launchpad platform TrustSwap. During the launch, the project was hoping to raise $750,000. However, due to extensive interest, the IDO was oversubscribed by 1,045%. It ended up quickly raising $750 thousand, but the overall demand was at $7.8M. On January 27th, the project held a Polkastarter IDO, which also resulted in another showing of market demand bringing forth more than 15,000 signups to the whitelist. The project originally intended to raise $500,000 during this IDO, but it once again achieved this mark in a blink of an eye, and exceeded it.
They now plan to devote a portion of the funds to recruiting their first gallery and auction house partners. The goal is to have no less than 50 participating galleries by the public launch of the metaverse itself.
And in addition to its recruitment activities, ArtMeta will also be purchasing a collection of art sourced from galleries all over the world. That collection will become the basis of a gamification program to encourage participation among the platform's early backers.
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