Toronto, Ontario--(Newsfile Corp. - June 23, 2021) - HUP.LIFE is proud to announce the successful June 15 fair launch of its $HUP Token on PancakeSwap and the development of HUP.MARKET, an all-in-one NFT Marketplace enabling socially conscious visual artists and collectors to authenticate their artwork, find copycats across the web, and buy, sell, and license their artwork through its copyright - while complying with international copyright and securities law.
The $HUP Token, a community-governed utility token with novel tokenomics that encourage long-term holding, will serve as the digital currency fueling the HUP.MARKET platform through which artists from around the world can mint copyright-enabled NFTs (ceNFTs), allowing creators and collectors to fully monetize artwork through the combined power of the blockchain and internationally enforceable copyright.
With an estimated value of $12.4 billion, the digital artwork industry is a compelling and proven market. That's on top of the market for Non-Fungible Tokens (NFTs), estimated at $2 billion in Q1 of 2021 alone. In its current state, however, this exploding sector is severely inhibited by the lack of robust solutions built on a framework compliant with international copyright treaties and transnational legal considerations.
When artists produce artwork to be sold online, international legal discrepancies relating to the artist's country of origin and artist control over the sale of digital copies create a smokescreen of legal confusion that prevent this otherwise promising industry from reaching its full potential.
HUP.LIFE tackles these challenges by combining copyright ownership and full monetization with a more 'traditional' NFT marketplace, resulting in HUP.MARKET, its decentralized NFT marketplace set to launch December 2021.
Artists who mint their works as ceNFTs on HUP.MARKET will be able to authenticate and fully monetize them through internationally enforceable copyright, unlocking unlimited possibilities. The project has also invented the concept of the "Ghost NFT," a secondary NFT representing the transfer of the full bundle of copyright of an artwork underlying an NFT. Artists can also sell the NFT but retain the copyright (resulting in the Ghost NFT staying with the artist) and license it to interested third parties on a time-limited basis using HUP.MARKET's planned Licensing Module.
The $HUP Token itself is supported by strong tokenomics and a community governance framework allowing holders to vote on the features of the platform through the project's novel 1 Wallet, 1 Vote model. All transactions and wallet transfers (except for those that take place on the planned NFT platform) are subject to an 8% surcharge - with a quarter burned forever, a quarter locked into liquidity, a quarter distributed proportionately back to $HUP holders on a passive, auto-staking basis, and a quarter sent a charity wallet for donation to capybara-related causes.
$HUP holders will get the opportunity to vote each month on the capybara-related cause accumulated charity wallet funds should be donated to.
"I am blown away by the ethics of $HUP," says Steve Wozniak, Co-Founder of Apple, adding, "this project not only generates real value for creators but also advances the ethics of social consciousness and animal welfare - two causes near to my heart - in an open and transparent way.
"That's the reason I am pledging my endorsement for an NFT-related project, HUP.LIFE and the $HUP Token," Wozniak said in a pre-recorded video statement.
Harrison Jordan, Founder and President of HUP.LIFE, stated, "We are beyond excited for the launch of HUP.LIFE, the $HUP Token and our HUP.MARKET platform that will allow artists to get the full compensation they deserve for their works and empower collectors to unlock unlimited possibilities for monetization by transacting with not just an NFT, but the full bundle of copyright of the underlying art work."
HUP.LIFE is also proud to announce its partnership with ETHO.Black, developer of ETHO Protocol, a decentralized, resilient file hosting system that allows content to be pinned around the world on the blockchain.
The partnership enables HUP.LIFE to host NFTs in preparation for the December 2021 unveiling of HUP.MARKET and comes on the heels of the June 15 fair launch of its $HUP Token.
The project can be found on CoinGecko.
HUP.LIFE is a blockchain-based, community-governed project that strives to empower artists and collectors to fully monetize their art NFTs through the power of internationally enforceable copyright. With the ethos of social consciousness at the core of its mission, HUP.LIFE and its HUP.MARKET NFT platform are paving the way for visual artists and collectors to take control of their NFTs by selling and licensing the copyright of the underlying artwork throughout the globe.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/88412