One of the latest additions in the crypto space, Non-Fungible Tokens (NFTs) have been exploding in popularity. The technology, built upon a decentralised blockchain, facilitates in the creation, acquisition and transaction of digital art. A recent sale of an NFT for $91.8 million has made headlines, as investors and artists alike scramble to find the best opportunities in the field.
Catering to the increasing demand, Singaporean startup Art Haus has launched the Artists in Residence program to assist artists, collectors, and curators in manoeuvring the NFT market.
Artists Residency and Creative Sovereignty
Art Haus aims to attract digital artists to work within their premises, where they will have access to a team of experts to guide them in exploring NFTs in a supportive environment, while gaining access to a distinct NFT platform.
Many existing platforms minimise operating expenses by minting NFTs using contracts bundled with many other artists. This is not the case at Art Haus. Their artist residency program ensures creative freedom and sovereignty for artists, and all artists are equipped with personalised, individual smart contracts for all their NFTs.
This is a key differentiating factor for Art Haus. On one hand, artists benefit from having their own branding on their creative work. On the other hand, collectors can be sure that the NFTs they own are genuine, while ensuring a high level of security, eliminating the risk of loss due to platforms going out of business.
In order to join the program, an artist must submit an application, which will be thoroughly assessed to ensure a high quality of artistic work and exclusivity of the collection.
Art NFTs Auctions
In addition to empowering artists to create digital art, the platform is equipped with an NFT marketplace, where artists, curators and collectors can buy and sell NFTs through auctions.
The auction system, powered by the ZORA protocol, allows artists to showcase their work to a wide audience of collectors and curators and to extract the most value out of their creations. It also offers collectors the opportunity to invest in and receive returns on NFTs.
Curatorship
The NFT platform integrates a selection of curation mechanics and subscription levels. Each resident artist becomes a keyholder who can unlock curatorship. They receive commissions on major sales by artists they curate, about half of the 15% fee charged by Art Haus.
Many exclusive galleries are only accessible to keyholders, who are responsible for discovering new talents and incubating new digital art projects.
Residual Commissions
A vital feature of Art Haus is residual commission. This allows artists to receive secondary royalties by taking a cut of subsequent sale, allowing artists to have a stream of income and receive a share of their work’s increased value. This is a desirable feature as many NFT artists have a substantial collection of NFTs that regularly change hands between collectors.
The First Resident: Nicholas Keays
The first resident artist joining Art Haus is Nicholas Keays, a Melbourne-based creator. His art is described as a “methodical, focused and solemn expression of the solipsistic and deranged nature of contemporaneity.” Through the Artists in Residence program, Keays have gained greater exposure of his work to collectors.
As a resident artist, Nicholas Keays is an honorary keyholder, which allows him to curate work from other artists. This feature enables him to earn commissions on primary sales of artists he refers to the platform, which is half of the platform’s 15% fee.
Like Keays, any artist joining Art Haus has access to referral commissions. Creating and selling art on the platform allows them to experiment with the latest developments in NFTs and secondary royalties. This allows them to increase their income every time their work changes hands between NFT collectors.
Advancing Technology
One of the main mission of the project is to make the decentralised web, or web3, more accessible, allowing traditional galleries and auction houses to pivot to the new technologies. Art Haus aims to advance the industry by introducing the latest open protocols, such as Zora Auction House and Manifold Creator.
Bottom Line
While the NFT space is relatively new, startups like Art Haus are actively bringing new innovations to the field. Balancing the interests of both the artists and the collectors is key in the growth of the digital art industry, and Art Haus is well-positioned to achieve this goal of bringing traditional art galleries to the 21st century.
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