With NFTs being the current topic of conversation in the city, individuals and businesses are trying to join in, using the concept in their own way.
Global creative ecosystem based in Malaysia, Inmagine Group (Inmagine), has added a new NFT project to its portfolio.
The concept is as follows: build a virtual and decentralized art gallery on the Metaverse that can compete with the Louvre and the Museum of Modern Art (MoMA).
An ambitious project, we spoke to Inmagine CEO Warren Leow to better understand how he will achieve these goals.
Organize a community first
Like most other NFT projects, the first step is to build an interested and passionate community around your goals by posting NFT collections. Pixlr Genesis is currently at this stage.
Its inaugural collection consists of 10,000 unique AI-generated NFT artworks, and the first wave of 2,000 pieces went on sale on December 1, 2021, for 0.15 ETH (approx. 2390 RM at the time). editorial staff) each.
The remaining 8,000 coins will drop over the next 24 months, with prices rising with each subsequent wave.
Each Pixlr Genesis NFT will entitle holders to additional discounts and perks, and serve as a limited location to display a piece of art in the decentralized art gallery.
Being virtual, the advantage is that the art gallery can be viewed from anywhere in the world by anyone. Being decentralized means that the community of Pixlr Genesis NFT owners (consisting of the general public) can organize gallery art for the rest of the public.
Once you own it, art from your personal collection can be shared, organized or auctioned off as you see fit.
When a holder auctions a piece from their collection, Pixlr Genesis will receive 25% of the sale in secondary royalties to reinvest in the ecosystem.
Warren added that this means acquiring new art and building platforms to help new artists develop the Pixlr Genesis collection.
Art through AI?
Something about this project that caught my eye is the fact that the first collection of NFT artwork is fully AI-generated.
The proprietary AI of Pixlr Genesis has received data sets spanning classic and contemporary styles and artists. He drew inspiration from Van Gogh, Warhol, Impressionism and Cubism, extrapolating elements of classical art to create the initial collection.
But I thought the community generally presented NFTs as a way to give artists more control and better returns for their art, so why has AI taken over in that aspect as well?
Warren clarified, “Art generated by AI is just a new medium based on a certain degree of randomness and interpretation.”
“The bottom line, however, is that the AI-generated art here does not replace artists, but rather functions as a utilitarian pass to allow human artists to eventually exhibit their work in the museum.”
Once the community starts creating their own art, they can use Pixlr Mint, a new tool, to create their NFTs.
Warren was unable to give a specific cost of gas charges, however, saying they would be subjective to network congestion and network choice, but the site will attempt to give miners several options.
Dictionary time: On most NFT trading platforms, users have to pay for the computational energy needed to process and validate transactions on the blockchain. These payments are known as gas charges.
Protect yourself against scams
As an unregulated sector, NFTs have experienced their fair share of problems, one example being the waterfall “pull the mat”.
This is where an artist in the NFT OpenSea Marketplace traded in the original images that collectors thought they would buy after the sale was completed, simply to prove a point about the arbitrary value of NFTs.
Despite this risk, Pixlr Genesis will not play the role of controlling secondary sales, Warren said. Instead, he suggested, “With so many carpet prints and scams, we recommend that collectors only make Pixlr Genesis where provenance is assured.”
“We are unable to help verify third-party collections, but the provenance of each Pixlr Genesis NFT is easily proven through our smart contracts,” he added.
As Pixlr Genesis uses Ethereum as its backbone, every step of every transaction can be traced using tools like Etherscan and is publicly verifiable by anyone.
This mitigates some risks for collectors, but only to a certain extent. What can reassure collectors with Pixlr Genesis, however, is the fact that an established company is behind it all.
Thus, the collections and the future drops promised have more legitimacy for them compared to an NFT project created by completely anonymous people.
That being said, there are still 2 golden rules to practice when it comes to NFT or crypto: Do your own research and don’t invest anything more than what you can afford.
- Learn more about Pixlr Genesis here.
- Read more NFT content here.
Featured Image Credit: Warren Leow, Inmagine