NFT's have been around for a while now, but they've only recently started to gain mainstream attention. This is largely due to the booming popularity of cryptocurrency and the rise of digital art.
First of all, what are NFTs?
NFT's are essentially digital assets that are stored on a blockchain. This makes them unique and immutable, which means they can't be duplicated or altered. This makes them seem ideal for storing valuable digital assets in it, such as art.
Why are we replacing NFTs?
The NFT terminology considers artworks as “tokens.” While the technology is revolutionary for bringing resale royalties to artists in perpetuity, the NFT-scape is overpopulated with works that don’t carry cultural value. We want to put the highlight on the art and elevate the ground-breaking technology with cultural and conceptual works. That’s where DABs (Digital Artworks on Blockchain) come in.
Digital Artworks on Blockchain, or DABs, are digitally native artworks that are minted on blockchain. They can be created by Artists and listed on CollecteursX, and bought and resold by Artists, Collectors and Galleries.
All sales of DABs will bring resale royalties to Artists, ensuring that they keep earning from their artwork in perpetuity.
Technical Specifics of DABs
- All DABs on CollecteursX are minted on the Algorand blockchain, and therefore have minimal gas fees, removing the burden of creating new works from artists. They are also carbon-negative, without any ecological cost. Read more about why we chose Algorand here.
- You need to have an Algorand compatible wallet to create, buy or sell DABs. Learn how to create a MyAlgo wallet here.
- You can currently create DABs from JPEG, PNG, GIF files, and MP4 for videos.
- You can share your proceeds from each sale with others by entering their wallet addresses and assigning a percentage of sales during minting, under Share Ownership. Each person added to the artwork proceeds will also receive the same percentage from resale royalties.
- Artists will receive 95% of each initial sale, while Collecteurs takes a 5% platform fee.
- You can select a Resale Royalty rate of up to 12% for how much you will receive on each resale. This cannot be changed later on.
- A DAB will enter into a Collection when purchased. You can then choose to re-list the DAB.
- You can choose to list (or re-list) your DAB in two methods; Buy Now or Auction. In Buy Now, you can sell your DAB with the price you selected directly, or you can consider any Offers made to your DAB. In Auctions, you can set a starting bid price for your DAB and select a time period for your DAB to be on auction. Auction will start when the starting bid is received and will end with the highest bid as the winner when the auction timer ends.
Is there any other place that uses this term?
As of now, we are the ones who initiated this name change. We can only hope that this can instigate change within the blockchain community and the art world. We believe the future of art and culture on blockchain can start with DABs.