dCanvas, the world’s largest collaborative art project, is set to make its limited edition non-fungible tokens (NFTs) accessible to the public. The company would release 256 limited edition non-fungible tokens (NFT) to in May 2021.
dCanvas Offers 256 NFTs for Sale
In collaboration with NFT marketplace site OpenSea, dCanvas is making it possible for the public to access its works. Each of the 256 NFTs consists of 16 pixels, which enables the owner to fill in with his artistic vision.
What makes these NFTs unique is that the owner of each NFT is the only person that can determine the colour of each of the 16 pixels, as they truly own the block and they can also reauction it at any time. According to an excerpt from dCanvas whitepaper:
“Each individual NFT in the dCanvas contract represents a specific 4 x 4 pixel block on an overall 1024 x 1024 pixel canvas board. Ownership of a block allows you to set the color of each of the 16 pixels, using a 32-color palette that is available to everyone and set as metadata in the Solidity smart contract.”
Also, the NFT holders can access an independent DAO that enables the community govern the dCanvas art commissions. The limited allocation of the NFTs would commence on Thursday, May 6, 2021.
Furthermore, users can get the NFTs via the dCanvas app, while transactions would carried out using OpenSea. The partnership with OpenSea means gas fees would be reduced. Users who have previously accessed OpenSea would to only need to pay gas fee to buy the dCanvas NFT. Meanwhile, future bids, purchases, and offers would be conducted on OpenSea without paying for gas fees.
dCanvas has distributed NFTs worth $500,000 to early adopters, various investors, and brands. Some of the private investors include Kyle from NeptuneDAO, Queen Mei, Quidd’s number one NFT collector, Leia from Unic.ly, and Joyce of Global Coin Research.
NFT Fever Still High
This is not the first time that dCanvas is releasing its NFTs to the the public. The collaborative NFT art project earlier opened its NFT sale to the public, with 1024 NFTs. These were sold out under five days. With the company now allocating a smaller number of NFTs, the pieces might sell out quicker.
Individuals who have purchased the dCanvas NFTs can create a profile to showcase their ownership, while also communicating and collaborating with one another.
The NFT market has seen increased adoption in 2021. The first quarter of 2021 has been impressive for the sector, with over $2 billion spent on NFTs. As reported by BTCManager back in April, popular American rapper Eminem, launched his NFTs.
Even Mattel, parent company of popular toy brands Barbie and Hot Wheels, was contemplating joining the NFT bandwagon. The Beeple NFT, which was sold for almost $70 million, remains the most expensive digital art piece sold till date. In late April, major crypto exchange Binance, announced that it would launch an NFT marketplace in June 2021.
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