Netgear Joins SuperRare DAO to Develop NFT Art Licensing Model

Netgear Joins SuperRare DAO to Develop NFT Art Licensing Model

  • Meural’s WiFi-connected digital canvases connect to MetaMask and Coinbase wallets
  • Teams will submit a proposal to the SuperRare DAO for a vote on the licensing and royalty model

Netgear, widely known for its WiFi routers, first expanded into smart home products. Now, Web2 standby is playing to win Web3 market share.

The company first expanded into smart home products by acquiring Meural Canvas and Smart Frames in 2018. The latest plan: using Meural digital displays to display NFTs in partnership with SuperRare Collections and artists in the digital art market.

The collaboration entailed joining the SuperRare DAO and buying its governance token, RARE, so to speak in the direction of digital art on the platform. The company declined to disclose how many tokens it bought and at what price.

The goal is to jointly develop a licensing and royalty model for displaying irreplaceable tokens of select SuperRare collections on Meural smart frames.

The first step is for the Netgear and Meural team to submit a management proposal to the RARE community.

John Crain, CEO of SuperRare, told Blockworks that the traditional art world’s transition in response to non-fungible tokens (NFTs) makes an ideal entry point for the company.

“There are approximately 10,000 serious ones collectors of traditional art in the world,” Crain said, citing art collector database Larry’s List. “It’s like a $60 billion market.”

SuperRare has a 10% royalty provision for artists built into the smart contracts to ensure they are compensated from secondary sales, but, as Crain said, “We don’t really have a standard for how to do that with NFTs in a streaming context.”

Meural features integration with Coinbase and MetaMask crypto wallets, as well as a selection of dynamic, programmable NFTs in the Meural library of over 30,000 licensed artworks.

In the case of his subscription offering, Crain’s wondered how they could accurately measure what members are currently displaying on the walls of their homes or offices, and then have a smart contract “calculate and distribute funds where appropriate.”

He likes to imagine a Lego set, where the most basic Lego is a collectible or art piece, and that media material has a basic license that makes NFT collectible.

Poppy Simpson, senior product and content manager for Netgear’s Meural product line, told Blockworks that a parallel can be drawn with Spotify’s real-time streaming fee system, saying that most of the artists involved are licensed through third parties such as publishers and record companies.

“This is a model that not only tries to match the incentives of artists and collectors, but also cuts out a lot of middlemen, which essentially cuts into the creators’ profits,” Simpson said.

She added that “artists are always at the forefront of technology,” and that NFTs increase the possibilities in terms of the number of people who can get involved, mainly collectors.

The current total market cap for the entire NFT market is up to $24.57 billion – 3.4% to increase since the beginning of the year — according to NFTGo data at the time of publication, and it is a very new market compared to the traditional fine art market.

“These two worlds are coming together, so we’re going to see the number of users increase dramatically,” Crain said.

To capitalize on the cultural collision, SuperRare opened a pop-up gallery in downtown New York through August 28, with a rotating program of five NFT exhibitions using Meural frames.

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