COVID-19 has created chaos in all industries. We are used to reading gloomy titles from various domains. Museums have suffered a similar fate, witnessing fewer and fewer people and sales. According to reports, the total attendance of one hundred of the world’s best art museums has dropped 77% in 2020, from 230 million in 2019 to just 54 million.
Because of this serious impact, museum directors have been forced to explore new revenue streams to make up for the loss of traditional ones, such as tickets and art sales. Digitization also played a significant role in this scenario.
The rise of NFT has, in particular, provided museums and art institutions with a new source of income. And projects like WHAT they jumped in with solutions to the problem. MIDA’s only goal is to alleviate the financial constraints that plague museums and art organizations by reimbursing most of the proceeds from the sale to the institution holding the masterpiece. To this end, it facilitates the creation, sale and purchase of cult works of art such as NFT.
Building a social NFT market
MIDA is a multidimensional art platform consisting of a market and a social stratum. The market exhibits exclusive works of art and collections of other fans. Every purchase on the market requires $ MIDA, the original token platform.
However, MIDA’s hallmark is an integrated social layer that combines feed aggregators, user profiles and posts. It allows customers to share appreciation with their social token, Stendhal (SDH), which they can earn by collecting liquidity for $ MIDA.
Users can specify SDH assignments for their posts which determines visibility. The higher its SDH allocation, the more visible the post will be on the feed. Moreover, the use of SDH enables the public and potential buyers to transparently and immediately analyze the audience of creators. It also provides insight into the number of supporters and the average distribution.
MIDA thus envisions becoming a decentralized launch platform for upcoming artists, ensuring the global visibility of their artworks. In addition, the platform has designed a sponsorship program for creators with the best SDH statistics.
MIDA NFTs: A utility-rich NFT collection
Although building a social class market is primary for MIDA, it will also launch the NFT collection; the The nft collection is what is most different in the market. They will differ from standard algorithmic NFTs. Each item in the MIDA collection will be unique and reflect the digital alter ego of a true masterpiece. The real advantage of these NFTs is that they allow collectors to experience exclusive ownership of masterpieces.
In addition to this essential utility, MIDA NFTs will also find value and appreciation through their representation in the metaverse. Moreover, NFT will act as a membership card for access to an elite community of art enthusiasts, professionals and emerging artists who connect through the MIDA network. Owning MIDA’s NFT will provide access to online meetings in major metaverses and offline events in exclusive locations. Token owners will have the opportunity to meet and connect with like-minded people.
Saving museums and art institutions
The epidemic continues to be an existential threat to cultural institutions. However, NFTs provide museums and other organizations with multiple ways to strengthen finances and increase audience involvement. After all, museums are the custodians of cultures of the past, present and future.
The advent of NFT and cryptocurrency is now transforming visual culture and, in general, art history. If museums want to maintain cultural relevance, they need to educate about how NFTs can revolutionize the art world.
MIDA thus enters the game, creating unique and institutionally certified NFTs. It gives museums the opportunity to access the NFT market with several competitive advantages. MIDA’s vision is actually to create value, innovate and connect people who promote collective cultural heritage.
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