NFT market that’s developed for artists reports smash hit sales for very first week

Built on IOST, an art auction platform is charming artists with hands-on technical and marketing assistance.

NFT marketplace that's built for artists reports blockbuster sales for first week

A brand-new artist-focused NFT trading platform has actually revealed a $20 million fund to assist artists tokenize and offer their works.

In the very first week given that launch, Revival NFT Marketplace has actually taken off in appeal, accomplishing overall weekly deal volumes of $1 million.

The very first artist to be included on Revival was Edison Zhang, a popular Chinese street artist, muralist, and graphic designer. The NFT of his art work Crowded cost 255 million LOL tokens– comparable to $71,135. Another, The Beauty and Pain of Pangolin, cost practically one million IOST.

The IOST-powered Revival NFT platform has actually been developed to be a house for artists from all strolls of life. The group behind Revival thinks that no artist is too huge or too little to display their work to the world.

The platform has actually been developed with the artist in mind, for that reason purposeful efforts have actually been required to produce a smooth user experience that does not need previous technical or blockchain competence. This indicates that artists can concentrate on what they do best, produce remarkable art, and Revival will deal with the rest, consisting of any assistance required.”

Designed to be easy to use without technical or blockchain experience, Revival offers a great deal of support to artists, including funding, assistance creating NFTs, and marketing. It will support both auctions and fixed-priced trading.

The Revival NFT sales platform is a natural outgrowth of the EMOGI Network, an open, permissionless, and censorship resistant marketplace for the distribution of all kinds of media by content creators.

The EMOJI Network has created the $20 million REVIVAL NFT Fund’s Medici Support Program, which “is open to all promising digital creators around the world.”

While artists are the marketplace’s main focus, Revival believes that good collectors are also important to its platform, noting that “creators will be willing to list their works on any platform that has quality collectors that could potentially buy their works.” Therefore, it is planning to attract and build good profiles of prospective buyers. 

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Supporting the artists

There is growing competition in the NFT marketplace business, so Revival aims to eliminate many of the pain points artists face as NFT creators.

The Medici Support program funding is essentially a talent acquisition program. It will screen artists and cover the technical and legal side of creating NFTs on the IOST blockchain — tasks for which NFT marketplaces can charge hundreds of dollars.

More insights from revival here

The process begins with the Revival taking over the technological side of creating and then selling the NFTs. There is also an experienced marketing team that will analyze each creator’s works and prepare a customized marketing plan. Among their tools are Revival’s front-page Featured NFTs gallery, access to the reach of the established EMOGI Network and IOST blockchain’s social media channels, and helping artists get coverage in crypto industry and mainstream news outlets.

“We named this program after the famous Medici family, the patrons of many world-renowned Renaissance artists like Leonardo da Vinci, Michelangelo, and Raphael, said EMOGI Network CEO Ray Xiao. We want to provide strong support for promising and creative digital artists to make a name for themselves on Revival, just like what the Medici did for the enlightening artists of their time.”

Rewarding the artists

Then there is the innovative Margin Reward Mechanism, which rewards creators just for listing their artworks for sale on Revival. This staking-like mechanism not only incentivizes artists to list more works on the marketplace, it can cover or help cover one of the few costs artists face when listing on Revival: iGas fees payable in IOST coins.

It actually rewards artists who list works with two cryptocurrencies: IOST and its IRC-20 LOL coin. However, along with monetary rewards, Revival’s goal is to empower artists to share their talent with the world and see their work celebrated. 

Another major aspect of this is Revival Network’s decision to become the first global NFT Marketplace on the IOST blockchain. With scalability that reaches 8,000 transactions per second and very low per-transaction fees, artists bypass both the excessive cost and slow speeds of Ethereum-based marketplaces. In addition, Revival is planning to become a multichain aggregated marketplace, with bridges to Ethereum and Binance Smart Chain in the works, and others to follow.

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By the end of 2021, Revival plans to announce collaborations with major galleries and top-tier artists around the world, and expand into the Korean and Japanese markets. Building up the European market is a target in 2022.

Beyond that, Revival is planning to begin the process of expanding beyond the traditional art market, targeting games, music and sports NFTs.

Learn more about Revival

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