A new artist-focused NFT trading platform has unveiled a $20 million fund to help artists tokenize and sell their works.
In the first week since launch, Revival NFT Marketplace has exploded in popularity, achieving total weekly transaction volumes of $1 million.
The first artist to be featured on Revival was Edison Zhang, a well-known Chinese street artist, muralist, and graphic designer. The NFT of his artwork Crowded sold for 255 million LOL tokens — equivalent to $71,135. Another, The Beauty and Pain of Pangolin, sold for almost one million IOST.
The IOST-powered Revival NFT platform has been built to be a home for artists from all walks of life. The team behind Revival believes that no artist is too big or too small to showcase their work to the world.
The platform has been designed with the artist in mind, therefore deliberate efforts have been taken to create a seamless user experience that does not require prior technical or blockchain expertise. This means that artists can focus on what they do best, create amazing art, and Revival will handle the rest, including any support needed."
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.
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.
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.
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.
Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.