Metapurse is sharing ownership over their $2.2 million Beeple art collection and the virtual museums where they show the art through the B20 token. On Saturday January 23rd they will organize a public sale for the B20 tokens. A total of 1.6 million tokens will sell for 36 cents a piece, which is 16 percent of the total supply.
The entire project has a value of 2.7 million dollars, according to the tokenomics of the project. Metapurse will keep 59 percent of the tokens, while 11 percent goes to collaborators like Metacast, GrowYourBase and Voxel Architects. Eight percent sold in a private sale, four percent goes to stakeholders and two percent will go to Beeple.
B20 tokens can be acquired through Uniswap
Metapurse allows someone to buyout the entire collection. Buyers can do this by getting 100 percent ownership over the B20 tokens, and therefore the collection and all the museums. The smart contract allows minimum bids starting from 12 to 15 million dollars, offered in DAI. Once someone placed a bid, it lasts for fourteen days. Every time there’s been a higher bid, the auction is extended by one more day. Token holders have the option the veto a buyout, which requires a 25 percent vote.
The B20 Beeple Collection is an unique project to share ownership over digital art with a larger community. Saturday January 23th, at midnight, the investment fund will organize a virtual launch party across the three museums with music from blockchain-loving dj 3LAU. The audio will be hosted through Discord. Those interested can RSVP on Eventbrite. The public token sale will take place on January 23rd at noon on Whalestreet.xyz.
What is crypto art?
Crypto art is a piece of digital art that is tokenized on the blockchain as a non-fungible token. That means that the owner of the token will always hold a proven and original copy of a piece of art. Just like physical art, there can be unlimited copies. But ultimately there can only be one Mona Lisa.
Mostly we value art for its aesthetics and cultural relevance, but above all on the ability to verify the creator and its proven rarity. With blockchain technology these last two features are part of the blockchain. Everybody can see and confirm who minted these original creations.
The concept of seeing a digital image as art, is one thing. However, for many people it will be a challenge to consider digital images as valuable. Consider this: The Mona Lisa is worth many millions of dollars. If I would paint the Mona Lisa in an exact copy, it would be worth only 50 dollars. Because we all know where the original version is. Being able to verify the authenticity and rarity of a piece of art is crucial. In the end everything can be art. It doesn’t matter whether it’s a still image, moving image, video, music or a combination of everything.
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Robert Hoogendoorn is a gamer and blockchain enthusiast. He got in touch with crypto in 2014, but the fire really lit in 2017. Professionally he’s a content optimization expert and worked for press agencies and video production companies, always with a focus on the video games & tech industry. He’s a content manager and creator at heart, working on Play to Earn Online Magazine. He’s also Head of Content for DappRadar.