Traditionally, the value of art is defined not only by the artist and the artwork itself but also by centralized elements, including institutions, media, market value, etc. Now, NFT provides a new market space for these artworks, not only aesthetic, but also new art collectors and investment approaches.
Nevertheless, investing in art NFTs is a high-risk affair. In Web3, the pricing of NFT usually comes from capital speculation, resulting in the pricing being divorced from its genuine attributes. Consequently, NFT investors pay an unrealistic price for hard-to-sell art NFTs. Nowadays, floor prices and trading records alone cannot give a comprehensive and authentic picture of the popularity and potential value of an NFT artwork, making it hard to make investment decisions. At this point, we noticed ArteX’s new NFT artwork evaluation mechanism, which is worth the market exploring together.
About Artex: ArteX endeavors to help emerging artists maximize their talents in the Web 3.0 world and reshape the value system of art NFT through the exclusive HeartBeat Voting System.
Follow the latest updates of ArteX on: Twitter.
What Makes ArteX Stand out from NFT Art Platforms?
HeartBeat voting system
In ArteX’s unique HeartBeat Voting System, artworks are pushed to users one by one every day. By swiping right to “HeartBeat” or left to “Next”, they indicate that they like or dislike the work. The number of votes will become a HeartBeat Index attached to the artwork, symbolizing the work’s popularity in the community. The HeartBeat Index will play a vital reference role for users to invest in artworks and is also directly related to the token rewards for the artworks.
On top of that, a market ranking module perfects the art NFT evaluation system. The most appreciated art NFTs and creators, top collectors, and the sold prices of the artworks will be ranked and updated daily on ArteX. Therefore, this unique evaluation system gives users real-time market feedback from different dimensions.
Tokenomics rewarding system
ArteX will reward users with tokens ($Beatcoin& $ARTXcoin) for their contribution to the community’s aesthetic consensus.
$Beatcoin would be earned via the HeartBeat Voting and can be used to invest in the artwork. Both the users who invest $Beatcoin into a particular work of art and collectors of the work will be rewarded with $ARTXcoin when the work’s HeartBeat index reaches different milestones. These rewarding mechanics will enable users to develop art appreciation and investment habits.
We have confirmed that ArteX plans to release an APP in the next three months to integrate the above systems. On this APP, art NFT holders and artists can freely upload their works and receive feedback from the HeartBeat Voting System. Users can trade the art NFTs through Purchases, Requests, and Auctions. Artists, art lovers and collectors can freely communicate with each other but are not isolated.
What are the values of ArteX’sHeartbeating System?
- Break the existing valuation system
- Use a Decentralized approach to redefine the value of artworks.
- Optimize the art NFT pricing system through community sentiment consensus.
That is, to use the public’s consensus on aesthetic preferences to determine the value of artworks: a work liked by the majority should have a higher market value.
Both artists and artworks will profit once the value of NFT artworks introduces public preferences rather than mere price fluctuations manipulated by the capital market. Emerging artists who may not have been able to stand out in the traditional art market will gain more opportunities. On the other hand, undiscovered good works in the NFT art-making market will also acquire more exposure.
Finally, it is commendable that ArteX firmed leaves the transaction royalties to the creators.
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Source: https://thecryptobasic.com/2022/12/01/redefine-the-value-of-art-nft-artex-heartbeat-voting-system/?utm_source=rss&utm_medium=rss&utm_campaign=redefine-the-value-of-art-nft-artex-heartbeat-voting-system