In Europe, the hype around the so-called non-fungible tokens (NFT) continues. It became known about the launch of a new project in this area: the arteQ marketplace. Behind the auction house for NFT is Digital First GmbH, founded by Internet entrepreneur Farbod Sadeghian.
arteQ should create a “democratic and secure space for the monetization of creative work” and eliminate the well-known intermediaries that have dominated the art world until now – in line with the core idea of blockchain. Startup director Michael Kovachyu explained how you can make money from the new auction house NFT.
According to him, NFTs offer art collectors the ability to safely evaluate, buy and exchange digital lots. With arteQ, it is planned to make this new marketplace accessible to traditional artists by connecting them with digital artists and thus bringing together the best of both worlds.
How arteQ business model works
arteQ is the NFT auction house that brings traditional art to the digital world. In addition to the marketplace, an NFT fund is being created through which investors can invest in the creation of an NFT to secure digital art stocks.
There is a 15% commission for artists who want to sell only through arteQ. If the project supports the entire process (i.e. the digitization of traditional works of art), the commission is between 30% and 50%. In the case of secondary sales, artists share another 10% with arteQ.
How artists are selected
Artists are selected initially by the arteQ team and partners. It will soon be possible to directly apply for access to arteQ.
Where do potential NFT buyers come from?
User acquisition will occur primarily through digital marketing, and the project is already very active on social media. The first auction starts on May 21. arteQ relies on the Ethereum network.