How DeNations Art Chain Works
DeNations Art Chain
DeNations Art Chain includes major virtues of blockchain, such as decentralization, infinite connection, and scalability. Art series which share the same theme are issued as DeNations Art NFTs and grouped into one Art Block, only when DeNations Art Committee reaches a consensus.
Purpose of DeNations Art Chain
DeNations Art Chain seeks to build a sustainable ecosystem that enables talented artists to focus on producing their NFT artworks without worrying about complicated blockchain technologies and encourages both collectors and investors to easily purchase their high-quality and valuable NFT artworks.
What is DeNations Art Chain?
- A limited-edition of Art NFTs that are screened by DeNations Art Committee.
- DeNations’ token economy supports the value of Art NFT.
- Values are appreciated with time and public attention.
DeNations Artist
Artists who produce DeNations Art NFTs and participate in DeNations Art Committee.
DeNations Art Committee
The DeNations Art Committee consists of the DeNations Artists, the DeNations Team and the DeNations Community, and has two functions. First, DeNations Art Committee is able to select new artists who are responsable for the next Art Block through consensus. Second, the Committee is able to assign the Art Index of the next Art Block NFTs.
DeNations Art Block
As mentioned above, Art Block is a series of DeNations Art NFTs that share the same theme, issued only when the DeNations Art Committee comes to agree.
NFT Revenue Sharing Structure
Revenue Share Ratio
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DeNations Fund
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Block Reward
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1. Early NFT art collector: The collector who buys NFTs in the block will enjoy continuous Block Rewards for every block connected after the block.
2. DeNations Art Committee: In order to make the Art NFT of the previous blocks more valuable, the committee (including artists from the previous block) needs to recruit talented NFT artists and assign an optimal Art Index which will maximize next block sales.
*Only Block Rewards of more than 10 USD are paid, and blockchain fees can be deducted from rewards upon transmission. Detailed policy will be announced later.
Metaverse Properties
Art Farming
When owners register DeNations Art NFTs in the National Art Museum, they will receive a token reward(in DENA) depending on the Art Index and the registration time.
For the first year of DeNations (until 2021 Dec 16), Minimum of 500 DENA/week (DeNation Fund may add more to the Art Farm) will be allocated to Art Farming. People will share the above amount in proportion to the registered Art Index & registration duration. Expected APR (Annual Percent Rate) can be calculated as below, assuming 1 Art Index = 1 USD value.
- Earlier you register and higher the DENA price, more yield from Art Farming you can get.
- Art Farming Beta will open from Jul 21, 2021. Farmed DENA will be sent bi-weekly to the NFT Art owners who registered their NFT by paying registration fee. Tutorial of how to participate in art farming beta will soon be posted on our medium blog.
- National Museum v 1.0, which allows automatic Art Farming may be opened in 2021 3Q or 4Q.
Art DGDP Boost
When owners register DeNations Art NFTs in the National Art Museum, the total DGDPs of the specific nation will be increased. How Art Indexes affect DGDP will be revealed in detail at the time of the National Museum release.
Art Index
- Art Index is a quantified property of how valuable DeNations Art NFT is within the DeNations’ ecosystem.
- Initial Art Index is set by DeNations Art Committee.
- Art Index affects Art Farming & Nation DGDP Boosting
- Art Index can be increased as the level goes up.
National Art Museum
Virtual museum where DeNations Art NFTs can be registered and exhibited; each nation has its own National Art Museum.
The Art NFTs displayed in the national museum is exposed to users and receive public love and attention from users.
How The Art Index Increases
Level
The Art NFT's levels can be upgraded when Experience is accumulated. As levels go up, the Art Index increases. The level starts from 0.
Experience
Experience of an Art NFT is increasing as getting more public love and attention and as accumulating the registration time. When reached the maximum Exp point, the level goes up.
Experience Accumulation Speed per Day
A rate that NFT accumulated experience per day, when it is registered at National Museum.
Experience Accumulation Speed Boosting
Experience speed can be boosted by various factors such as art frame, exhibition slot of the museum.
