Featuring NFT artist's work in weekly updates

Each week we are sending out a round-up of what has been going on with NFTX covering things from the price, development, treasury, new projects… anything relevant that you might have missed if you weren’t in the discord 24/7.

The weekly update needs to have a banner for each week which will be the feature image on the blog and shared on social as well.

Taking inspiration from RedLion, I’d like the banner for the weekly update to feature some crypto art.

I’m looking at the following approach.

  • 52 updates per year
  • 13 artists
  • Each artist will provide 4 pieces of work to be used across four weeks (landscape art preferred, avoid portrait art for layout logistics)
  • The copy of the artwork used for the update post can remain even after the sale.
  • The item should only go on sale until after the post is released

The artwork will get a paragraph mention in the update along with a link to the artist’s sale page (KnownOrigin, OpenSea etc). NFTX will get the use of a copy of this image, but no monetary benefit from the sale of the art.

My questions would be

  • How should the purchase work? Set price or bid? Or leave that up to the artist?
  • How do we decide which artists to use?

In terms of choosing artists, I already have my first artist in mind but seeing as this is also a promotion for artists it shouldn’t be just one person’s choice. I was thinking of having 4 intakes throughout the year which will be open for 1 week. Artists can apply to take part and a vote by the DAO will choose three artists for the next 12 weeks. Unsuccessful artists would need to reapply for the next intake.

What are your thoughts?

4 Likes

I like this idea. Do we think artists would want to do this if we don’t pay them? (I guess it’s not like we’re taking commission or anything, so it’s just free publicity.) (Am I understanding this right? We don’t take a cut, it’s not a commission, it’s just publicity for the artist?)

I think DAO vote is fine for artist selection. We can open applications e.g. two weeks before rotation, and have one week of voting.

Re: type of sale, if we just link to the artist’s sale page, it seems fine to let them decide the pricing.

2 Likes

Love the idea (we talked a bit about it already), the only thing is that it might become a resourceful project to keep sourcing artists to be interested to contribute long-term. Do you intend to keep leading this initiative?

All for it, as long as it does not become a mandatory piece of the week in review format (read: blocking publishing if we don’t have an artist to feature art from).

Re what @0_0 says - the intent is to have this as a “spotlight on new artists to bring them more traffic” initiative, rather than a (commissioned) collab between artist / NFTX DAO, right?

Let me know if I can be of help in any of this!

2 Likes

Yes, exactly this.

Also, noted about the DAO vote and link to artists page :+1:

Yes, I’m happy to pick this up to lead, but I’d like to get one or two others who know the industry a bit better and can help with the initial list of artists to invite.

If there was an occasion where there was a missing piece of art (either we couldn’t source a new artist in time or the artist failed to provide the artwork in time for the update) we would proceed with the update and go with a standard banner, but I hope to be 4 weeks ‘ahead of the game’ in terms of having artists and artwork available to avoid any of that.

To maintain that buffer I’m going to recommend the first artist to get started which will buy the first four weeks and allow people to see it in action.

My main concern is that this comes across to artists as “Do this work for us, we won’t pay you and it will be great exposure for you”. That has really negative connotations to it and will harm the NFTX brand.

3 Likes

Yes, agree as long as we don’t crystallize things out & just push it.

A potential route to discover this is starting the initiative as a “commissioned weekly art drop” by collaborating with artists as the DAO, with the DAO paying for commissioned work upfront to artist.

Costs of each drop would be recouped by offering the pieces (i.e. limited of 10) for sale as the DAO at fixed rates (drop of 10 editions = 1/10th of cost per NFT), with revs flowing back to the DAO treasury.

The success/failure of these sales would provide us with the metrics for future artists to either choose to be commissioned (paid up front, no upside) ór to work pro-bono & capture sales income instead (not paid up front, higher upside by removing the fixed rate if artist chooses this route).

Key would be to make sure the artist feels fairly compensated, regardless of which option is chosen by artist.

3 Likes

Great idea Justin. This would definitely be a cool addition to the weekly newsletter. Thanks for taking the initiative with this as well!

That is a cracking idea. I’ll run it past a few artists I know, if anyone here is an artist it would be good to get your insight on this too.

4 Likes

ChopChop’s idea is more of what I had in mind as well, the dao would act as a sort of sotheby’s, over time I would love to have curators that hold auctions like these and determine which selection of artists we work with (then have that be put to a vote).

2 Likes

Also, if the model works well we could perhaps generalize it to allow users to fork their own dao-based auction houses for which we could act somewhat like an aggregator.

1 Like

Alright, I’ll press ahead with the approach

  1. Set a commission price for the pieces. This would be a standard price, let’s say 1ETH for math, to start with but we could go higher if we pick a particularly popular artist who will definitely fetch a high resale price

  2. Find/curate artists and run a vote on who is chosen. For the first artist I’d prefer to put someone forward and get the okay and work with them as a proof of concept.

  3. Commission the artists that are chosen

  4. Feature the work in the weekly update and provide a link to ??? Opensea ??

  5. Sell the series of 10 editions art pieces at 0.1ETH each to break even.

This means that

  • The artist is paid for their work
  • We get a nice NFT to go with the weekly update and support the industry
  • The artist gets a little more exposure
  • We break even with our initial investment into the artist

I’m at a loss around the logistics though. How does gas minting fees impact the artist or us? How can we provide the 10 editions while the artwork is still created by the artist?

I’m happy to continue to drive this, and I think @finesseboi is keen to support the project too.

2 Likes

New to the community, but I think this approach is silently brilliant as it empowers the artist and leverages the brand’s reach. Bit of a virtuous cycle.

An idea: collaborating directly with the marketplaces to also promote the sale would increase traffic to the auction, and increase likelihood of a sale. For example, Rarible has cards at the top of their marketplace UI. A “NFTX Artist of the Week” card would be excellent to provide organic traffic in addition to the people coming from the weekly update.

Another virtuous cycle where people recognize that NFTX commissions cool artists while Rarible gets a steady flow of :hot_pepper: NFTs coming to their platform.

I’m interested in supporting this initiative too, and willing to take a stab at a few of the logistics questions.

3 Likes

Great to have you on the forums @Toes & looking forward to see you help out - are you on Discord too?

Thanks, @0xchop.

And yep! On Discord. Same name.

We can help the artist set the price and market their art through our platform. I can help with that. Few platforms are doing this already we know that.

I can help the content by being SEO friendly and in return, it will promote our platform too.

No monetary benefit- It is a great idea as we could get into the trenches of NFt community and recognize great projects which are growing.

Choosing artist-
That could be a challenge but social adverts and then filtering through their work based out on our guidelines is the way used by mostly all platforms.

Loved the idea.

1 Like

Maybe it’s worth putting together a running spreadsheet of artists and points of contact, that way community members can help out with outreach and we don’t overlap.

2 Likes

This can be a starter, https://www.notion.so/nftx/c0a9fdbf40c240a689bce344d8111842?v=5341cf54eae34afa8c9a0f23f97976ed, let me know if you need me to add you to contribute to the list.

Is there anything else we need to be including on this?

@javery Looks like an excellent format to me for artist tracking :muscle:

I’ve done some more digging into the “how” on executing on the initiative and have formalized a process flow. Feedback would be welcomed here.

There are 2 open questions left in my mind:

  1. Where to host + sell the NFTs Key considerations here are the ability to mint NFTs and also a marketplace to sell editions. I would propose using Rarible as they have a similar decentralized ethos in addition to an open-source protocol. This is cool for the product team to allow artists to mint directly from the NFTX UI in the future

  2. Which artists to feature Javery’s Notion document is an excellent place to gather artists. In my opinion, the first artists should be chosen by the team so that we can move quickly. In the future, we can build towards a vote or another mechanism. Once the artist is chosen I am happy to help or lead relationship channels that include initial contact and onboarding. You can see more details on the artists flow ( :blonde_man: :art:) in the Miro board.

Lastly, I’ve added this info into a Gdoc for easier commenting + a paper trail of decisions. You can see it here.

2 Likes