The Evolution of Chain Foundation to Chain.art
As we progress through the second quarter of the year, the Chain crew continue to work on the envisioned ecosystem, and have some exciting updates for the community. Our last update from January described our exciting partnership with the captivating art piece Super Bloom (image below), and how we were augmenting the scope of Chain Foundation to provide Metaverse strategies for many art pieces — a major increase in vision and scope compared to our initial mission to build the Chain statue and a tokenization model to govern its future. This move has culminated in a shift to building out the Chain.art toolkit, a platform that enables artists to enter the Metaverse with their physical artworks.
In working through the implications of this increase in scope, we have developed a number of exciting functions for the Chain.art toolkit that will enable CHAIN token holders, holders of the NFT collections, custodians, and artists to interact with each other and the broader NFT ecosystem at large. The main purpose of the Chain.art toolkit is to enable artists who have created unique physical artworks to take their creations into the Metaverse, creating truly hybrid works of art. The overall vision, and detailed specification for the Chain.art toolkit will be released in a whitepaper coming soon, but for the time being here are some key functions that will be offered on the platform.
Dedicated Art Pools (DAPs) will be created for physical artworks using the Chain.art toolkit. CHAIN token holders will have the ability to stake CHAIN in dedicated art pools to receive NFTs associated with that specific artwork. Each NFT collection will have configurable governance rights, as set by the artist, that will enable NFT holders to participate in the future of both the physical artwork, and the digital counterpart.
For those artworks that are providing custodial rights to NFT holders — effectively forming a DAO to govern the physical and digital artworks — NFTs can be staked in Custodial Pools. The custodial pool with the majority of NFTs can control the physical artwork should the artist desire. Aspiring custodians can form their own Custodial Pools, and can incentivize NFT holders to stake NFTs in their pool by airdropping tokens, or engaging with NFT holders in other ways. We see this as a way to encourage competition and engagement for the unique artworks that are utilizing the chain.art toolkit! Custodians and artists alike will be able to engage with NFT holders for feature proposals, touring opportunities, tickets to events, and more.
In recognizing the need to provide flexibility to the artists, the Chain.art toolkit will also enable artists to mint a portion of their NFT collection direct to the public. Such is the case for the upcoming launch of the Super Bloom NFT collection, where a limited mint will be available to the open market. The remaining collection will be exclusively available to CHAIN token holders via the Super Bloom Dedicated Artwork Pool (DAP). Get a sneak peek at some of the NFT designs below.
Finally, the Chain crew want to provide some updates on key milestones for the coming year.
We are targeting the following dates for Chain Foundation upcoming milestones:
Chain.art Whitepaper: Q3, 2022
CHAIN TGE: Q4, 2022
CHAIN Staking: Q4, 2022
Super Bloom NFT Collection: Q3, 2022. First collection available to mint, remaining NFTs will be rewarded to stakers based on time and amount of CHAIN staked.
Chain NFT Collection: Q4, 2022. NFTs will be rewarded to stakers based on time and amount of CHAIN staked.
Chain Construction: Q4, 2022