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The Art Pool is composed of several layers of smart contracts. By staking NFTs in the Art Pool, the owner is delegating the commercial use and display of artwork until it is removed from the pool contract. In return, the NFT owner will have the opportunity to showcase their digital art to a wider audience. At the same time, 100% of any commercial proceeds plus additional rewards will be distributed to the staking pool.
The Art Pool is designed to source digital art at exhibitions and events without separating NFTs from the artwork. It is important to identify the authenticity and ownership of each artwork to separate from copies and imitations. This way, potential buyers who are still skeptical can have confidence in the authenticity of NFTs.
3space has dedicated event curators in South Korea, Singapore, Japan, USA, Germany and South Africa who will develop, plan and execute exhibitions and events at offline locations. Once an event is organized and a contract articulating the terms and conditions is signed, a staking pool will be generated to accept NFTs. The Art Pool will produce rewards in proportion to the size and the length of the event and shared by NFTs in stake. Estimated rewards per NFT will be calculated and announced so that users can compare rates for different pools. The pool will expire on the final day of the event and NFTs will be unlocked from the contract.
A new pool will be generated every time an event or exhibition takes place and will be divided into three sessions.
- 1.Submission - When an event is being organized, a new pool will be created and NFTs will be able to stake their NFTs to earn participation rewards
- 2.Exhibition - If the exhibition or an event requires curation, art will be chosen by the organizers or curators at 3space. The selected pieces will be entitled to extra rewards. Other NFTs in the art pool will still earn participation awards
- 3.Termination - Once the event is finished, the Art pool will be closed and will no longer produce rewards. While the pool will still exist, participants are encouraged to unstake their NFTs.
A maximum of five NFTs per wallet can be submitted in a pool.
The biggest challenge when using the Art Pool to procure digital art is 1) motivating artists and collectors to submit NFTs and 2) finding the appropriate piece for the occasion. In the early stages, 3space will be curating digital art at offline venues and cater to the requests for a specific theme or type of work. Essentially, the genesis Art Pools will require a whitelist for the NFTs that will be staked. This is to avoid random tokens being spammed in the pool to abuse the reward system.
In this regard, 3space team proposes the following minimum requirements to enter the Art Pool:
- More than 1,000 NFT holders in the project/artist
- Verified by Opensea (=More than 500 ETH trading volume)
- Strong community and followers (May be subjective)
The above requirements are subject to change. In the future, 3space will establish a decentralized governance model so that participants and audiences can choose and vote for the artworks entering an event or an exhibition..
The Art pool allows users to stake NFTs to earn PACE tokens. The staking smart contract allows users to retain ownership of your NFT while still earning the rewards, though some Art pools are bound by time lock, meaning the transfer of NFTs will not be available for a predetermined time.
Users will be able to claim stake rewards at any time through the Art Pool page These rewards can be used to increase stake or simply be withdrawn to personal wallets. During the promotional launch period, users can only stake NFTs that originate from the 3space Marketplace — either through the public 3space contract, or contracts created on the platform. Following this period, users will be able to stake any whitelisted and compatible ERC-721 NFTs and KIP-17 NFTs.
In addition, there will be $PACE/ETH LP Pool to incentivize $PACE token holders. By providing liquidity for $PACE, users will be able to earn more $PACE, Ethereum or KLAY. For details, please refer to the diagram below: