The NFTs (Non-fungible tokens) market has grown 2,100% in just the first quarter of 2021, and while things are looking up for designers, digital artists, illustrators, musicians, and anyone willing to get involved in the industry. There is a lack of credible platforms that serves the purpose.
SEEN offers an innovative solution that combines the physical and digital worlds of art. Every physical collectible sold on their platform is paired with a digital version giving the owner an exclusive record of ownership.
About SEEN HAUS
SEEN HAUS was founded in 2020 with the vision to bridge physical and digital art mediums by curating a series of hand-picked artists ranging from classic to contemporary styles. It is based on the Ethereum network and sells physical works of art that are linked to NFTs for the second layer of authenticity. They also have an in-house graphic design team that creates matching digital NFTs. of the physical art pieces.
A community-governed platform
The SEEN platform is transitioning into a decentralized autonomous organization that would be mainly curated by its token holders. SEEN is looking to implement a community-based governance model by revenue sharing and active snapshot voting for governance proposals. Implementing a grant system to incentivize and honor the contributions of its community is also something the platform is planning in the near future.
SEEN has always envisioned building a fully community governed and decentralized platform and along with its community-driven and grant model, the autonomous launchpad is another feature that makes the platform stand out from its counterparts.
How does the bidding work?
Items listed on the platform that are up for auction can be bid on at an amount higher than the previous bid. After this, the user is asked to sign the transaction in MetaMask to confirm their bid. To make sure that no one outbids the user they should stay online and keep an eye on the item.
Once a user wins the bid, an NFT would be sent to their ETH address directly and the user will be prompted to create an account with SEEN, and their team would coordinate about the physical delivery. The shipped items reach the buyers within 10-14 days of the end of the bid.
Introducing new auction formats
The SEEN platform has used the English auction-style where the highest bidder is crowned after 24 hours. However, with V2 they are experimenting with new formats like sealed-bid and Dutch auctions.
SEEN is aiming to increase auction participation by extending the auction timer in case there is a bid in the last 15 minutes, taking a note from previous instances where bidding wars were cut short due to the end time being hardcoded into the auction contract. They are also helping their users cut down on gas on separate transactions by introducing these new auction formats.
As the SEEN platform’s auction process has been entirely built on the Ethereum network and all bids are placed in ETH, the excessive price of gas made it costly to launch auctions earlier. However, with the V2 redesign, the platform has radically reduced the amount of gas being used in every process thereby reducing the transaction costs by 40%.
As a result, SEEN would be able to earn more ETH on each auction and more bids could be placed as gas would not be a concern.
Over the past 6 months SEEN has generated more than 300 ETH through their auctions and NFT drops. In the future, the platform has decided to distribute a portion of its sales to the SEEN stakers. The style of staking would be single-sided xSushi without the risk of Impermanent Loss.
To make things easier for the users, the platform decided to not have a token migration event for the holders in order to interact with the new staking interface. The platform is looking to bring famous artists with high ticket auctions to increase protocol revenue and distributions to the stakers.
Secondary Markets and Open Editions
To allow collectors to trade their SEEN NFTs and earn royalties on all subsequent sales of their work without leaving the platform SEEN is creating a secondary marketplace for its users.
On the other hand, artists would benefit from the platform’s open editions wherein the community could purchase as many NFTs as they like within an allocated time frame. Due to the hype created by a time limit, the artists can benefit from the massive demand for their work.
Auctioning the world’s first space NFT
SEEN is auctioning the world’s first space NFT by French street pop artist Jisbar, who collaborated with engineers to create a bespoke vessel designed to carry a painting to 120,000 ft. above sea level. The painting, which is 40cm X 50cm would be subdivided into forty individual segments, each with its own QR code linked to an NFT on the blockchain. The pieces would be serial-numbered and customizable with a personalized hand-written message by the artist. Interested buyers could take part in the auction, which would take place before the launch, and receive their pieces shortly after the spacecraft lands with the painting, an event that would be live-streamed.
While NFTs are a growing industry, SEEN HAUS provides it a dedicated platform not just for digital art pieces alone but also for the physical pieces. As mentioned earlier, with its diverse team of in-house designers creating a digital copy of physical art pieces, the extra layer gives the piece not just the benefit of authenticity but also added security and transparency.
The V2 redesign of the platform comes with a lot of new features which could prove to be beneficial for the users. The platform’s roadmap towards transitioning into a fully decentralized autonomous organization curated by its token holders is a promising one, especially given the growing inclination towards NFTs and decentralized platforms.
For more information check out their website.
Disclaimer: This is a paid post and should not be treated as news/advice.