- About – The first auction started on October 23, 2020 on the Illust Space auction platform, and ended on October 25, 2020. The second auction begins October 29, 2020, and ends October 30, 2020. There are 4 mask variants available between the two auctions, for a total of 11 masks altogether. Collectors will be able to buy, sell, and trade as well as project the augmented reality masks into the “real world” through Illust Space’s web application and participating partnerships.
- Finance – MF DOOM’s auction represents a first in the decentralized finance industry as Smart Contracts and the ERC-721 (Non-Fungible Tokens) standard are being used to establish value for augmented reality art, an artform that cannot be monetized using traditional models of appraisals, wholesalers, and gatekeepers. 3D art minted on the Illust Space blockchain platform is observable in the “real world” through AR and can also be transferred across the ubiquitous immersive layer (games, social networks, virtual worlds, etc.)
- Blockchain – As the market for Non-Fungible Tokens (NFT’s) or crypto art continues to gain steam, the collaboration between MF DOOM, Rhymesayers Entertainment and Illust Space represents a paradigm shift for artists, influencers, and culture as the technology forges a presence in the world of hip-hop.
- Art Market – Digital and augmented reality art are now viable mediums for creators as blockchain technology is able to track copyrights, authorship, ownership, and overall provenance for pieces. In turn, a new digital art collector has driven over $200 million in value for the emergent class of NFT projects (NFT Stats).
- AR/VR – According to Snap, over 170+ million Snapchat users engage with augmented reality lenses every day (Snap Stats). Facebook recently released new specifications for their augmented reality glasses in the most recent Oculus Connect. However, not a single piece of AR content on either social network is monetizable for Art Collectors, and they are susceptible to copyright infringement and piracy. The MF DOOM collection will be a north star example of how social networks can empower creators through blockchain technology.
- Music – MF DOOM is a fixture of hip-hop lore. For most musicians, royalties are accumulated every time a song is streamed or plays on the radio. Using the Illust Space platform’s Smart Contracts, MF DOOM will be able to receive royalties when some items are bought or sold again in the secondary market.
- Culture – Drawing parallels with the Sneakerhead community, Illust Space will be offering augmented reality art in the form of “Drops” or the opportunity to purchase rare items for a limited amount of time.
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