FM Gallery

FM Gallery – Own The Finest Art Through NFT Fractional Ownership

FM Gallery (FMG) Review

From a historical viewpoint, FM Gallery wants to develop a worldwide cultural platform that reflects the true qualities of the Asian region. Gen Z in particular may benefit from their efforts by developing fresh perspectives on classic and modern art as well as fashion design. The mission of FMG is to create a varied and three-dimensional art ecosystem via the combination of online, offline, local, and international platforms.

What Is The Aim Of The Project?

NFT assets of the highest quality are the goal of FM Gallery. Semi-centralized asset issuers, the team believes, may both lead and hinder market trends. In addition to physical high-end retail establishments like Hypebeasts and online e-commerce marketplaces such as Stock X, they encourage conventional market institutions to partner with them.

What Are NFT Blind Boxes?

To appeal to Asian clientele, FM Gallery adopted the appearance of a blind box. Blind boxes can be more effectively implemented depending on local consumption habits since Chinese consumers are growing more interested in NFTs. To lure more clients to the NFT market, they will continue to produce blind boxes at a cheap price. FMG tokens have also been included as an incentive for consumers.

What are NFT Art Fragments?

FM Gallery intends to promote well-known artists in the art world by sharing their innovative ideas and the stories behind them in their exhibitions. Each piece of art will be given its NFT by FM Gallery, which the artist is free to dissect as they see fit. A complete art NFT can only be constructed if all of the pieces have been gathered and assembled.

The FM Gallery platform allows users to combine NFT fragments of a single work into a single, full NFT and earn FMG token incentives. These NFTs may also be redeemed for the actual artwork of the artist, which will include the user’s signature. The appropriate NFT status will be changed to “redeemed” after it has been redeemed. The value of the artwork may be maintained on the secondary market if users hold the NFT instead of obtaining the actual artwork.

There is a voting option available to community members who hold NFT pieces. After the sale, those who participated in the vote and agreed to conduct the auction will divide the revenues. The project’s team will work with both centralized and decentralized platforms, such as auction houses like OpenSea and Bounce.

FM Gallery NFTs may be used for a variety of diverse uses. The following are among them:

  • The FM platform allows users to combine fragments of NFTs into whole NFTs. The tangible artwork may be redeemed by a user who possesses a fully completed NFT. “Redeemed” will appear on the NFT’s status page after it has been redeemed.
  • Event Participation: Artists may be contacted via the usage of NFTs. Users will be able to meet and connect with artists at FM Gallery’s special events. Users who have bought and currently own artwork by participating artists will be allowed to participate in certain special activities. To register for these special events, attendees must provide the NFT credentials of the artists who will be in attendance at the event.
  • NFT Staking: You may make a passive income by putting your NFT into a staking account.

What Are FMG Crypto Tokens?

FM Gallery’s governance token, the FMG coin, will be an ERC20 compliant token. The number of tokens will be limited to 100,000,000. As a decentralized autonomous organization (DAO), they must establish a fair distribution strategy for FMG tokens to motivate the community to utilize the platform.

There is a 50% allocation for the FM gallery community in the supply (50 million FMG). Tokens will be utilized in a variety of ways to encourage participation in the community. We’ll start with a simple distribution scheme that may be tweaked depending on what the community thinks down the road. No vesting schedule will apply to this portion of the supply.

FMG Liquidity Mining

Over two years, the “liquidity mining” scheme will issue FMG coins. There is an FMG-ETH Uniswap Pool offering liquidity mining incentives to it as a way to encourage users to contribute liquidity. Liquidity is required for users to be eligible to receive FMG tokens. Once the protocol is transformed into a decentralized autonomous organization (DAO), the settings for community FMG distribution will be revised in response to community feedback.

How Does Governance Work?

DAO-based governance for the FMG platform will be implemented after a sufficient number of FMG crypto tokens have been issued to the public. As a result of snapshot’s benefits, such as no on-chain transactions, quick verification of signatures, etc., it has become an industry standard for governance of defi protocols. There will be criteria that must be fulfilled before a proposal may be enacted to prevent protocol governance from being gamed.

Summary

It is the mission of FM Gallery to empower the arts and fashion industries via the creation of unique art pieces and self-governing fan groups. Thanks to blockchain technology, one piece of art may be broken down into several NFTs, each of which carries a unique art narrative. Users can finish the artwork by collecting pieces and redeeming the completed NFT for tangible items of art.

Key Takeaways

  • The mission of FMG is to create a varied and three-dimensional art ecosystem via the combination of online, offline, local, and international platforms.
  • The FM Gallery platform allows users to combine NFT fragments of a single work into a single, full NFT and earn FMG token incentives.
  • FM Gallery NFTs may be used for a variety of diverse uses.
  • Users will be able to meet and connect with artists at FM Gallery’s special events.
  • Tokens will be utilized in a variety of ways to encourage participation in the community.
  • Once the protocol is transformed into a decentralized autonomous organization (DAO), the settings for community FMG distribution will be revised in response to community feedback.
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