K21 (K21) Review
The main goal of Konon is to lay forth new standards for the visual arts over the next 100 years. K21 is a liquid-based art vault in which a selection of 21 individual NFT artworks are featured by a wide roster of modern, digital, and crypto-native artists. K21 unites the interests of artists and investors to reform forms of patronage, philanthropy, curation, and custodianship, while also providing economic justice for artists via profit sharing.
The K21 NFT Collection
The collection of firsts in K21 is made up of art world luminaries and pioneering experiments in digital art, the first versions of which are known as NFTs. This is a team of anonymous curators and originators of crypto art that have over 50 years of combined expertise. Following the debut, artists and artwork will be revealed over the coming weeks.
What Is K21 Token?
Ownership of a portion of the vault collection is expressed using the K21 ERC-20 token. With about 21% of the tokens given to the community, the hard cap for the token is 21 million. To buy artwork and fund social causes, almost half of the total token supply was released.
To stop the purchase of the whole vault, users will be able to vote against the acquisition by adding bids to a specialized smart contract using K21 as the token. If the holders do not claim their tokens, each holder of the token will get an equal part of the profits and the 21 NFTs will be released to the highest bidder. The K21 coin doesn’t contain the power to control the vault; but, it does allow 21% consensus to reject a bid for the vault.
How The K21 Vault & Buyout Contracts Work
The K21 Safe will serve as interim storage for the artwork until the K21 Vault and K21 Buyout Contracts are completed. The K21 Vaults have a 2/3 signature Gnosis safe setup, which is now under review. Anyone may put in $21 million and send the contract to an auction.
In an announcement made today, Konon has put up a $21 million bid to purchase 21 of its NFTs for $21 million. The triggering price of $21 million will be raised by 7% if token holders reject the offer. Otherwise, if no one claims the K21 tokens, the K21 token holders will get a pro-rata portion of the funds. It’s anticipated that Kanon will be finished with the development and audit of these contracts in 90 days.
What Are XNFTs?
With K21, XNFTs (extensions to serial NFT artworks) will be introduced by artists that also use them in the vault, such as algorithmically produced iterations of stills from a video piece. Sooner or later, almost all purchasers will be able to acquire works on their own. In the K21 liquidity mining pools, XNFTs may also be staked to unlock higher payout possibilities.
Kanon’s Open-Source Protocol (KSPEC)
To assist with the recording and preservation of digitally based art, Kaan brings the best standards for museological practice on-chain via KSPEC. By using the ERC-721 NFT standard, we can manage complicated artwork, as well as its origin, context, and purpose. The K21 NFT collection will be the first KSPEC-compliant one.
K21 Token Charity Donations
The Art in Acres organization has collaborated with Kanon to save approximately 21,000 acres of old-growth forest in Peru. Every musician will get one million K21 tokens, with another million set aside for causes chosen by the artists. In conjunction with SuperRare, which ensures that 10% of any future sales go to the artist, NFT artwork will be minted.
A digital currency named Konon is in the process of being developed that will represent partial ownership of a collection of 21 paintings. All of the K21 artwork will be stored in a smart contract vault once they are finished. The vault will then be completely sealed. In the first stage of the KSPEC open-source standard, the important information for all work in the vault is already pre-recorded in the blockchain. Soon, the minting of XNFTs: serial NFT artworks by collection artists will start. That may expand their original works and provide another level of uniqueness.
- K21 is a liquid-based art vault in which a selection of 21 individual NFT artworks are featured by a wide roster of modern, digital, and crypto-native artists.
- With K21, XNFTs (extensions to serial NFT artworks) will be introduced by artists that also use them in the vault, such as algorithmically produced iterations of stills from a video piece.
- The K21 NFT collection will be the first KSPEC-compliant one.
- A digital currency named Konon is in the process of being developed that will represent partial ownership of a collection of 21 paintings.
- All of the K21 artwork will be stored in a smart contract vault once they are finished.
Further K21 Information
- Price $0.374
- Market Cap