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How MIDA’s Token Economy is Set to Rejuvenate the Art Market

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It’s no secret that art museums have seen better days. Back in 2001, US museum attendance was stagnationand the trend has only gotten worse since then. In 2016, the total number of visitors to art museums at the UK’s leading museums and galleries dropped to just under 50 million– A 20% drop from a peak of 63 million in 1992.

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After COVID-19 restrictions, the busiest art museums in the world have seen the light of day. the biggest drop set at 77%, from 203 million worldwide in 2019 to a measly 54 million in 2020.

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And not only the attendance has fallen. Funding for the arts and culture has been declining for years as government support has dwindled and private donors have shifted their philanthropic priorities.

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In the US, federal funding for the National Endowment for the Arts (NEA) has been cut by more than 60 percent since its peak in 1992. Public funding for the arts also fell sharply, down 27 percent since 2008. As a result, many museums have been forced to make cuts, from cutting staff and programs, to curtailing exhibitions and even selling art from their collections.

The situation is even worse in other parts of the world. In the United Kingdom, public funding for the arts has been cut 30 percent in the period from 2010 to 2015. And in Australiafunding for the arts was cut by more than $10 million.

These trends are forcing museums to look for new sources of income. But in times of declining attendance and diminishing government support, this is easier said than done.

The Rising Wave of NFT-Based Art

Meanwhile, the NFT market has seen explosive growth in recent months, with the total value of NFTs sold rising from just over $12 million early 2020 to over $80 million by the end of 2020. And in 2021, the market continued to accelerate, with more than $5 billion worth of NFTs sold in the first two months of the year.

According to reportswhile The NFT market has cooled down over the past few months, NFT trading has grown more than 200 times at the end of 2021 and exceeded $17 billion.

One sector that quickly capitalized on the NFT hype is the art world, as auction houses sold NFTs representing simple works of art for millions of dollars without trading any physical objects. Online-only auction houses have conquered the world of NFT art, such as selling NFT Beeple art at Christie for $69 millionmaking it the most expensive digital work ever sold.

The growing popularity of NFTs has also led to a new generation of crypto platforms specifically designed for NFT trading. These platforms include Rarible, OpenSea, and SuperRare, which have skyrocketed in activity.

Solution: MIDA Token Economics

One important advantage of NFTs is that they can be easily traded and sold online without the need for a central entity such as an art gallery or auction house. This has resulted in a new generation of online art marketplaces specifically dedicated to NFT trading. Art institutions and museums can take a leaf out of the digital art world and gain a foothold in this emerging digital economy by creating their own NFTs and increasing their revenue streams.

WHAT KIND is one such platform, designed with the best tools to connect these art institutions and museums to the safest and most efficient digitization methods.

MIDA is a decentralized web company that works with European art institutions to provide a new revenue stream for art museums through the token economy. Thanks to MIDA, art museums can create unique NFTs from authenticated works of art, creating a metaverse-ready parallel art marketplace.

By using $MIDA (the platform’s utility token), users can help fund museums and art institutions that are suffering from a lack of funding, and even make creators and emerging artists more visible.

MIDA ($MIDA) Tokenomics

With a total supply of $100 million in MIDA tokens, a whopping 20% ​​is allocated to the development of the platform, which shows how much the team behind MIDA is very committed to the success of the project.

The tokenomics is also fair, with 18% allocated to the platform’s liquidity pool.

Users will be able to earn APY by participating in the $MIDA liquidity farm, where major liquidity providers will be rewarded with a giveaway of exclusive NFT art from new creators.

In addition, the platform comes with a social token called STENDHAL (SDH), which is used to show appreciation to NFT creators at the MIDA social level. While SDH has no economic value, it will help buyers gauge NFT popularity and engagement rates.

Conclusion

The NFT market is still in its infancy and there is a lot of speculation as to whether current prices will be sustainable in the long run. What is certain, however, is that the way we trade and consume art is changing, and art institutions must adapt to this new digital economy.

MIDA provides art museums and institutions with the ideal NFT minting solution and creates a new revenue stream for an already existing market.

Given the benefits that MIDA offers and the world-famous masterpieces involved, the team behind the project is aiming for widespread adoption with the prospect of a full token release schedule within the next 48 months.



Credit : www.newsbtc.com

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