Campaigns and drops are key elements of Snowmarkets. Artists can establish and launch drops and collections through the “Create” section at the top of the platform. This Create function allows artists to create drops, collections or crowdfunding campaigns with rewards for backers.
Artists will be able to create collections and drops for three art forms:
- Traditional Art
- D.A.B. Art
- Digital Art
Creators will be able to sell Paintings, Prints, Photography, Sculptures or any type of Traditional Art form. For collectors, Snowmarkets represents a space where exclusive artists and art forms can be found. In crowdfunding Backers will pledge for an art form, meaning that they will commit to buying it once it’s created. The amount pledged will depend on the reward, combination of rewards or collection that the backer will decide to purchase. Payment will be deducted from their credit or debit card through the chosen payment method (PayPal or Stripe) once the fundraising period is over.
At Snowmarkets we are introducing a new type of concept to augment experiences of Traditional Art forms. Digital Asset Backed Art is an intermediate step between Traditional Art and Digital Art. At Snowmarkets, D.A.B. Art represents when a traditional art form is backed by digital art, working together as an ensemble, rather than being independent forms of art. As the Traditional Art form is created by the artist, Snowmarkets will create an underlying Digital Asset that shall be transferred to the collector as they acquire the Traditional Art form. Snowmarkets uses Metamask wallet and OpenSea to mint the NFT for D.A.B. Artworks. It is the collectors responsibility to verify the wallet address is correct. Incorrect wallet address data may result in a permanent loss of the assets. The token will be delivered at the time the backer pledges to the campaign, and the funds are collected by Snowmarkets. With D.A.B. Art, collectors can maintain an everlasting relationship with the artist - even if they part ways with the Traditional Art form at any point in the future. (Ie. By displaying the NFT in their Metamask wallet, collectors could gain access to private exhibitions or potentially have discounts on future forms of art).
NFTs are unique digital items. More specifically, they are non-interchangeable units of data stored on a blockchain that can be sold and transferred. NFTs may be associated with digital files such as photos, videos, or audio. NFTs allow art to be sold in a digital form by establishing the secure ownership of an original Digital Asset. These Digital Assets and NFTs can open up access to active, new communities of interested buyers. An NFT drop is the specific time and date when an NFT enters the market at a specified mint price for collectors to buy. Snowmarkets uses the method of Dutch Auction. In a Dutch Auction, the price of an NFT starts at an initial price (ceiling) and drops by a small amount periodically (e.g. 1,000 Kr. every hour, day or week) until it hits the lowest price it will go (the resting price). Snowmarkets drops NFTs at OpenSea.