“The new platform will not utilize ERC-721 tokens, nor will it use the Ethereum blockchain or any other blockchain which is based on a crypto currency with inherent volatility and unpredictable transaction fees.”
NEWPORT BEACH, Calif. (PRWEB) June 29, 2022
FOTLabs (Fractional Ownership Token Labs), a new business unit of CMTLabs, Inc., announced the pre-launch of an innovative real-world art/NFT collectible platform. The platform will launch with a masterpiece sculpture valued at $250,000. The art was created by a soon to be announced, nature inspired internationally recognized sculptor.
FOTLabs stated the new hybrid platform is one of many innovative fractional ownership platforms currently in development. The platform was created after completion of comprehensive research on current and previous fractional ownership art and NFT platforms. Research identified several potential reasons why previous fractional ownership platforms failed and current platforms have yet to achieve mainstream market interest and participation.
The new platform will not utilize ERC-721 tokens, nor will it use the Ethereum blockchain or any other blockchain which is based on a crypto currency with inherent volatility and unpredictable transaction fees. The platform will not offer JPEG only NFTs. The platform is not intended to compete with mass NFT listing platforms such as OpenSea, which collectively list over 20,000,000 JPEG NFTs which can be created and listed by anyone. The platform will not facilitate creation or listings of large computer-generated NFT collections such as BAYC, which utilize programmed visual attribute scarcity value propositions. Each NFT collection created and listed will be an integral part of an associated real-world fractional art masterpiece created by a nationally or internationally recognized artist. A minimum valuation amount for each piece of art listed will be required. Although not finalized, the minimum valuation is currently $25,000.
The platform will introduce an innovative, yet extremely simple form of payment system based on utilizing each NFT collection which is integrally connected to a specific art piece. NFTs in the collection will function as the native currency of exchange for acquiring fractional ownership in the art. FOTLabs believes this innovative payment system has ever been implemented or utilized by any previous or current fractional ownership masterpiece art or NFT platform.
Based on current SEC regulations, the platform avoids security offering filing requirements. The platform will be 100% KWC and AML compliant. Anonymous purchase and ownership of art masterpieces will not be facilitated. The platform is targeting mainstream, average income, retail collectors, not elite, “high wealth” collectors. The platform seeks to attract collectors who will be excited to let others know of their art ownership by posting pics on Facebook and other social media platforms. Each art masterpiece ISO (Initial Sale Offering) will limit a single entity from purchasing more than 1% of the offering value. Art creators will determine the initial percentage of fractional ownership offered for acquisition. Artists will retain ownership of the remaining fractional percentage. Each artist will retain ownership location rights for where the art piece can be displayed. Location rights ownership will provide an additional revenue source to the artist and the fractional owners by allowing the artist to “rent or lease” the artwork for display in private or commercial locations. FOTLabs stated several more parameters and new features will be announced prior to the platform launch.