Xibit
Last updated
Last updated
VTRU Suite represents a pioneering approach in the blockchain space, offering a vertically integrated ecosystem of decentralized applications (dApps) developed and maintained by the Vitruveo team. This set of dApps is designed to increase distribution, discoverability and sales of artworks.
This suite not only encapsulates our commitment to seamless integration and innovation but also embodies our ethos of openness and competition. By encouraging the development of alternative dApps by third-party developers, Vitruveo fosters a dynamic, competitive landscape that enhances the ecosystem's diversity, resilience, and overall value to users.
Borrowing a page from Apple’s playbook, we are starting with the technology foundation of a blockchain but taking it all the way up the stack with Smart Contracts, dApps, Marketplace, Tools and Resources, Workshops, Community Engagement and Marketing.
Creators in Web3 today are faced with four primary challenges:
Income - Difficulty in creating a sustainable income
Skills - Needing to learn the technology
Bad Actors - Scams are rampant in marketplaces
User Experience - Daunting user experience
Unlike existing Web3 scenarios where creators only have one form of income – NFT Sales, Vitruveo changes the dynamic significantly by unlocking new and innovative forms of creator income. This is possible through our unique Licensing Architecture that enables creators to license the same asset for different use cases without requiring an on-chain token to be minted for every scenario.
The basic concept behind the software industry's model for wealth creation is to build something once and then sell it in unlimited quantities with little or no additional cost. You can't do this with tangible products because there is the cost of manufacturing, shipping etc. You can't do this with human-delivered services because there is the cost 12 of employing people and the time/labor involved in delivering the service. How can we apply this learning to Web3 art?
We want art to maintain its scarcity, hence the concept of NFT editions. But it isn't possible to scale this up infinitely because it is like the latter — a human-delivered service. So how does the art industry create a similar model to the software industry for income generation and dare we hope — wealth creation? For the solution, you have to look beyond Asset Tokenization, which is the basis of NFT 1.0. Instead, you have to bring into the picture License Tokenization, which we call NFT 2.0.
You can continue to have Asset Tokenization, but with License Tokenization, you have the ability to scale art to infinite quantities exactly like software. License Tokenization is fundamental to Vitruveo because we want to enable wealth creation for artists. It is also standards compliant with Creative Commons because standards mean easier comprehension, adoption and scalability.
NFT
This is your standard edition license. The main difference is you don't have to think about whether to make it a 1/1 or 1/n. You can always make it a 1/n where "n" can be 1 or more. You check a box “Elastic Editions" and the Buyer decides for you.
Example 1 - You create a license for 1/10 at an edition price of $10. If “Elastic Editions" is checked, a Buyer can pay $100 and make it 1/1.
Example 2 - Another example with the same pricing and edition size. Instead two people buy, making it a 2/10. A buyer can come along, pay $80 and make it a 3/3. The edition size maximum is set by the creator, but with “Elastic Editions," the buyer can choose the edition size maximum.
Designed for consumers or consumer product manufacturers. No NFT is created, instead you license your art to be printed anywhere for a fee and a volume discount.
For example, you can set the unit price at $2 and volume discount of 1% per 1000 units with 50% discount maximum. If someone manufacturing scarves wants to use your artwork for 10,000 units, they would pay ($2 x 10000) - 10% = $20000 - $2000 = $18000
Stream
More and more digital frames purpose-built to display artworks continue to enter the market. OTT (Over the Top) devices like Apple TV have the ability to display art as screensavers. With VTRU Stream, creators can have their work licensed and streamed to homes, businesses, hotel lobbies, airports, train stations and hundreds of other locations. This “Spotify for Art” service will enable passive revenue generation for many creators.
