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MIDA: A new way for museums and art institutions to generate revenue with NFTs

MIDA is the perfect example of how blockchain technology can be used to preserve and generate revenue from art and culture.

mida nft art
Image: Mida

The COVID 19 pandemic had a devastating effect on the world economy. Supply chains were disrupted, jobs were lost, and businesses closed their doors paving the way for new methods of interactions and transactions online.

The arts and culture sector was hit particularly hard, with museums and galleries forced to close their doors and lay off staff.

Meanwhile, sales of digital artwork sold in the form of NFTs (non-fungible tokens) shot through the roof and continue to be on the rise, with Christie’s auction house selling Beeple’s NFT artwork for a whopping $69 million in March 2021.

However, while Beeple’s artwork was an original creation by the artist, most of the NFT sales emerging today are nothing more than algorithmic creations of digital artwork using pre-existing images that are then sold for large sums of money.

In nearly every NFT collection you can find, the artwork is the product of an AI (artificial intelligence) or generative algorithm, making each piece of art in the collection nearly indistinguishable from any other NFT for sale.

In searching for a solution that will break the standard algorithmic NFT collections that proliferate the NFT market, MIDA is working to create partnerships with art institutions and museums to create digital alter egos of their art collections thereby helping them valorize their collections and generate new revenue.

What is MIDA?

MIDA is a blockchain-based art platform that allows museums and art galleries to create NFTs of their collections and sell them on-chain.

Unlike other NFT platforms, MIDA focuses on the quality of the artwork rather than the quantity, working with art institutions to create unique digital alter-egos of their most famous pieces.

As the metaverse narrative continues to pick up momentum, more digital natives will demand experiences that are more personal and intimate.

This is where MIDA comes in, as the platform offers a way for museums to give their audiences what they want: a digital experience of world-renowned art that can be accessed anytime, anywhere and a network that connects the NFT world with the traditional art one.

In addition, NFT art collectors will earn daily rewards. MIDA is helping art institutions generate revenue through the sale of NFT art, thereby preserving the heritage that these institutions are tasked with protecting.

How does MIDA work?

MIDA allows museums to create digital alter-egos of their art collections and sell them as institution-backed NFTs.

The process is simple: first, a high-definition format of the artwork is created through High definition camera or Artec 3D scanners in case of a 3D object.

Next, two digital works are created from the physical masterpiece, and the files obtained from the digital version of the artwork are edited to the highest definition possible.

Afterward, the rights-holder (i.e. the museum or the art institution) digitally signs the copies and authenticates them. The end files are bound to a $MIDA smart contract and minted as NFTs of the artwork.

One copy of the NFT is kept in the museum, while the other is auctioned on NFT marketplaces.

The NFT and traditional art market both rely on the same fundamentals: authenticity and uniqueness. Therefore it is mandatory for MIDA to guarantee these two characteristics to collectors, and above all to institutions, whose potential income is tied to the maintenance of these two pillars.

For this reason, MIDA demand reciprocal commitment between the company and the Museum, through contract, that no other NFT copies of the same work will be produced besides the one kept by them.

And the one destined to be commercialized through auction, in order to preserve the value of the NFT Masterpieces on the market. The majority of the proceeds are remunerated to the Institution that hold the physical masterpiece.

This operation is carried out with the living artists and galleries too following the same formula.

Two NFTs are created from the physical work, the first one remains tied to the physical artwork as a certificate of authenticity while the second one is sold within the blockchain and acts as a membership card to access the artist’s network.

This allows traditional art collectors to obtain a direct relationship with the artist and for the latter to gain the loyalty of his audience, doubling at the same time his revenue stream to finance his artistic research and to create new ones in the long term through the sale’s royalties in the secondary market.

The benefits of MIDA’s Platform

There are many benefits to using MIDA, both for art institutions, and NFT and art collectors.

For art galleries, MIDA provides a way to generate revenue without having to sell physical copies of their artwork.

In addition, MIDA also offers a way to increase the visibility of their collections as the NFTs can be bought and sold on various NFT marketplaces.

MIDA also provides a way for art institutions to reach new audiences as the NFTs can be bought and sold by anyone with an internet connection.

Given the growing number of digital art NFT collectors, MIDA is helping art institutions and museums tap into a new and growing market.

For NFT and art collectors, MIDA offers the opportunity to be the only ones to own masterpieces, impossible to possess in the physical world.

These are institutional-certified NFTs that represent a safer investment than the common anonymous algorithmic collection .

The NFT Masterpiece serves as a membership card for access to an elite community of art enthusiasts, NFT experts, industry professionals, and emerging artists also guaranteeing access to VIP off-line and virtual events in exclusive locations where it’ll be possible to meet and connect with like-minded people.

At the same time, the holders of NFT Masterpiece will receive a daily reward given by the stake of the masterpiece.

Contemporary art collectors also benefit from MIDA’s services as they can now easily provide provenance for their art collection without the need for cumbersome document storage.

And by buying the NFT copy on the market they have the unprecedented opportunity to access the artist network developing a direct relationship with him.

Living artists and galleries benefit from MIDA’s services by the opportunity to double their revenue streams through the sale of Fine art NFTs.

In addition, MIDA also offers a way for patrons and philanthropists to support art institutions while still getting a valuable asset and enjoying the utility connected, helping preserve the world’s heritage as the majority of the proceeds from the sale of MIDA NFTs go back to the art institutions.

What the currently existing Metaverses and those in the creation phase have in common is the need to provide valuable experiences to their users.

That is why MIDA offers NFT artifacts such as historical swords and armor not only for exhibition purposes but also for their active use within these gaming ecosystems.

Even monuments can be digitized and implemented on the main metaverses giving the opportunity for people all around the world to experience them and to the Metaverses that host them to become a destination for this new meta-tourism.

Conclusion

MIDA is the perfect example of how blockchain technology can be used to preserve and generate revenue from art and culture.

The platform is helping art institutions integrate digital solutions into their business while helping them transition smoothly into the digital revolution.

MIDA’s network is the meeting point between the traditional art world and the NFT space. It connects the custodians of our past to the exponents of the most advanced cultural avant-garde, giving both the opportunity to exchange views and build relations in fascinating locations.

As NFT sales continue to increase, demand for authentic and timeless masterpieces is bound to increase and MIDA is poised to become the go-to platform for art institutions and art lovers looking for an intersection between art and technology.

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