At the dawn of the Web3 era, as new technologies change the way we create and appreciate art, a new community is emerging that aims to be a beacon, offering a new way to support art while enjoying the rewards of collecting.
Led by the Executive Director of the Foundation for Art and Blockchain (FAB) By James Baggett FAB DAO creates a democratic space where individual collectors have the opportunity to become patrons of the art they love. This is a transformative shift that empowers art lovers to take an active role in their favorite arts initiatives, decision-making and financial support.
We spoke to James about how FAB DAO aims to transform the role of art collectors and patrons in the digital art space. Read on as Baggett reveals FAB DAO’s unique model, her upcoming projects, its benefits for artists, and how she plans to disrupt the traditional art space.
The premise is simple: FABDAO is a platform that empowers collectors to become art patrons. as?
Baggett explains the process: “Proceeds from the sale of art, which FAB DAO keeps, go into a shared treasury. Owners of sold works can propose and vote for various artistic initiatives for funding. Discussions, suggestions and ultimately votes take place in our community forum. Funds are received after the end of voting.”
For artists, FAB DAO offers a number of benefits and incentives. According to Baggett, the network of collectors provides valuable exposure, and the availability of funding on the platform further supports artists and projects. He elaborates: “We hope to sponsor residencies, cover minting and development costs, commissions and gallery placement. There’s no limit to how we can do this as long as it extends our mission to support people and projects working at the intersection of blockchain and creativity. Participants have connections with galleries, platforms and other organizations that can only help artists present their art to the world.”
Violation of the traditional world of art
FAB DAO can make a significant contribution to enhancing the cultural value of art in the decentralized Web3 environment. As James explained, the main contribution of FAB DAO is twofold.
Most palpably, he says, they want to “help create more art, thereby making the world a more beautiful place.” It’s a noble endeavor that adds to the rich tapestry of digital art and fosters a global community of creators, collectors and fans.
Digging deeper, FAB DAO aims to disrupt some of the entrenched systems of the traditional art world, where a small number of “tastemakers” have significant influence over the art market. James notes, “Half a dozen of the most valuable artists today are represented by two New York galleries (Gagosian and David Zwirner).”
The FAB DAO stands as a powerful antithesis to this centralized control. According to James, “FAB DAO provides a platform for anyone to participate in the creation, promotion and general management of the creative world. So we think it’s really important to do this collectively, and web3 offers great tools to do that through token-based governance, where a large, evolving group of stakeholders gets ideas and makes collective decisions.”
This collective approach based on token-based governance allows a dynamic and inclusive group of stakeholders to generate ideas and make collective decisions. As James says, “In this world, it’s not about who you are or who you know. It’s about what you offer the world.”
Big launch: ippsketch “Giving Shape”
As FAB DAO prepares for its grand launch on May 18th with the “Giving Shape” sale of ippsketch the platform is set to expand its reach into the art community.
“Giving Shape” is a generative edition of 300 pieces. The higher the purchase price, the more unique your piece will be. And the awards? Ownership gives you a beautiful piece of art and access to FAB DAO, where the possibilities abound. DAOs, or Decentralized Autonomous Organizations, are organizations that work together to achieve a common goal, relying on community-led decision-making rather than a centralized authority.
Known for his humility and mastery of generative art, ippsketch has carved a distinct style in the digital art landscape.
ippsketch’s journey into the limelight began with his work ” Bent “, which was sold by the curator of Art Blocks. His success, however, remained consistent with his altruistic spirit. James shares that ippsketch has “donated over $1 million in sales to a homeless nonprofit,” highlighting his willingness to give back to the community. His intention to remain active in FAB DAO even after the initial downfall is a testament to that spirit.
The upcoming release of ippsketch NFT on FAB DAO is a unique creation that sets ippsketch apart from other artists in the field of generative art. According to James, “the texture that he [ippsketch] implemented using only code is something that hasn’t been done with such grace and elegance in any generative work I’ve seen.” This achievement, executed with such “grace and elegance”, shows the evolution of ippsketch’s already distinctive style.
As Baggett succinctly puts it: “When you see one of his works, you know it.”
The intriguing part of the ippsketch drop is the upcoming utility, the promise of access to future drops, subscriptions to art posts, events, and more. It all unfolds from the collective ideas of the FAB DAO community. The sale begins with a descending Dutch auction, starting at a cool 14 ETH and finally resting at a more affordable 0.25 ETH.
Looking Ahead: The Future of FAB DAO in the Age of Digital Ownership
FAB DAO is not just about facilitating the creation of art; it also aims to disrupt long-established systems in the traditional art world.
Looking to the future, Baggett sees FAB DAO as an important platform in the era of digital ownership of art history. He shares, “Through collector-led curation, we believe we can provide a platform for some of the most important works in this evolving age of digital ownership in art history.” The plan includes holding more sales, supporting more artists and growing its role in the arts ecosystem with a strong interest in expanding in-person events.
James really admires how Bright Moments innovatively incorporated live events into the field of generative art. “I think things like this will continue to develop and we would like to do something like this. But that’s just me – ultimately it’s up to the community to decide what we think are the best ways to expand and grow.”
But what about this crypto winter, you might ask? For James Baggett: “Now is the time to build. Having been in numerous cryptocurrency bear markets, I have seen firsthand that the strongest communities are built when financial incentives may not be immediately realized, but the belief in the transformative proposition of this technology is as strong as ever.” Like many of us in the Web3 industry, Baggett takes the “long view” of things.
Join the revolution: Connect to FAB DAO
Joining FAB DAO is easy. Secure a piece from their first edition, “Giving Shape” by ippsketch, and you’ll be part of the DAO. There are also plans to introduce membership based on contributions. So, whether you’re a builder, artist, collector, marketer, or just someone who’s passionate about supporting the arts, FAB DAO wants to connect with you.
Under Baggett FAB DAO is reimagining the canvas of art patronage by harnessing the transformative power of blockchain to democratize, diversify and decentralize the digital art world.
This innovative venture aims to disrupt the traditional structures of the art world by offering a transparent, efficient and attractive platform to support the arts and artists.