We have all noticed that the NFT space has been experiencing a huge boom in the past year, and it’s now starting to feel as though things have been building up to full mainstream adoption.
The current craze we are observing is in the context of digital collectibles and art. NFTs’ future evolution, however, undoubtedly promises a multitude of compelling usages. Current NFT platforms provide the basic ways to buy, sell, and trade but are plagued with multiple security issues along with extremely high entry barriers for getting a hold of art from sought-after collections. One way this problem has been addressed is by breaking up costly art into a mass of shares/tokens to be bought by individuals in a process called: Fractionalization.
The Problem with Fractionalization
Being avid NFT geeks ourselves, the current model of fractionalizing NFTs into millions of tokens feels to us like it’s compromising both the aesthetic and value of an artwork. We truly believe that there is a better way. As with any emerging tech and its application, there is always a need for continuous improvement and this has been one of our core values from the very moment of Evedo’s inception.
In a flash of inspiration and ongoing desire to provide better opportunities for value generation to our community, after a thorough analysis of the landscape and our capabilities, we have decided to develop one more key piece part of the growing Evedo ecosystem.
Introducing Fragmint – The world’s first NFТ platform with fragmentable art and formable DAOs.
So what is our newest creation all about?
The Fragmint platform is a community-centered project with which we aim to build a decentralized environment where users can together generate and share value.
DAOs The Fragmint Way
At Evedo and now also Fragmint, we believe in rewarding all participants for spending their time, energy, and resources by putting their digital fates back into their own hands and providing them with a better economic model. Our new product gives birth to collective ownership of an artwork in a new and authentic way.
By forming and growing DAO-like structures, every user is encouraged and empowered to contribute to the general governance and thus also benefits when progress happens within the platform which results in awards and benefits such as unique NFTs.
Fragmenting into “fragmints”
With this endeavor, we are also establishing a new way to create, share, trade, sell and collect NFTs based on the concept of fragmentation. Unlike most of the cases we’ve seen so far, this approach won’t be a random process of simply melting art into a gazillion fungible tokens. Selected pieces of art will be digitally split and minted into stand-alone NFTs which we call: fragmints. We believe this unique method will have the potential to provide more value for all parties involved due to several distinct reasons. Let’s take a look at some use cases and their respective benefits:
Use Case 1: Meaningful Parts
Fragmint introduces means for controlled splitting into multiple meaningful parts. This also allows the creators to preserve the aesthetics and artistic value of the artwork.
Art can be split into multiple parts that all make sense on their own. There are many ways to do this, the only limit is the artist’s imagination
Use Case 2: Price Accessible Shares
Fragmentation lessens the barrier to entry into otherwise a very expensive market by generating more price-accessible NFTs. Creating an artwork that consists of multiple ownable fragmints provides a much more affordable price point.
Fragmint aims to maintain a controlled split, much like a virtual real estate comprised of differently prized parts.
Use Case 3: New Form of Modular Art
Fragmentation provides many possibilities to reimagine art forms encouraging creators to bring their NFTs to the next level!
A simple way to understand this use case is by thinking of puzzle art. The pieces fit together just like a unique puzzle. And each piece can have its own owner, history, and price.
The $FRAG Token
It’s time to introduce you to Fragmint’s main governance tool and utility token.
$FRAG is the fuel that enables users to vote, form communities, make decisions, and even direct the future of the platform itself.
Fragmint’s token is deflationary which in crypto language means that its supply reduces over time. If we use the analogy that Fragmint is a game in which players take advantage of the rules by staking virtual money, then, $FRAGs are the energy units that make all this possible.
The main purposes of the app’s token are:
- To allow users to vote on general decisions that concern the development of the platform, as well as on upcoming auctions.
- To empower participants to vote within DAOs on matters such as selling a part of the art (a fragmint) on secondary markets, moving the NFT art, etc.
Each vote will cost a certain amount of $FRAGS. Half of that cost will be burned which means it will basically disappear. This is necessary for contributing to the deflationary nature of the token. The other 50% will go to the “airdrop pool” which will be used for rewarding the General Users or anybody else who bids on a fragmented NFT auction (essentially adding more wallets and $FRAG token holders to the blockchain).
Depending on the number of tokens owned by particular people, we have a few categories of users – General Users, Power Users, and Super Power Users. Reasonably, they have varying bidding and voting rights, however, their differentiating status is not an obstacle for belonging to any DAO. As long as they own a fragmint, they’re already participating in the community!
You will hear us saying the $FRAG token is driving the economy of the Fragmint platform. Everything around NFTs fragmentation revolves around it. Initially, the token will not be required for bidding on NFTs, but owning it will let users take part in platform operations. Eventually, the goal $FRAG will be the only currency used for transactions, voting, and unlocking app features.
Fragmint for Creatives
Up for a creative challenge? This is for all the artists and early adopters out there.
In our newest Fragmint for Creatives initiative, we are inviting artists to apply to be part of the first collections selected and given the chance to showcase our platform and concept You can learn more at the link here. Don’t be shy, we’re excited to hear from you!
What’s ahead: Big Announcement Coming Soon!
We are happy to be sharing with you this extensive first look into the project and hope you enjoyed diving into our NFT metaverse and learning about what we’ve been developing.
We have worked hard on securing key partnerships and will be announcing those in the coming weeks, the main one being our first NFT drop – an already secured IP contract with one of the biggest media production houses in Hollywood. Truly exciting times ahead!
Join our community channels for updates about the $FRAG token sale and the development of the project: