Netgear, widely known for its WiFi routers, first expanded into smart home products. Now, the Web2 standby is making a play to gain Web3 market share. The company first diversified into smart home products with a 2018 acquisition of Meural canvases and smart frames. The latest plan: to use the Meural digital displays to exhibit NFTs in partnership with digital art marketplace SuperRare collections and artists.
To have a say in the digital art direction on the platform, SuperRare required joining the DAO and purchasing the governance token Rare.
The goal is to co-develop a licensing and royalty model for displaying non-fungible tokens of curated SuperRare collections on the Meural smart frames. The first step is for the Netgear and Meural team to submit a governance proposal to the RARE community.
ICYMI, SuperRare and @MeetMeural @NETGEAR have partnered up 💎🖼️. What does this mean to CryptoArt?
Check out this 🧵 to learn all about itSuperRare 💎 (@SuperRare) July 29, 2022
John Crain, chief executive officer at SuperRare, told Blockworks the transition of the traditional art world in response to non-fungible tokens (NFTs) makes for an ideal entry point for the firm.
“There’s roughly 10,000 serious traditional art collectors in the world,” Crain said, referring to art collector database Larry’s List. “ It’s like a $60 billion market.”
SuperRare has a 10% artist royalty stipulation baked into the smart contracts to ensure their compensation from secondary sales, but, as Crain said, “We don’t really have a standard for how to do this with NFTs in the context of streaming.”
In his subscription offer, Crain discussed how people can enter this industry, how they can correctly evaluate the pictures on their walls, the pictures in the office and get a smart contract “do the math and distribute funds where appropriate.” He likes to envision a set of Legos, where the most basic Lego is the collectible or a piece of fine art, and that media asset has a base license that makes the NFT collectable.
License and copyright
Poppy Simpson, specialist in licensing and copyright, said:
“This is a model, which not only does it try and align the artists and the collectors incentives, but it cuts out a lot of the middlemen, which is essentially skimming off the profit of the creator,” Simpson said.
She added that “artists are always on the forefront of technology,” and that NFTs increase the possibilities in terms of the number of people that can get involved, mainly collectors.
According to the data, the NFT market grew by 3.4% since the beginning of the year, reaching $24.57 billion. Although it is a new market .
“These two worlds are coming together, so we’re gonna see the user numbers dramatically increase,” said Crain.
In order to capitalize on the cultural collision, SuperRare has opened up a pop-up gallery in downtown New York through August 28, featuring a rotating program of five NFT exhibitions using Meural frames.