LunArt Community Driven NFT Protocol and Artist Launchpad: Features and Review

about 3 years ago

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One of the top trends in the crypto space today can be observed to be Non Fungible Tokens (NFTs) projects and there's also no doubt that the Art and entertainment industry has been adopting this modern or recent development in the tech space. I came across a very interesting project with a distinctive prospect during my search for some Non Fungible Tokens (NFTs) project to review and I came across LunArt.

My content today will be mainly focused on LunArt and in this same post, I will be making a brief review on LunArt and some other important features you need to know about LunArt because these are the features that makes LunArt a unique and distinctive NFT project to watch out for.

LunArt Brief Review

LunArt can simply be described as the first ever Community driven NFT Protocol and Artist Launchpad built on the Terra blockchain. It is also the first cross chain launchpad with a real world and gallery featured presence for established artists across the world. LunArt also involves the use of complete protocol with enriched web3 features which serve as a great advantage in empowering the NFT community and to also curate or reward artists utilizing the platform.

The vision of the this project is to innovate, develop and foster a distinguished and unprecedented platform for a community of emerging and established artists. LunArt will be the first ever platform that provides a launchpad to showcase the talent of real world and digital artists within the NFT
community whilst continuing to leverage the organic
growth already achieved through consistent community engagement and an unending commitment to creativity in the NFT space as stated on their whitepaper.

LunArt also aims to combine unique and exclusive artwork from established artists across the world including Non Fungible Tokens (NFTs) utility and charity distribution by making use of their native token known as "ART Token".

The Native Token Named $ARTS

ARTS is the native token of LunArt and with ARTS tokens you will be able to perform different operations or activities on LunArt platform such as staking, trading of NFTs, provision of liquidity, and you can also earn ARTS tokens by Introducing or referring new artists to LunArt, if they are listed you get a share in the royalties which earns you more ARTS tokens. The native token ARTS will also be used as a utility and governance token on LunArt. Also, the team will use some portion of ART tokens as a means of charity to support less privilege around the world through their partnership with Angel Protocol. This can be well explained via ART tokenomics as seen below;

LunArt native token ART has a total supply of 1,000,000,000 and from the total amount of ARTS tokens available the team plans to use 10% of the total supply for LunArt NFT ecosystem development, 15% for partnership and marketing as this will help in the project development, 27% of the total ARTS tokens will also serve as a means of incentives to the community, 14% will be used to promote and develop public launchpads, 5% of the total ART will be used to implement a public farming system on LunArt using Pylon protocol, 15% of the token will be distributed to the core teams for their unrelenting great effort and time as regards to the project development, 8% of the tokens will be available for floating liquidity, 2% of the tokens will be vested into the seed pool for seed sale of 0.010 UST and lastly the remaining 4% will also be used for private sale at the rate of 0.012 per UST.

ART Token Burn and LunArt NFT Staking

One of the great feature i love about LunArt project is the ART token burn mechanism and the NFT staking method. I'm quite sure you will also agree with me that token burn is also one of the best ways to reduce total supply of cryptocurrencies and this also tends to give the token more worth or value as a result of the increasing demand of the token and scarcity. In this context, I will also be explaining how LunArt NFT are being staked and how the team tend to implement ARTS token burn.

LunArt has an excellent feature which makes the burning and Staking process possible known as the "Bakery" and this is absolutely where the whole burning activities takes place. According to the team write up on medium, they made it clear that whenever the value or worth of ARTS token is trading below 3.33 cents, then the burning process will be activated. Also if the value or worth of ARTS tokens go further below 3.33 Cents, then you are to expect a very high burning of ARTS tokens. The burning mechanism is such an indirect variation which connotes that the "lower the price of ARTS tokens, the higher the level of ARTS tokens being burnt".

As for the staking process, users will be allowed to stake their NFT in LunArt in order to receive a complementary NFT back at the end of either 30 days, 60 days or maximum of 90 days. It is also important to note that a new, complementary NFT, inspired by your original artwork will be generated back for you at the end of your staking period. The NFTs created inside LunArt Bakery also come with their own unique utility. Each NFT has a minimum yield of 25% per year which consists of the combination of a fixed UST reward backed by Anchor Protocol and an ARTS reward component.

It is also important to take note that every users who hold LunArt NFT will also be rewarded just for holding the NFT. As the price or value of ARTS tokens goes below 1.8 cents, then APR goes UP and as the value or price of $ARTS goes above 1.8 cents, the APR also goes up. This will serve as the incentive to burn your ARTS in order to secure the higher yielding NFT. This increase in burning pressure stabilises the ARTS price and pushes it back above 3.33 cent level. This implies that most smart users will rather burn their ARTS tokens to earn 25%+ per year than selling their ARTS tokens as this will reduce or eradicate the selling or dumping pressure of ARTS tokens and this will also make ARTS tokens more valuable and worthy.

How will LunArt Benefit the Terra Ecosystem/Community?

There's actually no doubt that the Terra ecosystem has been one of the top most widely used blockchain system in the crypto space today. This can be observed in the market cap value and you will also agree with me that Terra ecosystem is also drastically expanding more than we can ever imagine.

The LunArt project will also definitely benefit the Terra ecosystem and the crypto space by bringing in more people into the the cryptocurrency and blockchain world through the following ways explained below;

#1 PARTNERSHIP WITH LOOP VENTURES

When it comes to incubating new cryptocurrency start ups built on the Terra blockchain, Loop Ventures is considered to be the best tool as regards to situations like this. LunArt partnering with Loop Ventures has also led to the exposure and publicity of the project with the help of the content creators sharing their view and opinion about LunArt. This has also led to the fast growth and development of LunArt. Also, this will help to create mass adoption since the project will help to gain more exposure by partnering with Loop Ventures and thus, more capital can also be generated.

#2 PARTNERSHIP WITH HYBRID NFT

Hybrid NFT will launch the world's first ever blockchain enabled smart factory that will help to create great premium limited edition physical apparel, each with a metaverse clothing version on behalf of licensed brands and celebrities for their fans. Every product is authenticated as a Non Fungible Token (NFT). Each items or product sold provides users with both the real-world and a metaverse version of the product which will be compatible with other widely used metaverse platforms.

LunArt partnership with Hybrid NFT will make it easy to sell exclusive NFTs that can only have one print made. Once that print is printed by Hybrid NFT, no one can ever use that option again. The physical print is part of the NFT which can be linked forever through the blockchain which can be instantly verified. This may also develop the level of interest of the masses towards NFTs and metaverse system.

#3 MORE OPPORTUNITIES FOR ARTISTS

LunArt will also more opportunities to artists across the world. Established artists on LunArt will also be able to earn more income and artists can also authenticate their art work by verifying their their arts on the blockchain. Artists are also able to earn passive income from their featured art on LunArt by via the create and earn option. LunArt also has the feature that enables the artist to interact with different collectors and from there you can develop or build your community on LunArt.

LunArt is the bridge between the physical and digital art scenes. It has connected with many established real world artists and their networks, with a pipeline of artists, both digital and real ready to be onboarded to the protocol. This implies that all established artists and users will experience a delightful NFT and Metaverse system using LunArt by making it possible to convert your piece of art into NFT and make it part of the metaverse to discover a new reality.

The good news is that LunArt is recruiting more artists on their platform. If you feel you are passionate and talented to be an artist, I suggest you visit the LunArt artist recruitment platform.