Sui Generis Bridges Web3 Gap for Artists Through NFT Auctions - Blockchain.News

Sui Generis Bridges Web3 Gap for Artists Through NFT Auctions

Sui Generis leverages Sui technology to build a thriving NFT art community.

  • Jun 07, 2024 01:05
Sui Generis Bridges Web3 Gap for Artists Through NFT Auctions

Sui Generis, an NFT auction house that launched in March, is leveraging Sui technology to create a vibrant community for artists and their fans, according to The Sui Blog.

Rebranding and Expansion

Initially known as Tombheads, Sui Generis transitioned from the Fantom blockchain to Sui, launching its first auction on March 31. The platform aims to surpass its previous achievements by integrating Sui technology to enhance its offerings. “We completely shaped the one-to-one NFT trend on the Fantom blockchain,” said co-founder and CEO Gab9. “We built a phenomenon never seen before on any blockchain.”

Technological Advancements

Sui Generis has made significant upgrades since its Fantom days. The team now includes a skilled Move developer and has a dynamic website showcasing artists and short documentary films. The introduction of a governance token for its decentralized autonomous organization (DAO) enables the community to influence auction trends and fund utilization. All art pieces sold are listed on Tradeport, a multichain NFT trading platform.

Community Engagement

The auction house collaborates with 30 artists, hosting bi-weekly auctions on Sundays via Discord. Pre-auction gatherings feature chat sessions and music, followed by the auction where artists introduce their pieces and co-hosts narrate associated lore. Bids culminate on Tradeport, where winners finalize purchases. Midweek live streams allow the community to interact with artists and witness the creation process of upcoming auction pieces.

Leveraging Sui Technology

Sui Generis utilizes several unique Sui technologies, including onchain NFT collections to ensure image permanence and Sui Kiosk for enforcing royalties and limiting trades. The team is also exploring fractionalized NFTs in partnership with Aftermath Finance. This technology enables users to verify holdings with $GENERIS tokens, mint new NFTs, and burn old ones, adding utility and liquidity to NFTs.

Future Plans and Community Impact

Looking ahead, Sui Generis plans to introduce a generative collection using hybrid tech, enhancing NFT liquidity through mint-and-burn mechanisms and fractional ownership. The auction house will release its Official House collection of utility NFTs on June 16, 2024, fostering deeper community engagement.

Sui Generis also emphasizes giving back to the community. After a significant exploit affected a previous project, the team raised $148,000 through an auction to support those impacted. They have donated to various causes, including a dog shelter in Australia and hospital bills for a community member.

“Modern art on the blockchain is different from traditional art,” said Gab9. To bridge this gap, Sui Generis plans to host live, in-person auctions to onboard non-crypto art enthusiasts, guiding them through creating Sui wallets and making transactions.

As Gab9 succinctly puts it, “Crypto might not be for everyone, but everyone loves art.”

Image source: Shutterstock