OmArt : Infinite Rolling Auction enhances NFT Price Discovery Efficiency

NFT and crypto art are a typical bottom-up development path, which successfully lowered the threshold of art and expanded the audience in a sense. It also brought “ownership” and “finance” to the artwork as the content side. The unique attributes of NFT have become an excellent carrier for the existence of artworks that are just needed to confirm the right.

IM META Future And Technology Exibition

However, there are many challenges in the current NFT market. The current poor liquidity of NFTs has led to a price discovery low efficiency. In addition, non-mainstream art forms dominate in the current crypto art circle, which affects the overall content quality, and mainstream artists will hesitate to participate in it. OmArt has born to cope up with the above challenges.

What is OmArt

OmArt is an ERC20 NFT platform based on original oNFT and infinite scrolling auctions modes, it can provide innovative NFT + oNFT product system:

  1. NFT 

The platform supports the creation and trading of NFT. NFT created on other platforms such as Opensea can be listed on OmArt, and NFT created on OmArt can also be listed on OpenSea.  OmArt will first and foremost integrate into the current mainstream crypto art play. 

2. oNFT 

oNFT is an original NFT of artworks, whose ownership cannot be acquired by the current owner. 

3. An Infinite Rolling Auction Illustration

An infinite rolling auction means that oNFT will be automatically auctioned by the platform. The price of each round will be determined by OmArt platform according to a uniform pricing curve. When the latest sale price or auction cycle of oNFT exceeds a certain value, the current owner of the NFT can initiate a privatization and convert oNFT Remint into a standard agreement NFT by paying a certain premium over the latest sale price (tentatively 30%). 

Team with Enriched Resources

The team has a wealth of offline space, internationally renowned artists, and art works resources, and has more than 100 art partners with experience in international exhibitions. In addition, there are more than 50,000 contracted artists who can be active on the OmArt platform.

OmArt’s CEO, Michael Chi is an associate professor of visual communication, an international curator, and the rotating chairman of the Association of Chinese Artist in American Academia. He was recognized by “Chinese Magazine” as one of the 10 recipients of the “Young Chinese of Excellence Award” at the magazine’s 40-year anniversary ceremony in 2018.

As a bridge between art and the crypto world, OmArt brings good works of art into the encrypted world by holding offline art exhibitions and auctions in conjunction with the online NFT platform, keeping the quality of OmArt content at the top level in the industry.

OmArt’s Mutually Successful Business Model

The platform provides efficient price discovery path for artworks/artists through oNFT infinite rolling auction mechanism.

  • Users will also be able to enjoy more NFT art and participate in the auction and get corresponding economic rewards. 
  • oNFT will then be privatized and become the standard protocol NFT, rewarding the world of mainstream cryptography art industry. 
  • Artists can also publish NFT directly, free to define the price and royalty of NFT. 
  • As for OmArt platform, the platform value will continue to grow as it obtains high-quality content and users of different portraits. The platform will continue to retain platform earnings into users and artistic content to make the platform continue to grow. 

Development Plan

OmArt will officially launch version 1.0 on July 26 this year, which is, an online NFT market platform that can issue and trade the standard ERC721 NFT, and will hold an immersive meta-universe art technology exhibition with the theme “IM META” on July 30. at Shanghai Plaza. 138 Huaihai Middle Road, where social, entertainment, shopping and living revolve around art horizon. It is where ideas, trends and lifestyles collide out to form new ideas and new inspirations.

Calm, by Gemma O’Brien

A total of 55 works will be presented on the OmArt digital trading platform with NFT works. Artists include holographic special effects scenes for the sci-fi movie “Creation-Speed of Light” and the future multi-dimensional human-computer interaction interface designed for Tom Cruise’s sci-fi blockbuster “Oblivion”, the great designer GMUNK, new media Designer Joshua Davis, motion graphics artist Jonathan Winbush, famous graffiti artist Gemma O’Brien, etc. The curator of this exhibition, Scarlett Lin, is an artist and the founder of Linspace.

Version 2.0 of the OmArt platform is planned to be launched in Sep, 2021, when oNFT assets and the core innovative gameplay “Infinite Rolling Auction” will be officially launched.

Visit the OmArt website omart.io to learn more!

Telegram Group: t.me/OmartOfficial_NFT

Twitter: twitter.com/OmArt_NFT

Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No PITCH SCOOP journalist was involved in the writing and production of this article.