ANNEX 2 - BITE Virtual Gallery

Practical Advices and Guideline

INTRODUCTION

The BITE 2.0 CABM provides cultural operators in contemporary visual art with an opportunity to expand their reach and revenue streams through the utilisation of BITE Virtual Gallery element. The BITE Virtual Gallery focuses on contemporary art pieces created digitally or transformed into high-resolution digital formats. This guideline aims to assist cultural operators in presenting and selling artworks in digital format on the NFT marketplace, specifically using the OpenSea platform.

By following this guideline, cultural operators can effectively utilize the BITE Virtual Gallery within the BITE 2.0 CABM to present and sell a range of artworks in digital format on the NFT marketplace, particularly using the OpenSea platform. The BITE Virtual Gallery provides an innovative approach to showcasing contemporary art, expanding audience reach, and generating new revenue streams while embracing the potential of blockchain technology and the NFT market. Cultural operators have the flexibility to choose between using the BITE account at OpenSea platform or opening their own individual accounts, allowing them to tailor their approach based on their specific needs and goals.

Please note that the BITE Virtual Gallery account on OpenSea provides a separate and tailored "collection" section for each cultural operator, allowing for efficient management and presentation of their digital artworks.

1. UNDERSTANDING NFTs AND THE BITE VIRTUAL GALLERY

1.1. Familiarize yourself with the concept of non-fungible tokens (NFTs)

Non-fungible tokens (NFTs) are a form of digital asset that utilize blockchain technology to establish ownership and authenticity of a specific item or piece of content. Unlike cryptocurrencies such as most famous Bitcoin or Ethereum, which are fungible and interchangeable, NFTs are unique and indivisible. Each NFT contains distinctive metadata that sets it apart from other tokens on the blockchain, providing verifiable proof of ownership and provenance.

NFTs function through smart contracts, which are self-executing agreements recorded (minted) on the blockchain. These contracts define the characteristics, ownership rights, and transferability of the digital asset represented by the NFT. By leveraging the transparency and immutability of the blockchain, NFTs ensure traceability and trust in the digital art market. Minting is a crucial term in the NFT ecosystem, especially when referring to the process of creating and verifying digital artworks as unique tokens on the blockchain.

As an potential user of the BITE Virtual Gallery, it is crucial to understand the significance of NFTs in the contemporary art world. NFTs offer a new paradigm for owning and trading digital artworks by providing a secure and decentralized platform for artists, collectors, and enthusiasts. By embracing NFTs, the BITE Virtual Gallery enables artists to tokenize their creations, representing them as unique digital assets that can be bought, sold, and traded on the blockchain.

We choose to utilize the OpenSea NFT platform, the largest marketplace for NFTs, to facilitate the buying, selling, creation, and trading of unique digital artworks as digital assets. OpenSea operates as a decentralized marketplace built on various blockchains, providing users with the ability to engage in NFT transactions and explore a wide range of NFT collections. By leveraging OpenSea, cultural operators and artists can effectively showcase and monetize their contemporary artworks by minting them as NFTs. This process enables provable scarcity, verified ownership, and seamless trading experiences for collectors and enthusiasts. With its user-friendly interface and widespread adoption, OpenSea serves as an essential hub for the NFT community, driving the growth of the digital art market and transforming interactions with the new contemporary art audience and collectors.

1.2. Recognize the potential of the BITE Virtual Gallery

The BITE Virtual Gallery serves as an innovative platform for cultural operators in contemporary visual art to showcase and sell a wide range of digital artworks. Through the utilization of NFTs, the BITE Virtual Gallery enables the representation and monetization of various digital art forms, including:

• Digital Images: Artists can showcase their digital artwork in image formats, allowing for the exhibition and sale of visually compelling creations.

• GIFs: The BITE Virtual Gallery supports the display and trade of animated artworks in GIF format, providing a dynamic and engaging art experience.

• Video Works: Artists can exhibit and sell their video-based artworks through the BITE Virtual Gallery, presenting moving images and audio-visual compositions.

• Digital Photography: The BITE Virtual Gallery accommodates the presentation and sale of high-quality digital photographs, expanding the possibilities for photographers in the digital art space.

• High-Resolution Reproductions of Paintings: Cultural operators can utilize the BITE Virtual Gallery to offer digital reproductions of paintings, preserving the essence of traditional artworks in a digital format.

• Gallery Catalogues: The BITE Virtual Gallery also provides a platform for cultural operators to present and trade high-resolution digital catalogues showcasing a collection of artworks.

By recognizing the potential of the BITE Virtual Gallery, cultural operators can harness the power of NFTs to connect artists with a global audience, facilitate art sales, and contribute to the evolution of the digital art market. The platform's versatility in accommodating various art forms empowers artists and enriches the digital art experience for collectors and enthusiasts alike.

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