How MIDA’s token economy is poised to rejuvenate the art market

It’s no secret that art museums have seen better days. By 2001, attendance at American museums was already stagnation, and the trend only worsened in the years that followed. In 2016, the total number of art museum visitors to major UK museums and galleries fell to just under 50 million— a drop of 20% from the peak of 63 million in 1992.

Following covid-19 restrictions, the world’s busiest art museums have seen the biggest fall set at 77%, dropping from 203 million worldwide in 2019 to a meager 54 million in 2020.

And it’s not just attendance that’s down. Funding for arts and culture has been on the decline for years as government support has dwindled and private donors have shifted their philanthropic priorities.

In the United States, federal funding for the National Endowment for the Arts (NEA) has fallen by more than 60 percent since its peak in 1992. State artistic funding has also fallen sharply, down 27% since 2008. As a result, many museums have been forced to make cutbacks, ranging from cutting staff and programming to curtailing exhibits and even selling off exhibits. works of art from their collections.

The situation is even worse in other parts of the world. In the UK, public funding for the arts has been cut by 30 percent between 2010 and 2015. And in Australiaarts funding has been cut by more than $10 million.

These trends have put immense pressure on museums to find new sources of revenue. But in a time of declining attendance and dwindling government support, that’s easier said than done.

A rising tide of NFT-based ART

Meanwhile, the NFT market has seen explosive growth in recent months, with the total value of NFTs sold growing from just over $12 million in early 2020 to over $80 million by the end of 2020. And in 2021, the market continued to accelerate, with over $5 billion worth of NFTs sold in the first two months of the year.

According reportswhile the The NFT market has cooled over the past few months, NFT trade grew more than 200x by the end of 2021 to over $17 billion.

The art world is one industry that has quickly benefited from the NFT hype, as auction houses have sold NFTs depicting simple works of art for millions of dollars without trading physical items. Online-only auction houses have taken over the world of NFT art, with examples such as Christie’s sale of Beeple’s NFT work for $69 millionmaking it the most expensive digital work ever sold.

The growing popularity of NFTs has also led to a new generation of crypto art platforms specifically designed for NFT trading. These platforms include Rarible, OpenSea, and SuperRare, all of which have seen an increase in activity.

The solution: MIDA’s token economy

One of the key advantages of NFTs is that they can be easily traded and sold online without the need for a central authority, such as an art gallery or auction house. This has led to the rise of a new generation of online art-only marketplaces specifically designed for NFT trading. Art institutions and museums can take inspiration from the digital art world and gain a foothold in this emerging digital economy by creating their own NFTs and increasing their revenue streams.

MIDA is one of those platforms designed with the best tools to connect these art institutions and museums to the safest and most efficient digitization methods.

MIDA is a decentralized Web3 company that works with European art institutions to bring a new source of revenue to art museums through its token economy. Through MIDA, art museums can create unique NFTs from authenticated works of art, creating a metaverse-ready parallel art market.

By using $MIDA (the platform’s utility token), users can help fund museums and art institutions that are suffering from a lack of funding and even give emerging creators and artists greater visibility.

MIDA ($MIDA) Tokenomics

With a total supply of $100 million MIDA tokens, 20% is allocated to the development of the platform, which shows how strongly the team behind MIDA is committed to the success of the project.

Tokenomics is also fair, with an 18% allocation to the platform’s liquidity pool.

Users will be able to earn APY by participating in liquidity farming with $MIDA, where top liquidity providers will be rewarded with exclusive NFT artwork airdrops from emerging creators.

Additionally, the platform comes with a social token called STENDHAL (SDH) which is used to show appreciation of creators’ NFTs on MIDA’s social layer. Although SDH has no economic value, it will help marketers gauge NFT popularity and measure engagement.

Conclusion

The NFT market is still in its infancy and there is a lot of speculation as to whether the current prices are sustainable in the long term. However, what is certain is that the way we market and consume art is changing, and art institutions must adapt to this new digital economy.

MIDA provides the perfect solution for art museums and institutions to hit NFTs and creates a new revenue stream for an already existing market.

Given the benefits offered by MIDA and the world-renowned masterpieces involved, the team behind the project is aiming for widespread adoption with the prospect of a full token release schedule spanning the next 48 months. .

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