Nfts
Sui Generis bridges the Web3 gap for artists with NFT auctions
Sui Generis, an NFT auction house launched in March, leverages Sui technology to create a vibrant community for artists and their fans, according to The Sui blog.
Rebranding and expansion
Originally known as Tombheads, Sui Generis moved 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 improve its offerings. “We completely shaped the individual NFT trend on the Fantom blockchain,” said co-founder and CEO Gab9. “We have built a phenomenon never seen before on any blockchain.”
Technological advances
Sui Generis has made significant improvements since the days of Fantom. The team now includes a skilled Move developer and has a dynamic website featuring artists and documentary shorts. The introduction of a governance token for its decentralized autonomous organization (DAO) allows the community to influence bidding trends and fund usage. All artwork sold is listed on Tradeport, a multi-chain NFT trading platform.
Community engagement
The auction house collaborates with 30 artists and hosts bi-weekly Sunday auctions via Discord. Pre-auction gatherings feature discussion and music sessions, followed by the auction during which artists present their works and co-hosts recount associated traditions. Bidding culminates at Tradeport, where winners finalize their purchases. Midweek livestreams allow the community to interact with artists and witness the creation process of upcoming auction pieces.
Leveraging Sui Technology
Sui Generis uses several unique Sui technologies, including on-chain NFT Collections to ensure image permanence and Sui Kiosk to enforce royalties and limit trading. The team is also exploring fractionalized NFTs in partnership with Aftermath Finance. This technology allows users to verify their 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 generative collecting using hybrid technology, improving the liquidity of the NFT through mint and burn mechanisms and fractional ownership. The auction house will release its official collection of utility NFTs on June 16, 2024, fostering deeper community engagement.
Sui Generis also emphasizes giving back to the community. After a major exploit affected a previous project, the team raised $148,000 in an auction to support those affected. They donated to various causes, including a dog shelter in Australia and a community member’s hospital bills.
“Modern art on blockchain is different from traditional art,” said Gab9. To fill this gap, Sui Generis plans to hold live, in-person auctions to onboard non-crypto art enthusiasts, guiding them in creating Sui wallets and completing transactions.
As Gab9 succinctly puts it, “Crypto may not be for everyone, but everyone loves art.”
Image source: Shutterstock
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