Apr 26, 2021
AFEN DEVELOPMENT UPDATE (#1):
THE PROCESS OF MINTING ARTS ON AFEN PLATFORM
RECENT NEWS:
AFEN has had a really busy week. Several announcements were made, including the listing of Coingecko, staking on Julswap, a new endorsement, and several partnerships.
The AFEN team is busier than ever, and the AFEN community should look forward to more exciting news this week.
In light of the above, as developments continue in rapid and sensible pace, here is a detailed insight into the process of minting NFTs on AFEN’S NFT platform.
AFEN AND NFT
The master plan for AFEN to become the premier platform for minting African Arts has now progressed beyond the embryonic level. AFEN confirms the website construction has begun. AFEN, on the other hand, is set to confirm a third endorsement, with even more in the works.
These endorsements, in accordance with AFEN’s organizational model, grant AFEN the exclusive right to exchange verified Legacy African Art pieces of enormous worth. As a result, consumers will see a significant increase in the number of transactions conducted across the AFEN network, which will have a favorable impact on the $AFEN token — transactions will be conducted with the $Afen token, allowing for the transfer and allocation of the token. To add to this, AFEN has bequeathed the services of top marketers, fostering a unique collaboration that gives AFEN an edge.
TYPES OF ART LISTINGS
AFEN has divided the art listing on its NFT platform into three (3) forms:
I. INDIVIDUAL ART LISTING:
This category is open to all artists from around the world who want to list their artwork on the AFEN website. As previously mentioned in the afengroup.com/#whitepaper, the value proposition that distinguishes AFEN as the preferred option for artists looking to explore the NFT market is the opportunity for artists who mint on the AFEN site to set the terms of royalties earned on secondary market purchases.
Artists can also buy and relist purchased arts on the AFEN platform. Below is a detailed outline of the minting process for individual art listing.
MINTING PROCESS:
- Data collection for artists
- Create NFT through the “Mint Art” Page
- Connect BSC wallet, then proceed to upload details of Arts (file, title, descriptions)
- Choose listing type; Auction or Set price
- Select choice of royalty
- Add wallet
- Automated minting on chain through smart contract
- NFT token placed in the wallet of artist or seller until transaction is executed or Art transferred.
II. INDIVIDUAL AFRICAN ART LISTING:
This listing form is only open to African artists who have been verified by AFEN. These artists who have successfully completed the verification process will be able to submit their curated artworks. The NFTs are available for purchase by anyone who wants to purchase the minted arts. The minting procedure for individual African art listings is detailed below.
MINTING PROCESS:
- Users will undergo a KYC / Identity verification process, pending verification.
- Verified African artists to receive verification badge, and categorized “African Artists collective”.
- Create NFT through the “Mint art” page
- Connect BSC wallet, then proceed to upload details of Arts (file, title, descriptions)
- Choose listing type; Auction or Set price
- Select choice of royalty
- Add wallet
- Automated minting on chain through smart contract
- NFT token placed in the wallet of artist or seller until transaction is executed or Art transferred.
Listing of verified African artists will be automated, and minted arts will be tagged “ AFEN verified artist piece”.
III. AFRICAN ART LISTING:
These are legacy African arts and artifacts, recognized by the government, available in museums, and certified as a digital collectible.
- Items (Arts and Artifacts) will be listed separately from the previous mentioned listens. The process of selection and listing will be performed by the AFEN team.
- Listed legacy item will be represented as an NFT, and will be available either for bidding or fixed price.
- Revenue generated through sales will be transferred to the host Government based on royalty agreement.
- Art will be minted on chain through smart contracts.
All transactions on the AFEN platform will use the binance smart chain network.
If you need clarifications on the above article, kindly contact us via our telegram channel t.me/afenblockchain. We will be happy to provide further answers.
Also follow our pages to stay updated: afengroup.com
