In the dawn of the Web3 era, where new technologies are transforming how we create and appreciate art, there is a new community aiming to become a beacon by offering a fresh way to support the arts while enjoying the rewards of collecting.
Led by the Executive Director of the Foundation for Art and Blockchain (FAB), James Baggett, FAB DAO is creating a democratic space where individual collectors are empowered to become patrons of the art they love. This is a transformative shift, enabling art lovers to actively participate in their cherished artistic initiatives, decision-making, and financial support.
We spoke to James about how FAB DAO aims to redefine the roles of art collectors and patrons in the digital art space. Read on, as Baggett unveils the unique model of FAB DAO, its upcoming projects, its benefits to artists, and how it plans to disrupt the traditional art space.
A Democratic Canvas
The premise is simple: FABDAO presents a platform that empowers collectors to transition into the role of art patrons. How?
Baggett explains the process: “Proceeds from art sales held by FAB DAO go into a collective treasury. Holders of the work sold are then able to propose and vote on various artistic initiatives to fund. Discussion, proposals, and ultimately voting takes place in our community forum. After voting ends, funds are sent.”
For artists, FAB DAO offers a range of advantages and incentives. According to Baggett, the network of collectors provides valuable exposure, and the platform’s funding availability further supports artists and projects. He elaborates, “We expect to sponsor residencies, cover costs for minting and development, commissions, and gallery placements. It is open-ended what we can do, as long as it proliferates our mission of supporting people and projects working at the intersection of blockchain and creativity. Members have connections with galleries, platforms and other organizations that can only help artists get their art out into the world.”
Disrupting The Traditional Art World
FAB DAO could emerge as a significant contributor to amplifying the cultural value of art within the decentralized Web3 environment. As explained by James, FAB DAO’s primary contribution is twofold.
Most tangibly, as he puts it, they aim to “help drive the creation of more art, thus making the world a more beautiful place.” It’s a noble endeavor that adds to the rich tapestry of digital art and fosters a global community of creators, collectors, and admirers.
Digging deeper, FAB DAO seeks to disrupt some of the entrenched systems of the traditional art world, where a small number of “tastemakers” hold considerable influence over the art market. James notes, “Today, half of the top-ten most valuable artists are represented by two NYC galleries (Gagosian and David Zwirner).”
FAB DAO stands as a powerful antithesis to this concentrated control. According to James, “FAB DAO provides a platform for anyone to get involved in creating, promoting and generally guiding the creative world. So to do this as a collective is really important, we think, and web3 offers excellent tools for this via token-based governance, where a large and evolving group of stakeholders source ideas and make collective decisions.”
This collective approach, powered by token-based governance, allows for a dynamic and inclusive group of stakeholders to source ideas and make collective decisions. As James puts it, “In this world, it isn’t about who you are or who you know. It is about what you offer the world.”
The Grand Launch: ippsketch’s ‘Giving Shape’
As FAB DAO gears up for its grand launch on May 18, with the sale of ‘Giving Shape’ by ippsketch, the platform is set to expand its reach within the art community.
‘Giving Shape’ is a generative edition of 300 pieces. The higher your purchase price, the more unique your piece will be. And the rewards? Ownership grants you a beautiful piece of art and access to FAB DAO, where possibilities abound. DAOs, or Decentralized Autonomous Organizations, are entities that operate collaboratively to fulfill a shared objective, relying on community-led decision-making rather than a centralized authority.
The ippsketch Drop
Known for his humility and mastery of generative art, ippsketch has carved out a distinct style within the digital art landscape.
ippsketch’s journey into the limelight began with his work “Bent,” which was sold on Art Blocks curated. His success, however, has remained consistent with his altruistic spirit. James shares that ippsketch “donated over $1m in sales proceeds to a homeless non-profit,” underscoring his commitment to giving back to the community. His intention to remain actively involved with FAB DAO well beyond his initial drop is a testament to this ethos.
The forthcoming ippsketch NFT drop on FAB DAO is a unique creation that sets ippsketch apart from other artists in the field of generative art. According to James, “The texture he [ippsketch] has implemented using only code is something that hasn’t been done with such grace and elegance in any generative work that I have seen.” This achievement, executed with such “grace and elegance,” signals an evolution in ippsketch’s already distinct style.
As Baggett succinctly puts it, “When you see one of his pieces, you know it.”
The intriguing part of the ippsketch drop is the future utility, a promise of access to future drops, subscriptions to art publications, events, and more. All unfolding from the collective ideas of the FAB DAO community. The sale starts with a descending Dutch Auction, starting at a cool 14 ETH and finally resting at a more accessible 0.25 ETH.
Looking Forward: FAB DAO’s Future in the Age of Digital Ownership
FAB DAO is not just about facilitating art creation; it’s also set on disrupting long-established systems in the traditional art world.
Looking to the future, Baggett envisions FAB DAO as a vital platform in art history’s digital ownership age. He shares, “Through collector-led curation, we think we can become a platform for some of the most important work in this burgeoning age of digital ownership in art history.” The plan includes hosting more sales, supporting more artists, and evolving its role within the art ecosystem, with a keen interest in expanding in-person events.
James greatly admires the way Bright Moments has innovatively incorporated live events into the realm of generative art. “I think that sort of thing will continue to evolve, and we would love to get our hands into something like that. But that is just me – ultimately, the community decides on what we think are the best ways to expand and evolve.”
But what about this crypto winter, you may ask? For James Baggett, “It is a time for building. Having been through multiple crypto bear markets, I have seen firsthand that the strongest communities are built when the financial incentives may not be immediately realized- but conviction in the transformative offerings of this technology are as strong as ever.” Like many of us in the Web3 industry, Baggett views things in a “long time-frame”.
Join the Revolution: Getting on Board with FAB DAO
Joining FAB DAO is straightforward. Secure a piece from their first edition, “Giving Shape” by ippsketch, and you’re part of the DAO. They also plan to introduce a contribution-based membership. So, whether you’re a builder, artist, collector, marketer, or simply someone keen on supporting the arts, FAB DAO is eager to connect with you.
Under Baggett’s leadership, FAB DAO is reimagining the canvas of art patronage, leveraging the transformative power of blockchain to democratize, diversify, and decentralize the world of digital art.
This innovative venture is poised to disrupt the art world’s traditional structures, offering a transparent, effective, and engaging platform for supporting art and artists.