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Digital art organization Fingerprints DAO has teamed up with Dutch artist Harm van den Dorpel and German car giant Mercedes Benz on a generative art non-fungible token (NFT) collection.
“Maschine. Coming soon — a collection about velocity and perception,” the Fingerprints DAO website states. The project is supported by Mercedes-Benz NXT, the arm of the company dedicated to Web3.
According to the FAQ, the collection will be capped at 1,000 Ethereum-based, unique generative pieces.
Per last week’s Twitter thread, the team is now introducing “the first three core collections” of Mercedes-Benz NX. Core collections are official Mercedes-Benz digital objects planned, developed, and managed by the creative studio 0xNXT.
The first collection focuses on generative art, the second will include only a small number of company customers, and the third will revolve around design heritage.
Rules of the Game
‘Maschine’ will be available exclusively through Fingerprints DAO’s website, starting June 7.
The collection will be sold through a live Dutch auction, meaning that the price of NFTs will decrease until a buyer is found.
There is a limit to the number of NFTs a person can buy given that there is a total amount limit of $10,000 per wallet for the NFT sale.
“The specific quantity will depend on the latest price of the auction and the total quantity of NFTs still available for the sale,” the website said.
Those who want to participate in the auction must own a crypto wallet.
Furthermore, only those residing in 32 countries of the world can participate, most of which are in Europe. Others include Japan, Singapore, and the United States.
There will be gas fees associated with certain actions, such as bidding and claiming rebate.
Collectors will be able to sell the NTFs to other users on secondary marketplaces. Per the terms of use, if the NFTs are resold on a secondary marketplace, Fingerprints will receive a resale fee of 8.5% of the selling price.
Collectors will be entitled to a rebate if the price they paid for an NFT is higher than the final auction price. “At the end of the auction, buyers who paid more than the last sell price can claim a refund equal to the difference between their purchase price and the last sell price,” said the FAQ.
This process is done using the auction contract, and participants will be able to observe the amount of rebate they have pending as the price decreases during the auction. Therefore, they will be able to claim more NFTs for that committed ETH should they wish to do so, Fingerprints said.
Fingerprints DAO is an online community and platform for creating and collecting digital art, consisting of more than 250 members with a shared treasury and a decentralized governance model.
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Learn more:
– Nike’s Swoosh Web3 Platform Surpasses $1 Million in Sales- Brazilian Chess Competition to Hand Winners NFTs
– Art Auction Giant Sotheby’s Unveils On-Chain NFT Secondary Marketplace- Damien Hirst Burns $10 Million Live as Part of NFT Project
– Top 10 NFT Marketplaces- Top 10 NFT Games To Play (And Earn)
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