NFTs, or Non Fungible Tokens, are unique assets that live on the Ethereum blockchain. NFTs can be anything—drawings, GIFs, videos, music, text. When you purchase an NFT artwork, you are owning a unique contract attributing both the creator and collectors of said artwork.
Like with regular meatspace cash, you store your crypto currency in a wallet. Some wallets, such as MetaMask, have separate sections for cryptocurrency and collectibles. You must connect your wallet account to Chain/Saw via the "Connect Wallet" button in the header menu. Select "Log in" for Metamask, or "Log in with Wallet Connect" for more options.
After you've connected your wallet, you will be asked to create a username and to deposit and wrap ETH to your account. Chain/Saw uses WETH or "Wrapped Ethereum" for all NFT bidding. WETH is preferred by most NFT sites because it's an ERC20 just like any NFT token. Your WETH is available in your wallet at any time. If you bid and do not win the piece, your WETH will remain in your wallet and can be converted back to ETH at any time.
A new high bid placed under 10 minutes will extend the auction by 10 minutes
Artists on Chain/Saw are paid via their personal wallet accounts, after their initial auction has closed. Additionally, they will receive a 10% royalty on any future transactions associated with their NFT.
In today’s art world, collectors buy and sell artworks on the secondary market, with the artist seeing little to none of that profit. Collectors make bank, artists get shafted. With NFTs, as the artwork circulates, artists get a cut. This cut can range from 10 to 20% depending on the artist’s preference and specific marketplace.
One of the core reasons to buy art (besides appreciating it in your daily life) is financially supporting artists you love. Also, as NFTs trade between buyers and sellers, the value can increase, and both the artist and all previous collectors share some of that upside.
C/S is a venture started by friends with mutual interest in exploring NFTs without necessarily pretending to know what the future looks like. We have a core curatorial team working on artist-specific projects, but are always happy to see work from new and like minded friends via email.
The NFT space lacks quality control. On the one hand, it’s great that artists who otherwise wouldn’t have a platform are finding ways to share their work, on the other hand, this results in a whole lot of garbage. There are the OpenSeas and Raribles of the space, which anyone can participate in, and then there are the hyper-curated, limited edition sites that are maybe a bit too esoteric. What’s missing is a middle space that’s curated, provides a unique perspective, and privileges the artist’s experience. We are starting with simple auctions for now, but have lots of wild, innovative ideas of where we want to go, led entirely by our artists and not necessarily by the market.
We are currently invite only. If you would like to have your work considered for an upcoming group exhibition or auction, feel free to reach out.
Artists determine a reserve price. Auctions will kick off only once that reserve price is met. Once this happens, the sky’s the limit.
We currently accept WETH as payment for artworks. You will need to link your wallet using an app such as MetaMask and convert some of your ETH balance to WETH.
There’s always a next time! Our auctions take place multiple times a week, so there will be other opportunities for you to buy work and support an artist’s practice.
Your artwork will be associated with your account, and show up in your wallet. Beyond that, it’s up to you! You can print it, frame it, display it on a screen at home, or display it in a digital gallery somewhere in the metaverse!