ReCheck joins a team to launch Multiverse Theater (MVT) – a platform for community-created NFTs inspired by and bonded with physical artifacts. The project aims to open the first hybrid (3D virtual + real world) gallery exhibiting collections of artworks as a digital representation of antiques.
Multiverse Theater is led by Apollo Galleries – one of the fastest-growing online auction houses and galleries in London. It is internationally recognized with a customer base originating from 70 countries, including private museums, institutions, collectors, and scholars. The other partners in the project are BattlePass Studio and Daniel Mitev. ReCheck will be focused on the product development of MVT.
NFTs are still disconnected from the physical world, have limited intrinsic value, and are subject to fraud. This pushes away traditional collectors and creators from the emerging phygital and NFT markets. Multiverse Theater addresses these challenges and builds a collaborative space for artists, collectors, and artifact owners to share the co-created value of merging physical and digital assets.
Explore Community-Created and Curated NFTs Inspired by and Bonded with Antiques.
MVT’s mission is to create a launchpad for digital artists who will find in the platform sources for inspiration, protection of their creations, and efficient tools to monetize their artworks. On the other hand, owners of antiques will be able to present, digitalize and boost the liquidity of physical objects without compromising security or regulatory compliance aspects.
Finally, collectors receive exclusive access to curated NFT collections that are merged with antiques that drive their value. Thus, Multiverse Theater creates a level playing field and win-win-win for artists, artifact owners, and collectors.
Multiverse Theater will be initially primarily focused on community-created and curated collections. They are implemented following four steps process:
1. Multiverse Theater selects beautiful artifacts that our world-famous curators verify.
Once a certain artifact is verified and approved, the team prepares all the necessary assets for its presentation on the platform – photos, 3D models, videos, history details about the object and the epoch, previous owners, etc., that are mandatory for the collection data and that will help artists understand better and get inspired.
2. Digital artists create artworks that represent the physical object and its story.
The artists have anywhere between 2 weeks and 45 days to develop their creative artwork and submit it on the MVT website. Once submitted, they receive proof of authenticity and authorship of their work and are reviewed by our team for approval.
3. Community votes to determine winning artworks that are minted as NFTs in tiers.
A random sampling of community members to vote and anonymity of the authors of the artworks will ensure fraud-proof and unbiased voting.
4. Tier 1 NFTs are legally bonded with the artifacts giving ownership rights over them.
The top artistic creations that attract most of the votes are minted as NFTs. Only the winner (defined as Tier 1 NFT) is legally bonded through a newly minted NFT with the tangible artifact that is presented for inspiration. The NFT can be fractionalized thus enabling fractional ownership of the physical artifact.
NFTs are listed for sale on leading marketplaces and Multiverse Theater exhibits both the real antiques and digital artworks in London.
For Tier 1 NFTs the smart contracts guarantee fair and transparent distribution of the selling price among the MVT (as the main platform and custodian), the artifact owner, and the artist who created the winning artwork.
The selling price of Tier 1 NFT will be determined in a way to guarantee that it will cover the floor price for the buyout of the artifact. Thus, the owner of the physical item will receive the desired amount to transfer ownership over the artifact.
MVT will serve the role of the custodian that preserves the antiques, and guarantees to their owners that their assets are safely stored, protected, insured, and displayed in the MVT hybrid gallery in London.