- Meural’s WiFi-connected digital canvases connect to MetaMask and Coinbase wallets
- The teams will submit a proposal to the SuperRare DAO for a vote on the licensing and royalty model
Netgear, widely known for its WiFi routers, first expanded into smart home products. Now the Web2 standby is trying to gain Web3 market share.
The company first diversified into smart home products with the 2018 acquisition of Meural panels and smart frames. The latest plan: to use Meural’s digital displays to showcase NFTs in partnership with digital art marketplace SuperRare collections and artists.
The collaboration involved joining the SuperRare DAO and purchasing its governance token, RARE, to have a say in the direction of the platform’s digital art. The company declined to disclose how many tokens it purchased and at what price.
The goal is to jointly develop a licensing and rewards model for displaying irreplaceable tokens of selected SuperRare collections on Meural smart frameworks.
The first step is for the Netgear and Meural team to submit a management proposal to the RARE community.
John Crane, CEO of SuperRare, told Blockworks that the transition of the traditional art world in response to non-fungible tokens (NFTs) represents an ideal entry point for the firm.
“There are about 10,000 serious collectors of traditional art in the world,” Crane said, referring to the Larry’s List database of art collectors. “It’s like a $60 billion market.”
SuperRare has a 10% artist fee clause built into the smart contracts to ensure their compensation from secondary sales, but as Crane said, “We don’t really have a standard for how to do that with NFTs in a streaming context.”
Meural has integration with Coinbase and MetaMask crypto wallets and a selection of dynamic, programmable NFTs in the Meural library, which spans over 30,000 licensed artworks.
In the case of the subscription offering, Crain’s questioned how they could accurately measure what members are currently displaying on their home or office walls and then have the smart contract “account for and allocate funds where appropriate.”
He likes to imagine a Lego set where the most basic Lego is a collectible or a piece of fine art, and that media asset has an underlying license that makes the NFT collectible.
Poppy Simpson, senior product and content manager for Netgear’s Meural product line, told Blockworks that a parallel should be drawn with Spotify’s real-time streaming rewards system, saying that most participating artists were licensed through third parties parties such as publishers and record companies.
“It’s a model that not only tries to align the incentives of artists and collectors, but also cuts out a lot of middlemen, essentially reducing the creator’s profit,” Simpson said.
She added that “artists are always at the forefront of technology” and that NFTs increase the possibilities in terms of the number of people who can get involved, mainly collectors
The current total market cap for the entire NFT market is up to $24.57 billion — up 3.4% year-to-date — according to data from NFTGo at press time, and it’s a very new market compared to that of traditional fine art.
“These two worlds are coming together, so we’re going to see the number of users dramatically increase,” Crane said.
To capitalize on the culture clash, SuperRare opened a pop-up gallery in downtown New York through August 28, featuring a rotating program of five NFT exhibitions using Meural frames.
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