NFTs
Sui Generis Fills the Web3 Gap for Artists Through NFT Auctions
Sui Generis, an NFT auction house launched in March, is leveraging Sui technology to create a vibrant community for artists and their fans, according to The Sui Blog.
Rebranding and Expansion
Initially known as Tombheads, Sui Generis transitioned from the Fantom blockchain to Sui, launching its first auction on March 31. The platform aims to surpass its previous achievements by integrating Sui technology to enhance its offerings. “We completely shaped the one-to-one NFT trend on the Fantom blockchain,” said co-founder and CEO Gab9. “We have built a phenomenon never seen before on any blockchain.”
Technological advancements
Sui Generis has made significant updates since the Fantom days. The team now includes a skilled Move developer and has a dynamic website featuring artists and documentary shorts. The introduction of a governance token for your decentralized autonomous organization (DAO) allows the community to influence auction trends and the use of funds. All pieces of art sold are listed on Tradeport, a multichain NFT trading platform.
Community involvement
The auction house collaborates with 30 artists, holding fortnightly auctions on Sundays via Discord. Pre-auction meetings feature chat and music sessions, followed by the auction where artists present their pieces and co-hosts narrate the associated story. Bidding culminates at Tradeport, where the winners finalize their purchases. Mid-week live streams allow the community to interact with artists and witness the process of creating upcoming auction pieces.
Leveraging Sui technology
Sui Generis uses several unique Sui technologies, including onchain NFT collections to ensure image permanence and Sui Kiosk to enforce royalties and limit trading. The team is also exploring fractionalized NFTs in partnership with Aftermath Finance. This technology allows users to verify holdings of $GENERIS tokens, mint new NFTs, and burn old ones, adding utility and liquidity to NFTs.
Future Plans and Community Impact
Looking ahead, Sui Generis plans to introduce generative collection using hybrid technology, increasing NFT liquidity through mint-and-burn mechanisms and fractional ownership. The auction house will launch its official collection of utility NFTs on June 16, 2024, promoting deeper community engagement.
Sui Generis also emphasizes giving back to the community. After a significant exploit affected a previous project, the team raised $148,000 through an auction to support those affected. They donated to a variety of causes, including a dog shelter in Australia and hospital bills for a community member.
“Modern art on blockchain is different from traditional art,” said Gab9. To fill this gap, Sui Generis plans to hold live in-person auctions to attract non-crypto art enthusiasts, guiding them in creating Sui wallets and carrying out transactions.
As Gab9 succinctly says: “Crypto may not be for everyone, but everyone loves art.”
Image source: Shutterstock
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