BeArt Visionary Club: Mechanism and Value

Table of Contents

• What is BVC?
• The value system of BVC
• 10% permanent share of Top 100 GNFT pool trading revenue
• Ongoing 5% BeArt Transaction Revenue Share:
• 20% discount on GNFT transaction fees
• Free VIP tickets to online/offline art exhibitions:
• Priority to hosting personal galleries
• Free circulation in the secondary market
• Other interesting features
• BeArt Vionary Club Launch Date and Purchase Channels

BeArt’s official NFT, BeArt Visionary Club (BVC), will officially launch for sale on March 12, 2024, at 11:00 AM UTC+0. What is BVC? How does BVC operate? What is the value of BVC? It is necessary to thoroughly understand these questions before making a purchase.

What is BVC?

BeArt Visionary Club, abbreviated as BVC, is the official NFT of the art collection authentication and trading institution BeArt. Utilizing its core Catalogue system, BeArt has established genetic-level authentication standards for physical art collections and created a new category of NFTs called Genetic NFTs, thereby enhancing liquidity in the art collection market. In this ecosystem, artists (art creators), connoisseurs (art appreciators), investors (collectible and digital asset investors), and art institutions all participate in this new trading model, which is characterized by lower costs and decentralized trust.

BVC serves as a community membership credential within the BeArt ecosystem, while also enjoying value such as profits, dividends, and ticket discounts in the BeArt economic model. It is important to note that this NFT is limited to 9,999 pieces and will never be increased.

The value system of BVC

10% permanent share of Top 100 GNFT pool trading revenue

BeArt has partnered with over 400+ artists and art institutions to trade their created and collected art collections through the BeArt platform. Naturally, this means that these collections will first undergo the Catalogue system, scanned, authenticated, and linked to generate corresponding GNFTs. In the plan, BeArt will introduce the Top 100 Artworks of each art season from the numerous collections. The transaction fee paid to the platform for these 100 Artworks or their corresponding GNFTs will collectively form the Top 100 revenue pool.

BVC holders will have rights to this 10% revenue pool. In addition, BVC has three level ‘art energy’ for this revenue, with higher values ​​corresponding to higher revenue shares.

For example, for BeArt Season 1 Top 100 collections, assuming there are trades conducted within a month, all platform commission income generated will be injected into the revenue pool. All users holding NFTs will see the total amount and dividend information on the corresponding page of the official website.

Suppose the current revenue pool has $50,000 USDT at the end of the month settlement. Then, all NFT holders will share this revenue based on the Art Energy (AE Value) attribute of the BVC they hold.

If Holder John owns 4 NFTs, with AE values corresponding to Level3 (20%), Level3 (10%), Level2 (30%), and Level1 (10%), the proportion of each level in the total revenue pool would be: Level 1 Pool (42%), Level 2 Pool (30%), and Level 3 Pool (28%).

Therefore, John will have two NFTs participating in the Level3 bonus pool, while the other two will participate in the Level1 and Level2 bonus pools, respectively.

Of course, we also need to know the corresponding AE Value of other NFTs to accurately calculate the dividend amount.

The dividend rule (formula) is:

John Rewards (Per NFT) = Total in Revenue Pool * Level Weighted Percentage * Art Energy Percentage (NFT) / Sum of the AE Value in the same level

Suppose currently Level3 only has these two NFTs, and the Sum of the AE Value in the same level for the other levels is 200%, then:

The first NFT will share the Level3 bonus pool:

Reward for the first NFT = $50,000 * 28% * 20% / (20% + 10%) = $9333

Reward for the second NFT = $50,000 * 28% * 10% / (20% + 10%) = $4666

Reward for the third NFT = $50,000 * 30% * 30% / 200% = $2250

Reward for the fourth NFT = $50,000 * 42% * 10% / 200% = $1050

John’s reward for this short-term dividend with these 4 NFTs would be $17,299.

Therefore, for BVC holders, their BeArt account will continuously accumulate revenue automatically as the trading volume increases, and they can withdraw this portion of the revenue at any time.

Ongoing 5% BeArt Transaction Revenue Share:

BeArt, leveraging its leading technology in the certification and authentication of physical art collections, plays a pivotal role not only within its own operations but also extends to other trading markets. For instance, among the art institutions currently collaborating with BeArt, some are keen to utilize BeArt’s technology to establish a standardized art collection library. This collaborative model not only propels BeArt’s development but also ensures that 5% of all transaction revenue generated on the platform is allocated as incentives to BVC holders.

Unlike the benefits limited to specific events or revenues such as the Top 100 Seasons, this privilege extends across the entire platform, encompassing all trading activities. Every transaction conducted through the BeArt platform, whether direct art purchases or other forms of art trade utilizing BeArt’s technology, falls within this revenue-sharing scope. We pledge to perpetually share 5% of the platform’s transaction revenue with our BVC holders as a reward, thereby not only giving back to the community but also encouraging more participation and investment to collectively foster the prosperity of the BeArt ecosystem.

Fig.2  GNFT Example of Details

20% discount on GNFT transaction fees

Compared to traditional auction houses like Sotheby’s and Christie’s, BeArt not only provides decentralized collection authentication services for buyers and artists but also significantly reduces transaction costs. BeArt charges only a lower transaction fee. This income will become a crucial part of the BeArt ecosystem’s revenue. As BVC represents the best identity symbol of the BeArt community, BVC holders will enjoy a 20% discount on transaction fees.

This will save art buyers a significant amount of costs. For example, if a BVC holder purchases a collection worth 30,000 USDT through BeArt, they will save approximately 30000*15%=4500 USDT in fees compared to traditional auction houses. For BeArt, this figure will be 2400～3000 USDT. Combining the discount benefits of holding BVC, the final fee they need to pay will be 1920～2400 USDT. Just for a single transaction of a single collection, BVC saves them about 600 USDT in transaction costs.

Free VIP tickets to online/offline art exhibitions:

As an art institution and a network connecting numerous artists and art institutions, BeArt will continue to host art exhibitions worldwide. For example, it is clear that BeArt will collaborate with the Tokyo National Museum in Japan to launch themed exhibitions. More exhibitions and gallery events will be announced on BeArt’s X and Discord channels. BVC holders will receive priority access to a limited number of VIP tickets to immerse themselves in the world of art.

Priority to hosting personal galleries

From an artistic perspective, telling a person’s story or expressing a viewpoint through forms such as themed exhibitions and galleries is a cutting-edge trend.

However, this process requires the participation of professional curators and joint artists to present an exhibition perfectly, which is precisely the ecological capability of BeArt.

Currently, BeArt has no plans to commercialize this service but will selectively provide it to users who have made outstanding contributions to the BeArt ecosystem. BVC holders will undoubtedly be considered first in line.

And we call this BeArt.Space.

Free circulation in the secondary market

BVC will adhere to the broad NFT standard, namely ERC-721. This means that once BVC is minted by users in the smart contract from the BeArt official website on March 12, you can also purchase and trade it on platforms like Opensea, Rarible, LooksRare, etc.

Corresponding rights will also transfer accordingly. As long as you hold BVC in your digital wallet, regardless of where you acquired it, connecting to BeArt will grant you the corresponding rights. For example, the aforementioned 10% Top100 GNFT Pool revenue share. When you acquire BVC and connect to BeArt, your account will start accumulating the corresponding revenue.

Other interesting features

Stay tuned!

BeArt Vionary Club Launch Date and Purchase Channels

Launch Date: March 12, 2024, 11:00 AM UTC+0

Purchase Channels

• BeArt Official Website: https://beart.one/

The BeArt official website will be the first channel. Due to the limited quantity of BVC, it is strongly recommended to bind your wallet and switch to the ETH network in advance to ensure successful minting at the earliest opportunity.

Supported wallets: Metamask and Wallet Connect

• Opensea: https://opensea.io/

To facilitate more users, BVC also supports purchasing through Opensea. Please ensure you use the official link:

Note: Only whitelist users have the minting qualification for BVC. Please follow BeArt’s X and TG and participate in community activities to obtain whitelist access.