Today, Hip-Hop anti-hero MF DOOM and Rhymesayers Entertainment announce an innovative partnership with Illust Space to deliver augmented reality masks, just in time for Halloween. The enigmatic rapper is stepping into the realm of digital collectibles, teaming up with Illust Space to make a splash in the decentralized finance and art market with a collection of augmented reality masks minted on the blockchain.
MF DOOM’s augmented reality masks will be accessible at an auction, set to go live in two separate ‘Drops’, the first auction starts on October 23, 2020 and the second auction starts on October 28, 2020 on the Illust Space auction platform. There will be a total of eleven masks available for auction, with eight masks in two variants for Drop 1, and three more masks in two new variants for Drop 2. Collectors will be able to buy, sell, and trade as well as project the augmented reality masks into the “real world” through Illust Space’s web application and participating partnerships. See below for more information on this cutting-edge collaboration.
About—Auction goes live in two separate “Drops”, the first auction starts on October 23, 2020 and the second auction starts on October 28, 2020 on the Illust Space auction platform. There will be 4 variations of 11 masks available for auction. Collectors will be able to buy, sell, and trade as well as project the augmented reality masks into the “real world” through Illust Space’s web application and participating partnerships.
Finance—MF DOOM’s auction represents a first in the decentralized finance industry as Smart Contracts and the ERC-721 (Non-Fungible Tokens) standard are being used to establish value for augmented reality art, an artform that cannot be monetized using traditional models of appraisals, wholesalers, and gatekeepers. 3D art minted on the Illust Space blockchain platform is observable in the “real world” through AR and can also be transferred across the ubiquitous immersive layer (games, social networks, virtual worlds, etc.)
Blockchain—The market for Non-Fungible Tokens (NFT’s) or crypto art continues to gain steam, the collaboration between MF DOOM and Illust Space represents a paradigm shift for artists, influencers, and culture as the technology forges a presence in the world of Hip-Hop.
Art Market—Digital and augmented reality art are now viable mediums for creators as blockchain technology is able to track copyrights, authorship, ownership, and overall provenance for pieces. In turn, a new digital art collector has driven over $200 million in value for the emergent class of NFT projects.
AR/VR—According to Snap, over 170+ million Snapchat users engage with augmented reality lenses every day. Facebook recently released new specifications for their augmented reality glasses in the most recent Oculus Connect. However, not a single piece of AR content on either social network is monetisable for Art Collectors and are susceptible to copyright infringement and piracy. The DOOM collection will be a north star example of how social networks can empower creators through blockchain technology.
Music—MF DOOM is a fixture of Hip-Hop lore. For most musicians, royalties are accumulated every time a song plays on the radio or is streamed. Using the Illust Space platform’s Smart Contracts, MF DOOM will be able to receive royalties when some items are bought or sold again in the secondary market.
Culture—Drawing parallels with the Sneakerhead community, Illust Space will be offering augmented reality art in the form of “Drops” or the opportunity to purchase rare items for a limited amount of time.
This collaboration with MF DOOM represents a tipping point for augmented reality, the NFT market, and the ubiquitous digital layer that is a battleground for big tech, says Rob McCarty, Co-Founder and CEO of Illust Space. With Snap, Instagram, Niantic, Adobe, Microsoft, Alphabet, and Apple fighting for augmented reality platform dominance, the least we can do is ensure an equitable system for artists to create, sell, and track their work.