HeartX

A Web3 NFT artwork marketplace & community powered by artists and collectors featuring gaming mechanics.

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Inspiration

The market of PFPs is having a growth recession, while the market of 1/1 digital artworks and NFTs of physical artworks show a promising prospect. Only a few bluechip PFP projects, attracting users through the fame of famous persons, can succeed in building a consensus among the community and turn into high-value IPs. The other 90% PFP projects,are bought mostly for speculation,not based on identification in the community. 1/1 NFT artwork is one-and-only, so it has been underestimated as the pricing mechanism of PFP projects that based on the floor price is not applicable to this type of NFTs. A new pricing mechanism is necessary for boosting 1/1 artwork. We believe that an artwork should be priced based on an aesthetic consensus of all users in the community. The rise or fall in price of a PFP project is linked to holding or selling of most investors of the project, while 1/1 NFT artwork has definite uniqueness, and its rise or fall wouldn't be so notable because there aren't a great number of holders to buy or sell it in a short term. The only reason an 1/1 NFT artwork rises or falls in price lies in the value of the artist. However, with a long time needed for changes in an artist's status, the 1/1 NFT artwork lacks value of short-term investments, and the huge art market remains unenergized. Worse still, because there are too many PFP projects of low quality, the recognition of the value of artists for the projects in the secondary market is less and less. On Blur, it has now been regulated that a holder can adjust royalty in the next deal, which means a huge blow for artists to rejuvenate in art industry. Over the past hundreds of years, it was the norm that artists wouldn’t get money from later deals after they had sold their artworks, and accordingly, many artists wouldn't be like to offer "after-sales support". As blockchain and NFT emerge, the issue has been addressed. By listing an artwork on-chain, art trading becomes documentable and traceable with openness and transparency. This helps artists to earn recurring income of royalties from each transaction of their works. With the development of technologies, AI generated art will provide more excellent artworks. But the market has yet to create a pricing mechanism for AI generated art. We believe that an aesthetic consensus among an art community will be the basis of a pricing mechanism perfect for AI generated art.

What it does

HeartX is a Web3 NFT artwork marketplace & community on zkSync, which powered by artists and collectors featuring gaming mechanics. Invite art lovers and young trendies from all over the world to join our community. The value of every artwork, represented by HeartX Index, is decided by all community members based on their (aesthetic) consensus,therefore build up a common-value system of artworks.

How we built it

The HeartX Index of every 1/1 NFT indicates the degree of popularity of the artwork among the community, and how popular it is positively correlated to its price. Within a specific HeartX Index range, the value of the artworks shall have just a little difference, and therefore, a logical pricing system will be established, which will help the community members to invest on artworks wisely.

Challenges we ran into

The threshold for art is relatively high, and in the world of Web3, there are fewer people involved in the 1-1 art NFT circle. It is challenging to use community art and aesthetics to price 1-1 art in a market where most users are extremely profit-driven. Therefore, we have introduced gaming mechanisms such as distributing HeartX tokens as rewards to users who contribute aesthetic data, as well as Boost-to-Earn, to lower the barrier for everyone to participate in the Web3 art ecosystem.

Accomplishments that we're proud of

year and millions of dollars on the design and development of the HeartX product. We have also established a dedicated department for artist affairs to help more pioneering artists enter the world of Web3 from scratch and bring the soul of Web3 to their artwork. Since the close beta launch of the HeartX app in April of this year, we have already gained nearly ten thousand users without a significant marketing campaign. Currently, the product is still being continuously updated and iterated.

What we learned

Throughout this process, we have learned that Web3 is a unique market at this stage, and it also requires fresh blood. Therefore, we have worked hard to design HeartX as an application with a low entry barrier to encourage more users to use Web3 products. We have been striving to expand the incremental market through both product development and operations. Although this is not an easy task, we believe it is important, and we have been working hard to achieve it.

What's next for HeartX

The new version of the HeartX app will be launched on June 9th, adding new features such as a user level system and Boost-to-Earn system. In addition, the web version will be launched in July, and we are expected to complete another round of financing this year.

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