The visionary beginning of Foundation
Foundation started its journey with a clear mission: to empower digital creators through the transformative power of cryptocurrency. The early belief was that tokens and smart contracts would become indispensable tools for artists, musicians and storytellers, helping them unlock the full potential of the digital world. This vision proved progressive as the Foundation catalyzed the sale of hundreds of millions of dollars in digital art, spanning a wide range of media and genres, from memes and music videos to generative art and AI-generated imagery.
From niche to mainstream: the evolution of crypto in art
Initially, in early 2020, the concept of integrating crypto with art seemed remote, as few artists saw cryptocurrency as a viable medium. Crypto was often seen as an ‘alien technology’ that had no mainstream appeal. The Foundation’s first attempts to make the technology more accessible involved abstracting it, with the aim of making it invisible. However, this approach led to challenges in user engagement and understanding. A pivotal shift occurred when the platform began to directly engage its community in the technology, leading to a renewed appreciation for crypto’s potential, especially in terms of immutable provenance, digital ownership, and global market access.
Embracing Ethereum L2 for future growth
While significant progress has been made since the “big bang moment” of 2021, the Foundation recognizes the need for the next leap forward, which includes moving to Ethereum L2. This shift is driven by the need to overcome the prohibitive costs of transactions on the mainnet, in line with Ethereum’s vision to evolve towards a network of roll-up chains. This evolution promises to reduce transaction costs and expand the digital art market, making it more accessible to a wider audience.
The Genesis Exhibition: A Tribute to the Beginning and Beyond
The Genesis Exhibition marks an important chapter in the Foundation’s journey and celebrates its evolution towards Ethereum L2. This exhibition is more than just a collection of works of art; it is a symbol of new beginnings and the endless possibilities that await us in the digital world. Genesis pays tribute to the pioneers who laid the foundation for this thriving creative ecosystem.
It’s almost time 🌀
At the beginning of GENESIS and the launch of @baseren on our platform, @saturnial will participate @jessepollak on Base’s Onchain Stories to share the story behind the collaboration.
Read @saturnial‘s statement on our shift to L2 ↓https://t.co/dTr5deYXe7
— Foundation 🌐 (@stichting) April 2, 2024
Live auctions: a look into the future
Featuring works from notable artists such as Chuck Anderson, neurocolor, Visualize Value and Zach Lieberman, the live auctions at Genesis offer a unique opportunity to own a piece of this transformative era. Each artwork represents not only the artist’s vision, but also the collective ambition of the Foundation community to push the boundaries of digital art.
The artistic vanguard: celebrated artists from Foundation
Genesis’ selection of artists, such as Alejandro Cartagena, Helena Sarin, Jack Butcher and others, underlines the diverse and dynamic nature of the Foundation community. These artists are not only recognized in contemporary art circles and in collaborations with leading brands, but are also at the forefront of technological and artistic innovation.
Crypto’s broadband era and the L2-first philosophy
The Foundation’s commitment to L2 is a strategic response to the evolving landscape of cryptocurrency and digital art. The transition from L1 to L2 represents a technological leap similar to the shift from dial-up to broadband, with the potential to dramatically increase adoption, utility, and impact. The Foundation’s early experiments with xDai and their involvement in the dynamics of the onchain marketplace underscored the belief that L2 scalability is the future of digital art commerce.
Overcome challenges and seize the future
Despite the challenges associated with L2 adoption, such as sequencer decentralization, bridging security risks, and wallet UX hurdles, Foundation is resolute in its commitment to becoming L2-first. The organization understands that if the digital art market is not embraced, there is a danger that it will stagnate. Foundation is ready to tackle these challenges, driven by a belief in the expansive potential of the digital arts ecosystem at L2.
In summary, the Foundation’s journey to Ethereum L2 marks an important chapter in its mission to fuel digital creativity. By embracing L2, Foundation not only addresses the immediate challenges of transaction costs and market accessibility, but also paves the way for a new era of digital art, characterized by increased participation, innovation and impact.
TLDR: The Foundation’s transition to Ethereum L2 is a strategic move to empower digital creators and expand the digital art market, overcoming early challenges and embracing the future of the crypto broadband era, with a commitment to expanding the space and fully explore the potential of the medium.
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