The Artist Estate is OPEN
Artists can mint an Artist Proof and transfer to the Artist Estate where a proof of the original 1/1 is kept in escrow for the artist.
"A zero royalty environment will hurt artists who don't adapt to the shifting culture. Artist Proof creates optionality without dilution." MintFace.
How it works
An artist mints their 1/1 artwork as usual. The artist also mints a proof of the original artwork known as an Artist Proof. The Artist Proof is not intended for sale but to be held in escrow for the long term.
A total of TWO artworks are minted (1/1 and Artist Proof).
The 1/1 is listed for sale. The Artist Proof is transferred into the Artist Estate at artistestate.eth to be held in escrow for the next 3+ years.
The 1/1 Artwork
The 1/1 artwork is listed and sold on any marketplace that supports it.
The 1/1 artwork must have a royalty rate of 0%.
Collectors must not be charged a royalty on 1/1s where an Artist Proof exists.
Collectors must be able to clearly see from the artwork traits (or description) that the 1/1 also has an accompanying Artist Proof.
The Artist Proof
The Artist Proof is sent to the artistestate.eth where it is locked for THREE years.
At the end of the THREE years, the artist can request the proof back to list, hold, sell or continue to keep their proof in the artistestate.eth.
About The Artist Estate
The Artist Estate is a way for artists to hold back an 'artist proof' for long term hodling in lieu of royalties.
The Artist Estate preserves the 1/1 scarcity for art collectors for a minimum of 3 years.
Selling The Artist Proof
The first sale of an artist proof cannot take place earlier than 8th November 2025.
ARTISTS: It is recommended that collectors who have been shown to honour royalties on collected works, are airdropped the artist proof at no cost.
COLLECTORS: You get to decide whether to burn the artist proof or sell on.
Artists Manage The Artist Estate
Artist proofs will be managed by the artists via a DAO and multi-sig Gnosis safe once 100 artist proofs are received.
To get the project off the ground, the first 100 artist proofs sent to artistestate.eth, will be located on a hardware wallet controlled by MintFace. While the token and its control may shift to the Artist Estate, the ownership of the Artist Proof does not change hands.
Artists Estate Benefits
Artists who participate in the Artist Estate may be selected by MintFace for additional artist centric projects. Previous projects have included the MINTED book in 2021 and The Line in 2022.
What guarantees are there that the 1/1 I buy isn't really a 1 of 2?
There is 100% guarantee for a period of three years as the artist cannot access the Artist Proof. After three years, the artist can decide to burn, sell or transfer the Artist Proof to you.
I own the 1/1 already. How can I buy the Artist Proof?
You cannot buy the Artist Proof for a period of three years from wen the 1/1 is minted. After three years, it is recommended the artist offer you the Artist Proof first.
Will I have to pay for the 1/1 and then Artist Proof?
Only if the artist decides to sell the Artist Proof to you after three years. Many will keep the Artist Proof in the Artist Estate. Some will transfer the Artist Proof to the 1/1 owner for free in recognition of their early support. Some will sell on the open market, helping provide an indicative valuation of the 1/1 you purchased three years prior.
Why should I have confidence in buying a 1/1 that also has an Artist Proof?
Because you believe for the artist you collector from, that the future value in three years of the 1/1 or the Artist copy will be 50% or more greater than today. Example:
1/1 artwork worth 1 eth
Artist Proof worth 0 eth for three years
2025 Artist works selling for 3 eth. Three outcomes:
a) Artist may burn Artist Proof at that point defining your 1/1 for its lifetime.
b) Artist may transfer Artist Proof to you at no cost, creating no dilution for you.
c) Artist may sell Artist Proof, providing indicative value of your 1/1.
Why can't I keep minting and selling 1/1s without an Artist Proof?
You can, however bear in mind that if secondary sale royalties are not the defacto standard, you are potentially losing a long term way to benefit from the apprecation in value of your artworks. An Artist Proof fixes this.
This isn't a 1/1, it is an edition of 2? Surely that halves its sale value now?
It depends on what you intend to do with the Artist Proof. If you say to collectors that you never intend to sell, then it is not possible for a second collector to own you work as it will always be held by the Artist Estate.
Why can't I hold an Artist Proof myself?
You can however it doesn't give 100% trust to the collector of your 1/1 that you might sell the second in the short-term. The Artist Estate acts as an escrow for your tokenised art to prevent the Artist Proof becoming a 2nd edition for a period of 3 years.
Why should I mint an Artist Proof as well as a 1/1?
1) To demonstrate you believe your art will be far more valuable in the longterm than the shortterm.
2) To mitigate the risks of royalites going away on future artwork you mint.
3) To reward your biggest collectors who honor royalties on 1/1 artworks they already own.
How to number a 1/1 and Artist Proof within a collection?
You can add the number in the description. Example shown here is the #30th artwork in the collection.
If you are minting on an ERC-721 tokenised contract, then Manifold will automatically append #2 of #2 to your Artist Proof.
Can I send more than one to the Artist Proof?
No. The Artist Proof is for a single proof copy of the 1/1.
Can I mint three or more and send one to the Artist Proof?
No. You must only send an Artist Proof where only a single 1/1 artwork exists.
Minting two of all my 1/1s is a hassle. Are you serious?
It is a hassle, but for long term artists who believe their work has significant upside, it may be worth it. 1/1s are rare beasts for the most part.
An easier minting alternative to an Artist Proof is mint 10 editions and hold one back for future sale. It is more dilution for collectors now, however you leave yourself 10% of future upside.
Why is MintFace leading the Artist Estate initiative?
1) Marketplaces have shown a preference for 0% royalties.
2) Many whale collectors have shown that they believe 0% royalties are inevitable.
3) Artists who have 'made it' and can afford to are buying back supply to hodl long term.
The Artist Estate brings a degree of control of supply back to artists in the long term, without diluting the 1/1 art in the short term.
If marketplaces and some collectors are not empowering artists through the honoring of the royalty promise of Web3.0.... then artists must shift the locus of control back towards them.
Creating the Artist Estate for Artist Proofs is one way of realigning both the perceived and real power imbalances of Web3.0.
Could an artist rug a collector over the long term with an Artist Proof? Potentially yes. Is that likely. I don't think so.
Instead, artists who decide to become part of the Artist Estate, are collectively saying something through actions about their self belief, the worth of their art and the importance of preserving an ongoing payment capability for creative efforts.
Your move marketplaces.