Foundation for Art and Blockchain (FAB) is pleased to announce the launch of FAB DAO, and the accompanying NFT drop by artist, ippsketch. An innovative new collector platform, FAB DAO is a Decentralized Autonomous Organization that seeks to bring together art and technology in the Web 3 space, expanding the reach and potential of FAB’s mission by leveraging the power of blockchain technology. The inaugural drop titled “Giving Shape” will be an edition of 300 generative NFTs by ippsketch launched in collaboration with Art Blocks Engine on May 18, 2023. The organization also announces that any amount paid above the lowest sales price in the Dutch Auction is tax deductible for US taxpayers through FAB’s 501c3. To collect and learn more, visit https://fabdao.art/
At the heart of FAB DAO is the concept of a DAO, or Decentralized Autonomous Organization. A DAO is a new way of organizing and governing communities, built on blockchain technology. This allows for decentralized decision-making, where members of the community can vote on important decisions such as funding, governance, and direction of the organization. This democratization of the art patronage process leads to a more diverse range of voices contributing to the evolution of the art world and allows for the support of a wider array of artists and projects.
One of the ways FAB DAO differs from other DAOs is that collectors operate as patrons of the art they love; funds raised through art sales goes into a pool, and then buyers are able to sponsor and vote on projects or artists that they would like to support with that money. In the decentralized spirit of Web3, rather than a small cohort of board members deciding on how to hand out grants, the broad collective is responsible for coordinated decision making around which art to support financially. This puts the power directly into the hands of the individuals most invested in the work. Proceeds from ippsketch’s pieces will be sent to a mult-sig address where funds can be allocated to artists in different ways, to be decided by FAB DAO community.
The visual outputs of “Giving Shape” draw upon the art historical definitions of abstraction and minimalism, and are influenced by artists such as Sol Lewitt. The use of code to generate the art creates a unique and ever-changing visual experience, as each output is determined by the code. This creates a connection between the viewer and the artwork, as each viewing is unique and cannot be replicated. As ippsketch states, “Making art by painting with pixels instead of pigments has let me lean into strengths that I’ve developed as an engineer: coding, simulation, and problem solving.”
ippsketch is an artist based in Texas with a Ph.D. in mechanical engineering. His name is derived from the increment operator “i++”, which is used in code to iterate a process forward. The name is a reference to the computer behind the art, but it’s also a personal motto that reminds the artist to keep moving forward, keep iterating, keep adding skills, and keep exploring new possibilities. The inclusion of the word ‘sketch’ in his name is also intentional as he states: “Sketches aren’t finished – they’re improved and changed, modified or drawn again from scratch. So I think my work and I are constantly evolving.”
Director James Baggett had this to say about FAB DAO: “We are thrilled to be launching FAB DAO and bringing together art and technology in this exciting new way. This democratization of the art patronage process allows for a more diverse range of voices and ensures that artists can create and showcase their work while engaging with collectors in a new and innovative way.”
This transformative model stands in stark contrast to the traditional art world, which is often plagued by opaque bureaucracy and gatekeeping, allowing only a select few influential galleries and collectors to dictate the emergence of new genres and artists. FAB DAO disrupts this antiquated system by fostering a more inclusive and diverse environment that transcends geographical and financial boundaries. In doing so, the FAB DAO nurtures a thriving global ecosystem of artists and patrons, unlocking the potential for unprecedented levels of creativity and innovation. As a result, this groundbreaking platform has the power to reshape the landscape of the art world and usher in a new era of artistic expression and discovery, unencumbered by the constraints of the past.
The Foundation for Art and Blockchain has been providing new outlets for creativity in blockchain since its inception in 2018 with the sale of a CryptoKitty, which sold at auction for 200 Ether ($140,000 USD in 2018). Founding members of the non-profit include Mark Lurie, currently CEO of Shipyard Software, a decentralized exchange, as well as Jess Houlgrave who runs crypto at checkout.com, and Robert Keenan, Founding Product Lead at Dispatch, previously at Consensys and Director James Baggett, formerly co-founder of Stream Space, a decentralized content delivery network. Collectively, they hope that FAB DAO will grow this mission and provide a place for collective ideas, networking, and democratic decision making around supporting the arts.
FAB DAO’s “Giving Shape” by ippsketch is available for collection starting May 18, 2023, 1pm ET at https://fabdao.art/
About Foundation for Art and Blockchain (FAB)
The Foundation for Art and Blockchain (FAB) is a nonprofit organization that seeks to bring together art and technology in the Web 3 space. FAB DAO is its latest initiative, creating a decentralized autonomous organization for the art world.
FAB DAO Website: https://fabdao.art/