Artwork Tokens

Artwork tokens are non-fungible tokens minted by the ovr-program upon request by a registered artist. The request needs to include the token name, token short description, token long description, type of token standard, type of license standard. An artwork creation request costs 1,000 AOVR tokens. The ovr-program distributes the non-fungible artwork token to the artist account.

Artwork token transfers represent artwork sales, are only possible through an ovr-program function, and automatically distribute 15% and 5% of all primary and subsequent market transactions respectively to a profit sharing pool$^{15}$ i.e. artist token holders. In the case that the artist has not distributed any of their artist tokens, the artist retains all profit shares allowing full control of how the artist wants to interact with their community. The ovr-program settles the distribution to the beneficial Artist token holders.

Artists are disincentivized to create “empty” artwork tokens and flood the markets since there is cost associated with the minting of an artwork. On the other hand, the minting fee is no genuine financial barrier to participation in the community.

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$^{15}$See Staking Functionality section below