HUP.MARKET is the world’s first NFT marketplace for socially conscious artists and collectors to validate, protect and fully monetize their visual art NFTs—which includes licensing their works to third parties such as art galleries and live broadcasters — all through a framework that complies with international copyright and securities law.
The $HUP Token, a community-governed utility token with novel tokenomics that encourage long-term holding, will serve as the digital currency fueling the HUP.MARKET through which artists around the world can mint copyright-enabled NFTs (ceNFTs), enabling creators and collectors to fully monetize artwork through the combined power of the blockchain and internationally enforceable copyright.
With an estimated value of $12.4 billion, the digital artwork industry is a compelling and proven market. That’s on top of the market for Non-Fungible Tokens, estimated at $2 billion in Q1 of 2021 alone. In its current state, however, this exploding sector is severely inhibited by the lack of robust solutions built on a framework compliant with international copyright treaties and laws.
When artists produce artwork to be sold online, international legal discrepancies relating to the artist’s country of origin and artist control over the sale of digital copies create a smokescreen of legal confusion that prevent this otherwise promising industry from reaching its full potential.
HUP.LIFE tackles these challenges by combining copyright ownership and full monetization with a more “traditional” NFT marketplace, resulting in HUP.MARKET, its community-driven NFT marketplace set to launch December 2021.
Artists who mint their works as ceNFTs on HUP.MARKET will be able to validate the work and fully monetize it through internationally enforceable copyright. The project has also invented the concept of the “Ghost NFT,” a secondary NFT representing the transfer of the full bundle of copyright of an artwork underlying an NFT. Artists can also sell the NFT but retain the copyright (resulting in the Ghost NFT staying with the artist) and license it for reproduction or broadcast to interested third parties on a timed basis using HUP.MARKET’s planned Licensing Module.
The $HUP Token itself is supported by strong tokenomics and a community governance framework allowing holders to vote on the features of the platform through the project’s novel 1 Wallet, 1 Vote model.
“I am blown away by the ethics of $HUP,” says Steve Wozniak, Co-Founder of Apple, adding, “this project not only generates real value for creators but also advances the ethics of social consciousness and animal welfare — two causes near to my heart — in an open and transparent way.
“That’s the reason why today I am pledging my endorsement for an NFT-related project, HUP.LIFE and the $HUP token,” Wozniak said in a pre-recorded video statement.
The project also received sports endorsements from comedian Colin Mochrieof decades-running improv-TV series Whose Line is it Anyway, which just finished airing its 17th season in April on The CW.
Both endorsements, as well as any further endorsements the project picks up will be posted on the project’s official website.
“We are beyond excited for the launch of HUP.LIFE, the $HUP Token and our HUP.MARKET platform that will allow artists to get the full compensation they deserve for their works and empower collectors to unlock unlimited possibilities for monetization by buying not just an NFT, but the full bundle of copyright of the underlying art work,” says Harrison Jordan, Founder and President of HUP.LIFE. “While much consideration has gone into the tokenomics and features of $HUP token itself, our long-term plan for the entire HUP.LIFE ecosystem and the partnerships in process with third-party projects will be truly game-changing for NFTs and the broader decentralized finance market. We are eager and excited to catapult the world into the next generation of NFT trading through HUP.MARKET.”