Netgear Joins The SuperRare DAO To Create A Model For NFT Art Licensing

The WiFi router manufacturer Netgear initially branched out into smart home goods. The Web2 mainstay is currently vying for Web3 market share.

With the purchase of Meural canvases and smart frames in 2018, the company first moved into smart home goods. The most recent strategy is to exhibit NFTs on Meural digital displays in collaboration with artists and collections from the online marketplace for digital art known as SuperRare.

In order to participate in the cooperation and influence the future of digital art on the site, one had to join the SuperRare DAO and purchase its governance token, RARE. The business declined to say how many tokens it bought and for what price.

To show non-fungible tokens from curated SuperRare collections on Meural smart frames, a licensing and royalties scheme is being jointly developed.

The Netgear and Meural team’s first move is to present a governance plan to the RARE community

John Crain, chief executive officer at SuperRare, told the transition of the traditional art world in response to non-fungible tokens (NFTs) makes for an ideal entry point for the firm.

“There’s roughly 10,000 serious traditional art collectors in the world,” Crain said, referring to art collector database Larry’s List.

“ It’s like a $60 billion market.” 

SuperRare has a 10% artist royalty stipulation baked into the smart contracts to ensure their compensation from secondary sales, but, as Crain said, “We don’t really have a standard for how to do this with NFTs in the context of streaming.”

Meural has an integration with crypto wallets Coinbase and MetaMask, and a selection of dynamic, programmable NFTs in the Meural library which encompasses over 30,000 licensed artworks. 

In the case of its subscription offering, Crain questioned how they can accurately measure what members are currently displaying on their home or office walls and then have the smart contract “do the math and distribute funds where appropriate.”

He likes to envision a set of Legos, where the most basic Lego is the collectible or a piece of fine art, and that media asset has a base license that makes the NFT collectable. 

SuperRare has set up a pop-up gallery in downtown New York through August 28 with a rotating schedule of five NFT exhibitions using Meural frames in order to take advantage of the cultural collision.

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