The K21 vault contains a collection of firsts: the first NFTs minted by established and emerging art world luminaries and the first iterations of trailblazing experiments in digital art. The collection has been assembled by an anonymous team of cryptoart originators and curators with over 50 years of collective experience leading contemporary art and digital programs at some of the most renowned cultural institutions in the world. The artists and artworks have been selected to test the limits of NFTs as a medium and means for art to create impact. The artworks will be unveiled and added to the vault over the coming weeks.
The K21 ERC-20 token allows anyone to be a part of this decisive moment in art and technology. There will only ever be 21 million K21 tokens, each representing partial ownership of the vault collection. Roughly half of the token supply was issued to purchase artworks and support social causes. Just over 21% of the tokens will be widely distributed to the community through various mechanisms including mining programs and high initial K21 / ETH ratio locked liquidity pools. K21 is not a governance token but it does carry the right to vote against a buyout of the entire vault through a bid function in a dedicated smart contract. Token holders will be able to veto the bid with a 21% consensus. If they don’t, each token holder will receive a pro-rata share of the proceeds and the 21 NFTs will be released to the successful bidder.
K21 employs protocols that pair equitable profit sharing for artists and the socially relevant causes they choose to support with integrations into decentralized finance to align the incentives of artists and investors. The result is a value flywheel that recasts patronage, philanthropy, curation, and custodianship in novel arrangements for mutual benefit. Roughly 1.3 million K21 tokens will be distributed to the artists and an additional 1 million will be donated to causes for social good determined by them. In partnership with Art into Acres, 21,000+ acres of old growth forest will be preserved.
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