K21: overview of the K21 ERC-20 token and a closed storage of works of art, price and course schedule, where to buy and store the token
K21 is the first project of the Kanon platform, which is an ecosystem for artists who want to sell their works in the NFT format. K21 is a closed vault that provides a liquidity impact on an original collection of 21 unique pieces of art created by renowned contemporary digital artists. Equitable distribution of profits for authors is combined with the use of DeFi applications, thus the principles of patronage / curatorship / trusteeship, that is, helping beginners, will be redefined.
The Btcnewsweb.com editors offer an overview of the K21 project and the Kanon platform as a whole, against the backdrop of the recent leaps in the K21 token rate on decentralized exchanges.
K21 token price to USD
|Name||Price||Market Cap||Change % (7D)|
|Current issue as of 28.03.21||3 922 069 K21|
|Total emission||21 000 000 K21|
|Course on 28.03.21||8,97 $|
|Capitalization as of 28.03.21||34 344 312 $|
|Social the network||https://twitter.com/KanonDotArt; |
|Token wallets||Trust Wallet, Metamask and other wallets supporting ERC-20 tokens|
|Exchanges||Uniswap, 1inch, Gate.io, MXC.com|
K21 to Wrapped Ether chart (WETH)
Price chart for K21 / WETH on Uniswap decentralized exchange:
The collection of 21 works, which users will have access to first, is called K21. Every work here is an NFT produced by internationally recognized talented digital art artists. This collection was put together by an anonymous team with over 50 years of experience researching digital and artistic creations in major educational institutions worldwide.
Artists selected for NFT: Alex Mordvintsev, Terrell Villiers, Suzanne Traister, Cool 3D World, Simon Denny, David Oreilly, Rirkrit Tiravania, Philip Hodas, Rebecca Allen, Hank Willis Thomas with Wide Awakes, Raoul Marks, Jenna Sutela , Rachel Rose, Precious Okoyomon, Liam Gillick, Paul Chan, Pak, and several members of the TBA collective.
As the artists complete their artwork, Kanon will help them mint NFTs and transfer them to the secure repository of the K21 collection.
Purpose of the K21 token
K21 is an ERC-20 token that grants the right to own a specific part of a collection. Emissions are strictly limited to 21 million units. About half of them will be freely available so that users can buy works of art with their help, as well as participate in various social programs. Another 21% is planned to be distributed using various mechanisms (mining programs, initial liquidity pools with a stable ratio of K21 to ETH).
K21 is not a governance token, however, using the veto function in the smart contract, it gives the opportunity to vote against the buyout of the entire collection from the vault. Token holders can veto the operation, and 21% of the votes are enough to approve it. If they do not do this, then each token holder will receive their fair share of the proceeds, and the winning bidder will receive 21 NFTs.
More about buyout contracts:
- Once the artists have minted the NFT, they will put it in a repository based on Gnosis (a new market mechanism for decentralized finance) and equipped with a multi-signature system.
- This “safe” will temporarily serve as a storage facility for the artwork while Kanon works on a repository of the K ransom contract.
- Upon completion of the contract, Kanon places 21 paintings in the K21 Vault. Once this is done, the vault is sealed and Kanon irrevocably transfers control of it to the ransom contract.
- Anyone can contribute funds to the buyout contract to initiate an auction.
- Token holders can veto the application with a 21% consensus. In this case, the initial trigger price will rise by 7%. If there is no veto, then all 21 NFTs are transferred to the winner of the auction, and the holders receive a share of the proceeds, the amount of which depends on the size of their assets.
According to preliminary estimates, Kanon will complete the development and audit of contracts in the next three months. During the development process, some of the nuances described above may change.
There are two more concepts planned for the K21.
The first is XNFT. Allows you to extend NFTs to integrate additional information, such as series of works by the same artists, frames for videos, or algorithmically generated replays. Sold as a bundle, they help early adopters gain direct ownership of individual artwork at low cost. Additionally, XNFT can be staked to unlock rewards in K21 liquidity pools.
The second concept is KSPEC. It is an open source protocol that aims to extend the ERC-721 standard (which most NFTs adhere to), making it possible to preserve complex works of art, remembering their origin, information about the artist’s identity and idea, etc. K21 will be the world’s first NFT collection. compatible with KSPEC.
In the plans of the developers:
- Disclose information about 21 paintings that will be included in the collection
- Add them to the repository.
- Organize sections for viewing works of art (“viewing room”), as well as their implementation in other online formats.
- Modify the first version of the KSPEC protocol, so that all the necessary information is added to them before placing the works in the repository.
- Implementation of XNFT.
It is also planned to develop opportunities for liquidity mining.
Where to buy and store the K21 token
At the moment, the K21 cryptocurrency token is available on decentralized and centralized exchanges:
where you can buy it with Ethereum, DAI or other cryptocurrencies / stablecoins at the current rate. First, you need to connect to the protocol using a web3 wallet and make sure that the account has the necessary assets for the purchase.
For storage, it is optimal to use Metamask, Trust Wallet or others with support for ERC-20 tokens. In particular, this is possible with the Ledger Nano X hardware wallet.
The platform and the K21 token managed to create a stir around them, even though nothing has been launched yet, no dates have been named, the team is not known, the asset is not traded on centralized exchanges. The opportunity to join the auction of valuable works of art on the blockchain interested many, but even more – the upcoming updates with liquidity mining, which will give a chance to get a good profit if development goes on steadily. Developers urge you to send questions and wishes to Twitter @KanonDotArt or email email@example.com.