CryptoCanvas - a limited set of 48x48 pixel collectibles, created by the CryptoCanvas community. Each canvas has several authors who together create a unique piece of art. Completed works are put up for auction. And when their first price is determined, the income from it is distributed among all authors, depending on how many pixels they have sketched.
Contents:
- What is CryptoCanvas?
- How is the dapp auction going?
- How can you get involved with CryptoCanvas?
- Withdrawal of rewards and profits on the blockchain platform
What is CryptoCanvas?
CryptoCanvas allows you to create, trade and collect artworks, created by the community. To this end, the team developed a marketplace where new and existing paintings will be auctioned. Each artist will receive a reward from each transaction, based on their contribution to the drawing. The project does not have a White Paper, but the functionality and principle of the platform is clear to every user. Each canvas goes through three stages:
| 1. Pictorial art | The canvas is drawn as long as there is at least one pixel without color. You can place a pixel of any color anywhere on the canvas. You cannot paint over already painted pixels. |
| 2. Initial bidding | The canvas enters the initial bet mode when all of its pixels are of the selected colors. |
| 3. Sale | If the canvas has an owner, it can be exchanged at the Marketplace. |
The contribution to the drawing is determined by the number of placed pixels.
How is the dapp auction going?
To buy a canvas, it is put up for auction on CryptoCanvas. Firstly, any participant makes the first bet. Then the clock starts counting the remaining time for filing applications. Other users, who wish to place a bet, will have 48 hours to do so. After this time, the user with the highest bid becomes the owner of the canvas. The amount of Ether from the bid goes to all authors of the canvas, depending on how many pixels appear on the finished illustration.
Each artist will receive an award for participating in the drawing. Also, profit is accrued in case of its sale. The artist award consists of:
- 96.1% of the winning bid during the initial bidding phase;
- 6.1% from each trade transaction (when selling a canvas).
Ownership is automatically transferred upon purchase by the owner or an offer to sell by the user.
How can you get involved with CryptoCanvas?
CryptoCanvas runs on Ethereum blockchain technology. In order to start using the resource you need:
- Firstly, install the desktop version of Chrome or Firefox;
- Secondly, install the MetaMask browser extension that allows you to interact with the blockchain;
- Thirdly, acquire Ethereum, a digital cryptocurrency that powers transactions like drawing or trading.
Bidding is free of charge. The team does not charge any fees for the creation of the canvases, pixel placement or bids. The only thing you need to cover - the transaction fees that the Ethereum network requires. The only commission, charged by the resource, - 3.9% of the final price of the painting. In order to find out about all conditions of use and participation in the project, you need to follow the official website of the project, since it does not have social pages.
Withdrawal of rewards and profits on the blockchain platform
Due to the lack of a referral program, users get bonuses when selling paintings. Drawing rewards and trading profits don’t go to your wallet automatically. Instead, they go to your account balance in the CryptoCanvas Ethereum contract. The funds will be in the Contract forever, pending your withdrawal. All your profits from the sale of paintings go to your account balance automatically. To withdraw funds to your wallet, you just need to use the "Withdraw" button on the "My Account" page. The only thing that is not automatically saved in your Balance - your drawing rewards. To display them, you need to go to the page of the finished canvas by yourself. And then click the "Add to my account balance" button. This operation will check how many pixels of the canvas have been drawn by you. Next, it will calculate your reward, based on the canvas price from the auction and your trade history.