On Babylon, artists can promote their editions by organizing raffles. Each edition will act as 1 ticket for a chance to win a 1/1. Welcome to one of the most important moments in the history of NFT art!
The main goal of Babylon’s team is to become the premier editions platform with no enforced primary fees where artists decide the % to leave from their primary sale. Alongside this, Babylon honors secondary fees for artists.
Meet the founders: Entrepreneur and collector, Paruyr Shahbazyan, and surreal digital artist/collector, Other World.
“I’ve been in the NFT space mainly as an artist, but also as a collector for over 2 years. During this time, I’ve had the privilege to meet many fellow artists and collectors, one of them being Paruyr. He collected one of my works and we connected through us both being Armenian. One day he asked me for feedback on an NFT platform he was thinking about starting. The conversation went well and at a later date, he asked me to get on board with him as a co-founder of Babylon. From the start, all of our ideas focused on creating an inclusive platform that will gain the trust of our peers and be transparent with our mission. We aim to create the go-to platform for NFTs, especially editions. We want to bring on other artists and collectors we value on this journey with us.” – Other World
How does Babylon work?
Artists mint their editions through Babylon using a manifold extension. They specify the number of editions, the price per edition, the primary royalty percentage to the platform, secondary royalties, and the NFT they want to raffle. They can choose to leave 0% to the platform as it is donation based and a platform doesn’t enforce primary royalties.
The percentage that users leave to the platform from primary sales directly goes to the developers, investors, and fellow artists.
The art platform is dedicating 10% of company shares and profit to Founding Artists. This is a curated group of artists from different backgrounds and stages of careers that Babylon’s team believe will be key to Babylon’s success.
Similarly, Babylon has Founding Collectors, which are people who have been collecting quality art over the last few years with conviction and are a critical reason for the boom of crypto art. This group of artists and collectors will be essential partners in deciding the future of Babylon and leading it to a successful future for everyone involved.
Sneak peek at the Founding Artists concept: a one-time event to onboard
Founding Artists is a curated group of artists, platform’s team believe will be key partners in Babylon’s success in both the short-term and long-term. These artists will directly own a share of Babylon. Their share of the company will be determined by the amount they choose to donate to the platform’s treasury during the Founding Artist’s event (50-100% of primary).
Their final share will be determined once all Founding Artists complete their respective event and platform has a final amount of Eth raised to the treasury. Example: Raphael donates 50% of his Founding Artists sale which comes out to be 10 Eth to the treasury. The rest of the Founding Artists raise a total of 90 Eth. Raphael will get 10/100 of the allocated equity for Founding Artists.
Babylon plan on having a one-time event to onboard Founding Artists. After this, we will still have curated events and lists of artists, but these events do not grant access to the Founding Artists pool or equity share.
A unique approach for artists and collectors
Babylon has a unique approach to how NFTs are sold on the platform. The team got inspiration from the “bidder’s” editions, but wanted to turn this around. Bidders editions are when bidders of a 1/1 NFT get rewarded with a bidders edition, regardless of if they win the 1/1 or not. While this approach is interesting and rewards those who try to collect a 1/1, it also has flaws. Because of this, founders decided to flip this concept.
On Babylon, buyers of the editions are automatically entered into a raffle for the 1/1. As soon as the specified number of editions are sold, the platform calls the Chainlink VRF API (a random number generator) to pick the winner of the 1/1.
How to win the raffled NFT?
Purchase of an edition guarantees the edition, and a chance to win the raffled NFT. The more editions a user buys, the more chances to win the raffled NFT.
What does an artist need to know?
Minting an edition alongside a 1/1 is a great way to ensure both are desired and increase the chance to sell out. Some 1/1s are out of the price range, but connecting them in with the editions makes the editions more desirable. At the same time, collectors are not gambling for the 1/1; they are collecting high-quality art. And yes, artists own the copyright.
What’s the roadmap for 2023?
Babylon’s team can now cover a few key points of our roadmap: “We will allow artists to collaborate with each other. One artist can provide a 1/1 and another artist can provide an edition. Keep in touch, more news and features to come!” – Paruyr Shahbazyan
An example for collabs: Raphael can supply the editions and Michaelangelo can supply the 1/1. They can decide amongst themselves how to split the revenue from their drop.
The Launch is near… so WHO are the artists?
The list of all founding artists was being kept secret, and Babylon’s team is ready to reveal them now, just before the platform launches. It’s an inclusive list of artists at different stages of their careers, from established artists in the space to up-and-coming creators Babylon see having a bright future. So meet the first group of Founding Artists! This collective of artists will be the cornerstone of Babylon and we look forward to working with them for many years! The list can be found here.
Stay tuned in mid January!
Company Name: Babylon.art
Contact Person: Maria Zhukova
Email: Send Email
Country: United States