What is Versus?

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Joined: 24 May 2021, 18:35

What is Versus?

Versus is a curated digital auction house and art marketplace. All art on Versus is tokenized as an NFT on the Flow Blockchain.

Originally, Versus will have one drop/auction each week, with the goal to increase the frequency of drops in the future to accommodate increases in demand.

What is an NFT?
An NFT (or non-fungible token) is a unique tokenized collectable on the blockchain.

The blockchain allows for verifiable scarcity, easy provenance, and users to control their own assets.

What makes a Versus NFT valuable?
Our NFTs are future oriented and decentralized. All the data related to each NFT (image, art name, artist’s name, and edition number) is stored directly on the Flow Blockchain.

Versus will be the first art maketplace to store high quality, full resolution .png artworks on chain.
This means that buyers can be comfortable knowing that their NFT is not reliant on any centralized company or service. There is no image or data hosting that could lead to dead NFTs if anything ever happens to Versus.
Buyers have complete control over their art.

How can I buy art on Versus?
Purchases on Versus will be made using the native token of the Flow Blockchain, Flow, through the Blocto wallet. We will also accommodate other wallets in the future.

We are aware that Flow is not yet available in some jurisdictions, notably the US and Canada, but we are confidient that Flow will be made available to all in the near future.

How does a Versus auction work?
Versus auctions are not your average english auctions.

Biders will have the ability to place bids on exclusive (1/1) artworks or edition artworks (1/10-25+). Whichever auction will generate more revenue for the artist (exclusive or editions) wins the auction, and the respective number of NFTs are then minted.
In summary, there will be three separate types of english auctions ongoing during a Versus drop. There is the simple engilsh auction for the 1/1 piece, an engilsh auction for each /10-25+ piece, and the auction that tallies the sum of all bids for both sides and determines which side will win.
This unique auction system of “exclusive” versus “edition” is meant to allow those looking to spend less to still be able to participate in an exhilarating auction for a high quality NFT artwork. It will also allow for thorough price discovery and democratization of the auction process.
If a bid is placed in the last 10 minutes of an auction the time remaining in the auction returns to 10 minutes.

How can I sell art I bought from a Versus drop?
At launch Versus will not have a native secondary marketplace.

This means that buyers will have to go to other NFT marketplaces if they are looking to sell their art. Currently VIV3 is the marketplace we recommend, but in the future you will have the option to use other secondary marketplaces, such as Opensea, or the Versus native marketplace.

How can I join Versus as an artist?
Versus is a curated art marketplace.

Currently we are manually reaching out to artists we would like to feature on Versus, but in the future we will likely have an application process for interested artists.
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