Digital art marketplace IOGINALITY has launched a new platform for NFT art to help emerging galleries and collectors seamlessly buy and sell tokenized artwork while ensuring compliance with regulations.
IOGINALITY prioritizes assisting emerging galleries in transitioning to the Web3 world by providing legal and technical support. The startup also aims to facilitate the entry of new market players globally through a comprehensive ecosystem and an established legal framework.
The company offers a unique feature where only galleries are allowed to create NFTs. This feature ensures that customers can engage with sellers who comply with regulations and have verified art.
IOGINALITY also uses automated Know-Your-Customer and Know-Your-Business checks to grant galleries access to trusted buyers. This allows galleries to connect with collectors securely.
The startup leverages smart contracts to facilitate swift and smooth transactions for galleries, artists and art dealers. With this technology, IOGINALITY guarantees immediate synchronization of selling prices and royalties for NFTs across all parties involved, removing the costs, uncertainties and delays that commonly impede innovation.
IOGINALITY also offers the flexibility and inclusivity of assigning unlimited recipients in a transaction.
At launch, IOGINALITY will showcase collections from notable partners, including Dubai-based contemporary art gallery Alisa Gallery, Chicago-based NFT art gallery imnotART and Web3 creative studio Wizara.
These strategic partnerships allow IOGINALITY to accelerate the entry of galleries into the global market, aligning with its core mission of diversifying the digital art world by featuring high-quality artwork from around the globe.
Wizara co-founder Adham Hafez praised IOGINALITY as an ideal partner, highlighting its effective combination of practical and theoretical interests in supporting artists entering the market.
IOGINALITY to tackle issues within NFT market
Commenting on the launch, IOGINALITY CEO Ekaterina Smirnova explained that the platform was specifically created to address common issues within the NFT market, encompassing a lack of transparency, vulnerability to fraud and money laundering and limited access to progressive legal support resources.
“As hype around NFTs fades and the professionals remain, the industry is ripe for fundamental transformation,” Smirnova said in a press release.
According to Smirnova, it is important to establish the required measures within the industry to enable the adoption of Web3 by emerging galleries. These measures should ensure “accessibility, professionalism, security and trust” while aligning with emerging galleries’ desire to embrace Web3.
Smirnova also explained that IOGINALITY aims to level the playing field, allowing more galleries to participate in the digital revolution and ushering in a new era characterized by more excellent representation.
Smirnova and co-founder Yuriy Brisov are distinguished lawyers with a global reputation and comprehensive expertise in digital markets, providing legal, economic and strategic consulting services. As part of its public launch, the digital art marketplace introduced an open-source page called “NFT Nightmares: Lessons Learned,” which offers valuable insights into significant fraud and misconduct within the Web3 space.
Looking ahead, IOGINALITY has ambitious long-term plans to expand its project and leverage its extensive expertise in art, culture, finance, technology, law and project management. It aims to introduce NFT solutions across diverse markets, including valuable assets such as precious gems and real estate.