Web3 NYC Gallery is a new NFT gallery opening June 15 in Manhattan.
The gallery’s Genesis NFTs allow holders to control a display in space so they can show off and even sell their NFTs.
Manhattan’s Fifth Avenue is a vaunted shopping street, with luxury retailers and other big brands vying for shoppers’ attention. Come next week, and NFT gallery will join their ranks as the web3 NYC Gallery opens in Midtown.
But the location itself may not even be the most interesting piece of the puzzle. What really stands out is the ability for everyone, everywhere to own the exclusive rights to display and sell their own NFTs – created or collected – on any of the displays, and to operate them remotely.
That’s the hook offered by Web3 NYC Gallery, which opens its doors on June 15 at 510 5th Avenue in New York City. As part of the offering, the venue will feature 300 NFT screens from partner Tokenframe, which can only be managed by an associate owner Genesis NFT†
“I think we have 20 times more NFT frames than ever before in a room,” said co-founder and CEO Nick Rotola. decode† That’s also just the user-controlled frames. There are hundreds more that will be used for brand partnerships and other product offerings.
If you buy a Genesis NFT, whether in the first primary sale, or in a secondary market in the future, you can display almost any NFT you want in the gallery. Web3 NYC Gallery has developed a software platform that allows owners to connect to an Ethereum wallet through a website and choose which images to display. (Tokenframe plans to add support for other public blockchains in the future, such as Solana and Tezos.)
In the gallery, visitors can scan a QR code on the frame and purchase any NFTs for sale. Rotola told decode that the store has NFT-skilled staff on hand to help buyers set up wallets and purchase artwork, and will ensure they understand the process and are not buying counterfeit collectibles.
“We took our longest wall and we said, ‘This is going to be owned by people,'” Rotola said. “The people get the same access to Fifth Avenue that Louis Vuitton has, and who have all these great, amazing, incredible brands. They may be on Fifth Avenue, but so are these people.”
An NFT acts like a title deed to a digital item, and NFTs often represent things like digital artwork, profile photos, sports and entertainment collectibles, and video game items. The market expanded significantly in 2021, generating some $25 billion in trading volumeand the volume of 2022 is currently on track to break that amount despite an often volatile market.
Web3 NYC Gallery offers displays associated with its Genesis NFTs at three different tiers: 160 10-inch Collector’s Club displays ranging from 1.5 ETH ($2,680) to 2 ETH ($3,580), 110 21.5-inch Degen Club- displays ranging from 5 ETH ($8,950) to 10 ETH ($17,900), and 30 43-inch Alpha Club displays sold privately at undisclosed prices.
No ongoing payment or rent is required for NFT owners to use their respective displays. Genesis owners can show NFTs owned by their wallets, be it a Bored Ape Yacht Club avatar is Ethereum or their favorite XCOPY or art blocks part. They can even show off their own made NFTs, which gives property developers a way to market their wares.
However, there will be limits on pornographic content because Web3 NYC Gallery is a publicly accessible space, and they also strive to stamp out “scammy” content. Rotola said the gallery uses “highly proven AI to test each image” for objectionable content.
Aboard the crowd
As mentioned, while collector-operated displays are a big part of Web3 NYC Gallery’s footprint, there’s more to the space. There will be other display areas for partnerships with brands and NFT creators, as well as additional Web3 content, such as crypto games and metaverse offerings.
It also has an exclusive club for Genesis NFT owners at Alpha level along with various perks for every level of NFT owners. Rotola also said the gallery has numerous revenue streams in the works, including the Genesis NFT sales and secondary royalties, commission deals with brands and artists, sponsorships, events and exclusive clubs for high-end collectors.
Web3 NYC Gallery isn’t New York City’s first NFT gallery—one opened early last year— let alone the rest of the world. decode has covered gallery openings in London† Chicagoand The Angels, for example. The newly opened Quantum Space LA even has its own NFT membership program focused on event access and NFT drops.
In addition to the ability to let NFT owners manage the display frames, Rotola suggested that what sets Web3 NYC Gallery apart from other such galleries is a focus on onboarding the masses.
With a prominent location on Fifth Avenue, he sees significant potential for the gallery to serve as a ramp into the new and potentially confusing world of Web3. Rotola wants Web3 NYC Gallery to become “a Best Buy for Web3”, with a range of initiatives across the Web3 space along with helpful contributors and an array of things to see and interact with.
“If you look at what Best Buy and Circuit City have done for Web1, it should be done for Web3,” he said. “You don’t get the masses on board in chat rooms, and they won’t come” CryptoMonday or things like that. They need something very simple.”
Web3 NYC Gallery’s solution is to have expert staff who can hold the buyer’s hand in setting up portfolios and understanding the space. But it also wants to make things tangible in a certain way, such as offering printed plates and jackets showing one’s NFTs, plus plans to add a vending machine which is ideal for kids to buy and trade digital packs of NFT collectibles.
With the coming metaverse expected a multi-trillion dollar chance that crypto builders and tech giants alike what we’re betting on, Web3 NYC Gallery is also looking at expansion. It plans a franchise model that will allow crypto and NFT builders to open their own local outposts using the same kind of approach, complete with Genesis NFTs for each space.
“Eventually there will be 2 billion users of Web3,” Rotola says. “How do we go from now to 2 billion? I think you need stores like ours to hold people’s hands from start to finish, and that’s what we bet on.”
Do you want to become a crypto expert? Get the best of Decrypt straight to your inbox.
Get the biggest crypto news stories + weekly roundups and more!