The company famously known for its WiFi routers, Netgear is venturing into the NFT space. The company has partnered with NFT marketplace SuperRare to display NFTs on Meural digital displays.
The goal is to co-develop a licensing and royalty model for displaying NFTs of curated SuperRare collections on the Meural smart frames.
To make this happen, the company first joined the SuperRare DAO and bought its governance token, RARE, in order to have a say in the direction of digital art on the platform. (The number of tokens and their cost was not disclosed.)
Netgear and the Meural team have to submit a governance proposal to the RARE community.
For artists, SuperRare has a 10% royalty stipulation coded in the smart contracts to ensure their compensation from secondary sales. However, they ‘don’t really have a standard for how to do this with NFTs in the context of streaming.’
John Crain, chief executive officer at SuperRare, questioned Meural how they can accurately measure what members are currently displaying on their home or office walls and then have the smart contract “do the math and distribute funds where appropriate.”
Senior product and content manager for Netgear’s Meural product line, Poppy Simpson said that a parallel can be drawn with Spotify’s real-time streaming royalty system.
She said, “This is a model, which not only does it try and align the artists and the collectors incentives, but it cuts out a lot of the middlemen, which is essentially skimming off the profit of the creator”.
She also said that “artists are always on the forefront of technology,” and that NFTs increase the possibilities in terms of the number of people that can get involved, mainly collectors.
In related news, SuperRare has opened up a pop-up gallery in downtown New York through August 28, featuring a rotating program of five NFT exhibitions using Meural frames.