Despite the strides the NFT industry has made over the past year, the space is severely lacking in representation. White men continue to dominate the space over women, black diaspora artists, people of color, and individuals from other underrepresented groups. Now Fimi, a new NFT marketplace, has solved this problem by targeting underrepresented artists. So what is the Fimi NFT Marketplace and how does it work?
What is the Fimi NFT Marketplace?
Founded by technology company Fimi Market Inc., the Fimi NFT Marketplace is the premier marketplace for women, people of color, and black diaspora artists and collectors. It helps artists and collectors from underrepresented groups to buy and sell art. Ultimately, it should help them build a successful creative career.
“We saw the true potential of Web3 technology, despite the recent decline in crypto values, to help artists create and sell their works.” said Miguel Adwin, Founder and CEO, Fimi Market. “Now is an opportunity for an NFT marketplace that is more accessible to those artists who have traditionally been marginalized by both technology and the traditional art world.”
Also, the word “fimi” means “for me” in Jamaica. In essence, the Fimi NFT Marketplace is for them – “female artists, artists of color, black diaspora artists and those from other underrepresented groups”.
How does the Fimi NFT Marketplace work?
Artists and collectors can do that first and foremost create an account on the Fimi NFT marketplace. They can then connect their wallet to the website to start minting, buying and selling NFTs. As a multi-blockchain platform, Fimi NFT marketplace currently accepts a number of cryptocurrencies. It currently accepts XLM, ETH, MATIC and the FIMI utility token.
In particular, the FIMI Utility Token built on top of the Stellar Network offers a number of benefits. For example, holders of FIMI worth $100 or more can mint, sell, or buy on Stellar with no transaction fee. In addition, sellers who accept payments in FIMI receive reduced fees. That being said, early access to exclusive NFT drops and voting rights are some upcoming perks.
In addition, the Fimi NFT Marketplace charges a fee of 2.25% per transaction. However, if artists choose to accept payment in FIMI tokens, they will receive a 20% refund.
Ultimately, the platform puts artists and collectors in control – they can choose their own blockchain and their own preferred method of payment. More importantly, the platform offers minimal transaction fees and a lower carbon footprint.
Sounds of Blackness brings NFT to the platform
Sounds of Blackness, the three-time Grammy Award-winning vocal/instrumental ensemble, will release an NFT on the Fimi Marketplace. According to Gary Hines, the group’s founder and music director, Sounds of Blackness will be releasing a “special limited and exclusive NFT package” of their new single “Junteenth Celebration”.
“Sounds of Blackness recognizes that the metaverse can pave the way for entrepreneurship and economic freedom for historically underserved populations,” said Hines.