Despite the strides the NFT industry has taken over the past year, the space severely lacks representation. White men continue to dominate the space over women, Black diaspora artists, people of colour, and individuals from other under-represented groups. Now, Fimi, a new NFT marketplace, has come up to solve this issue by catering to underrepresented artists. So what is Fimi NFT Marketplace and how does it work?
What is the Fimi NFT Marketplace?
Founded by the technology company, Fimi Market Inc., Fimi NFT Marketplace is the first marketplace dedicated to women, people of colour, and Black diaspora artists and collectors. It helps artists and collectors from underrepresented groups to buy and sell art. Ultimately, it aims to help them build a successful creative career.
“We’ve seen the true potential for web3 technology, despite the recent drop in crypto values, to help artists create and sell their work,” said Miguel Adwin, founder and CEO, Fimi Market. “An opportunity is now emerging for an NFT marketplace that is more widely accessible for those artists who have been traditionally marginalized by both technology and the traditional art world.”
Furthermore, the word ‘Fimi’ means ‘for me’ in Jamaican. In essence, the Fimi NFT Marketplace is for them—“women artists, artists of colour, Black diaspora artists and those from other underrepresented groups.”
How Does the Fimi NFT Marketplace Work?
First and foremost, artists and collectors can create an account on the Fimi NFT marketplace. They can then connect their wallet to the website to start minting, buying, and selling NFTs. A multi-blockchain platform, Fimi NFT marketplace currently accepts a slew of cryptocurrencies. For now, it accepts XLM, ETH, MATIC, and the FIMI utility token.
Notably, the FIMI utility token, built on the Stellar Network, offers a range of benefits. For instance, holders of $100 or more in FIMI can mint, sell, or buy on Stellar for no transaction fee. In addition, sellers who accept payments in FIMI get reduced fees. Apart from this, early access to exclusive NFT drops and voting rights are some upcoming benefits.
Further, the Fimi NFT Marketplace charges a fee of 2.25% per transaction. However, if the artists choose to accept payments in FIMI tokens, they will get a 20% refund.
Ultimately, the platform gives control to the artists and collectors—they can choose their own blockchain and their own preferred mode of payment. More importantly, the platform offers minimal transaction fees and lower carbon impact.
Sounds of Blackness to Drop NFT On the Platform
Sounds of Blackness, the three-time Grammy Award-winning vocal/instrumental ensemble, will drop an NFT on the Fimi marketplace. According to Gary Hines, founder and music director of the group, Sounds of Blackness will drop a “special limited-edition and exclusive NFT package” of their new single, ‘Juneteenth Celebration’.
“Sounds of Blackness recognizes that the metaverse can pave the way for entrepreneurism and economic freedom for historically underserved populations of people,” Hines said.