LimeEyes is a platform where anyone with an Ethereum account can buy shares in various digital artworks! If you already have shares in an artwork, every time more shares are purchased for it you will receive dividends from that sale equivalent to the proportion of shares you own! There are no fees upon purchasing and receiving dividends so you'll be sure to receive the exact percentage of your shares each step of the way!
In the future, any artist may host their artwork on LimeEyes but it would be dependant on a decision from the website owner and contract developer, if you are interested however, please send a copy of the artwork you wish to list to firstname.lastname@example.org or contact the developer via either Instagram or Discord.
About the Contract
The Ethereum blockchain is full of possibilities but there is yet to be a solid art gallery based smart contract. The main problem around a gallery is trying to figure out how the artwork owner can make a bit of profit from their art instead of it being a static object that can only be viewed. The way LimeEyes tries to solve this problem is by paying dividends. At each step of the way, a buyer can only purchase a set amount of shares in the artwork starting at 1 share and then increasing by 1 each time shares are purchased. Upon each sale, the artist receives dividends based on the number of shares just purchased but as a consequence, the owner cannot purchase shares in their own art. This means that for the artwork owner, they will always be receiving dividends from their work and their shares increase automatically the more popular it is. The normal shareholders on the other hand will receive dividends based on their respective shares owned!
The special thing about the way this works is due to the shares up for purchase only increasing by a constant value each step (1 -> 2 -> 3...) and hence it actually forms the triangular number series and it's possible to use this to achieve steady states in respect to dividends earned. To offset the total volume of shares relative to your previously owned shares, the price must also increase according to the volume of shares that exist. In this case, the total shares are treated as a percentage and increase the artworks base price by that much, for example;If the artworks base price is 0.01 ETH and there are currently 250 total shares purchased, it will cost 0.035 ETH (100% + 250%) to buy the next set of shares.Because the total shares are intrinsicly linked with the price, it means that over a lot of sales, the amount the shares receive as dividends will trend towards a constant number instead of continually decreasing. In this case, your dividends will trend towards your shares (as a percentage) * the artworks base price, for example;If the artwork has a base price of 0.01 ETH and you own 5 shares, in the long run you should expect to see 5% * 0.01 ETH = 0.0005 ETH each time the artwork has any shares purchased. In contrast, if you own 250 shares of the artwork, you should expect to see 250% * 0.01 ETH = 0.025 ETH each time the artwork has shares bought.
It's good to point out that if you were the first buyer and owned 1 share, the next buyer is going to be purchasing 2 shares which means you have 1 out of the 3 shares total and hence you will receive 33% of that sale, at the next step there will be 6 shares total and your 1 share is now worth 16% of the sale price, as mentioned above though, your earnings upon the purchasing of new shares from your original 1 share will trend towards 1% of the base price over a long period of time.
Due to it's simplicity, this contract will reach a steady state over time and provide a passive source of income to any shareholders of artworks as well as providing an opportunity for digital artists to gain a bit of profit as well as exposure!
The First Artist: Crystal Rain
Crystal Rain's art boasts a unique style and character and that's why she's the perfect artist to start off the LimeEyes collection. She's especially good at drawing various animals and each piece of art tends to have a surreal look to it all the while presenting a clean and colorful piece of artwork. She's been drawing and sketching for more than half her life and with the recent introduction of digital drawing pads, it's taken her art to new levels. Crystal Rain will continue to produce art frequently and you'll be sure to always find something new on LimeEyes every few days!
If you have a suggestion for a piece of art that Crystal Rain should draw, please contact her either through Discord or by messaging the Instagram account! Depending on what you want drawn, it's possible to also give you the ownership of the artwork and hence you will receive dividends from each purchase of shares without needing to actually purchase shares yourself!