Built within a mangrove swamp, MICA is a bespoke exhibition space referencing the history of Modernist architecture in South Asia. Artworks are exhibited in the mangrove landscape and the dedicated gallery space.
MICA, which comprises the artworks, the building and the custom-built environment, will be sold as a single NFT, after its launch during Frieze Week in London, demonstrating how NFTs can be used as a vehicle for collective action and the equitable and philanthropic redistribution of money and resources.
Initial proceeds from the NFT sale will be split 50/50 between the artists and the NGOs, after costs. The NFT’s smart contract, drawn up by NFT42, enshrines a royalty on all subsequent resales, which will guarantee 50% of the royalty will go to the NGOs, while the remaining 50% will be split evenly between the participating artists. The equitable and philanthropic contractual agreement existing in perpetuity.
MICA is exclusively accessible in the metaverse through Somnium Space VR, downloadable via Steam.