Institut is the premier art world platform for NFTs. First time using our platform?
We’ve got you covered!
Founded by an innovative team with over a decade of experience at every level of the contemporary art market—from curating exhibitions and developing the careers of important emerging and mid-career artists, to building esteemed collections for some of the world’s most prominent collectors—Institut’s core mission is to empower artists and expand the audience for contemporary art through technology.
If you’re an artist, our experienced team is ready to help you. Our programme is invite-only,but you can submit your work to us for review to our email: firstname.lastname@example.org
If you’re a collector looking to begin or grow your digital art NFT collection, you’re in the right place. We work with the world’s most cutting-edge artists from a diverse spectrum of backgrounds and disciplines.
You must have some questions, so we’ve answered some of the most important for you below to get you started.
Wait, what is an NFT?
NFT stands for non-fungible token. Think of them as digital objects that are unique (“non-fungible”) and irreplaceable. For example, a bitcoin is fungible because you can trade one for someone else’s and you will have the same exact thing that’s worth the same exact amount. If you were to trade an NFT (say, a digital photo of a tree), for another NFT (let’s say a 3D rendering of an astronaut), you would not have the same object.
How do I start using Institut?
Getting started is simple. All you need to do is sign up for an account using your e-mail address. Once you have created a profile and completed KYC, you’re ready to start collecting. When you find an NFT you like, you can bid for it or purchase it seamlessly with your Institut Wallet, which you can top up with funds using a Credit/Debit card, bank transfer, or cryptocurrency transfer. Your Wallet will go live on the 20th September. In the meantime, add your favourite NFTs to your Watchlist to stay notified when bidding starts!
I’m an artist – how do I submit my work to Institut?
Artists can submit work for review by contacting the Institut team via website or email. If successful, the artist will receive an invitation via email.
What are the fees associated with buying/selling on Institut?
Using your Institut Wallet is free, and there are no gas fees associated with bidding, buying or selling on the platform.
Credit/Debit card and bank transfer deposits are subject to card/bank processing fees (2.9% + 30cents for US cards and 3.9% +30cents for international cards, and roughly $30 dollars for bank transfers).
If you own an NFT, you can re-sell it at any time on the Marketplace. Artists receive a set royalty % for the sale up 10%, and there is just a 2.5% transaction fee to successfully process the sale.
What are the fees for artists using the platform?
When an artist sells a work on the platform, the revenue is split 85% – 15% in the artist’s favour. If the work subsequently re-sells on the Institut marketplace, the artist can elect to receive between 5-10% of the sales revenue as a royalty. This creates a recurring income for the artist, who passively benefits every time the artwork is subsequently re-sold on the Institut marketplace.
What technology does Institut use?
Institut uses the Ethereum blockchain to mint digital artwork files into traceable and immutable digital tokens, otherwise known as NFTs. The platform is built on a hybrid system combining Centralised and Decentralised technology, and we are partnered with leading technology, security and payment providers to ensure a simple, safe and seamless user experience.
Are there any additional (gas) fees to buy and sell NFTs on Institut?
Institut’s hybrid system reduces blockchain interactions to two critical events: minting the NFT and withdrawing the NFT to a personal wallet. This means there are no gas fees associated with bidding, buying and selling on Institut – and drastically reduced environmental impact.