Non-fungible tokens are the prominent highlights in the crypto and blockchain space right now. Over the years, many new NFT marketplaces have emerged as top preferences for people interested in blockchain applications. Have you heard about KnownOrigin NFT and how it helps NFT users? It is an NFT marketplace focused specifically on digital art rather than other NFTs, such as music or in-game collectibles. KnowOrigin, or KO, is one of the earliest NFT marketplaces in the space, developed in 2018 with the contributions of James Morgan, Andy Gray and David Moore.
The history of KO NFT marketplace also reflects prominent milestones such as partnerships with top nft companies such as Adobe, Adidas and Netflix. Most important of all, the KnownOrigin NFT marketplace has been acquired by eBay, thereby fuelling interest in the fundamentals of KnownOrigin. The following post offers an introductory guide on KO NFT marketplace, its advantages and important technical concepts.
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Fundamentals of KnownOrigin NFT
The first thing you need to know about KnownOrigin non-fungible tokens is the fact that it serves an NFT marketplace. Interestingly, it is one of the earliest marketplaces in the field of non-fungible tokens. One of the crucial highlights of KnownOrigin marketplace refers to the platform’s focus on digital artwork sales.
Artists could mint tokens as well as editions of their work alongside listing collaborators in artwork for fees division. Furthermore, the fundamentals of KnownOrigin NFT explained for beginners would also point out the facility for listing tokens on the platform with multiple auction types. In addition, NFT creators could also choose different types of pricing and parameters for NFT sales.
The emphasis of KnownOrigin marketplace on digital art ensures the inclusion of robust features for supporting artists and fostering talent. For example, artists can create their profiles on the marketplace, which can include a portfolio and details of their work. On top of it, KnownOrigin NFT marketplace also includes features for promoting artists, such as trending tools and featuring artists in drop events.
Working of KnownOrigin NFT Marketplace
The basics of KnownOrigin also invite curiosity regarding queries such as “What blockchain does KnownOrigin use?” and details of its working. The generalized mixed-media platform offers the facility of creating NFT artwork from images, videos and GIFs. Another important highlight in the working of KnownOrigin refers to the collaboration with select artists who generate rare digital art. KnownOrigin leverages the NFT contract standard, ERC-721 and facilitates direct on-chain minting on the Ethereum blockchain.
In addition, the working of KnownOrigin NFT explained in detail would emphasize the ability to discover, collect and invest in rare digital artwork. Artists and collectors can leverage the primary custom marketplace as well as the secondary marketplace alongside other important features. Artists have to pay around 15% of the primary sale as listing fees on the KnownOrigin platform and 2.5% of secondary sales. Interestingly, KnownOrigin also returns back 12.5% of the secondary sales to original artists in the form of royalties.
The explanation regarding working of KnownOrigin also draws attention to editions. Edition is a collection of a specific number of tokens, which follows the minting-on-demand approach. As a result, it is not mandatory to create all the tokens in the KnownOrigin NFT edition immediately.
The foremost advantage of editions in KnownOrigin emphasizes on reduction of gas costs. Creators could not increase the number of tokens in an edition after it has been created. However, creators could reduce the edition supply by burning unsold tokens to control the price. All the NFTs in a KnownOrigin edition feature the same metadata, albeit with a distinct ERC-721 token ID.
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Another crucial highlight in the working of KnownOrigin Non-fungible tokens marketplace would point at metadata and its storage. The metadata of NFTs is an important aspect of the NFT industry as it describes certain specifications of non-fungible tokens. For example, common highlights in metadata for digital art could include name, description and attributes such as format, scarcity, asset type and production year.
Some of the other notable types of metadata stored on-chain for a KnownOrigin token include edition size, creator name or token sale type and sale state. The KnownOrigin marketplace follows the standards of OpenSea for metadata description alongside adding more fields according to requirements.
The metadata associated with a non-fungible token minted on KnownOrigin can vary in size with age. At the same time, metadata fields have also evolved over the course of time to accommodate new attributes. However, you must know how metadata of a KnownOrigin NFT example is stored by the protocol.
KnownOrigin leverages the IPFS or Interplanetary File System for metadata storage and the media related to NFTs. IPFS offers a peer-to-peer network for data storage and sharing in distributed file systems. It also offers additional features such as IPFS hashes, also known as Content Identifiers. Therefore, data uploaded on the network invites the generation of a unique fingerprint, thereby mapping effectively to on-chain references.
Use of Subgraph in KnownOrigin
The introduction to KnownOrigin would also invite attention to the use of Subgraph in the NFT marketplace. TheGraph network offers a data availability layer for offering better user and developer experience on KnownOrigin. KO NFT marketplace leverages the Subgraph data availability layer for simplifying abstractions for complexities on the platform. In addition, it also simplifies the details of different versions of each KnownOrigin token created and deployed on the platform. The primary domain objects abstracted by Subgraph include Edition, token, metadata, collector and artist.
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Types of Auctions on KnownOrigin Marketplace
The technical components in the working of KnownOrigin emphasize the structural flexibility for accommodating NFTs. Since KnownOrigin focuses primarily on digital artwork, auctions are an important requirement for the marketplace. Artists can put up their works for auction through different models. Creators can put up KnownOrigin non-fungible tokens for auction through buy-now auctions, 24-hour reserve auctions, bidding and stepped sale listings.
- Buy-now options are less of an auction and the first buyer to grab them at the fixed price wins the token ownership.
- Bidding offers a classic auction approach, wherein the highest bidder gets the NFT.
- The 24-hour reserve auction applies to single editions, and the auction runs for 24 hours when a bid matches the reserve price or beats a better bid. The time limit in 24-hour reserve auctions creates competitive bidding for an NFT, thereby ensuring the highest fee for sellers.
- Stepped sales are a preferred choice for new NFT editions by rewarding early buyers and increasing the prices after sale of each edition in a series.
How to Use KnownOrigin?
The clarity regarding answers to “What blockchain does KnownOrigin use?” and its working must have encouraged you to find how to use the marketplace. You can find distinct options depending on whether you are an artist or a buyer. Let us take a look at how both groups of users can leverage the functionalities of KnownOrigin non-fungible token marketplace.
Users who want to join the KnownOrigin platform must complete the application process of the marketplace. Artists have to provide a portfolio featuring a summary of their previous work. In addition, artists can join the KnownOrigin NFT platform only after presenting a strong reason for which they can serve as a valuable addition to the KnownOrigin community. KnownOrigin marketplace follows a detailed verification and approval process and allows addition of artists to the platform in weekly batches.
Just like other NFT marketplaces created on the Ethereum blockchain, buyers can use KnownOrigin NFT marketplace by connecting their wallets to the platform. You can use ETH in the wallet to purchase rare digital artwork. On top of it, buyers can also purchase NFTs from KnownOrigin through linked credit or debit cards. Depending on the type of NFT sale, buyers can purchase NFTs directly on place auctions on the platform.
Advantages of KnownOrigin
The fundamentals of KnownOrigin NFT explained how it serves as a unique NFT marketplace for digital art. One of the significant factors underlying the popularity of KnownOrigin points to how it prioritizes the needs of creators. The NFT marketplace consistently strives alongside its community of artists to develop a platform that validates success in the domain of digital art. Here is an outline of the noticeable benefits for artists on KnownOrigin.
Cost-Effective Smart Contracts
One of the foremost highlights in the KnownOrigin token marketplace refers to cost-efficient smart contracts. The NFT marketplace features smart contract compatibility with credit cards alongside ensuring efficient use of gas fees. As a result, the platform offers easier and cheaper opportunities for becoming successful NFT artists. Smart contracts run automatically upon fulfillment of pre-defined conditions, thereby implying easier NFT sales transactions. Without the need for third parties, creators could focus on their art while letting smart contracts take care of technicalities.
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Royalty Standards for Creators
The innovative royalty standards of KnownOrigin are another noticeable benefit of the NFT marketplace. Creators can share their royalties with one to five collaborators in different ways. The common models of royalties for a KnownOrigin NFT example include atypical, decaying, upgradeable, dynamic, governed and stepped approaches. The atypical royalties involve a specific percentage of royalties from all secondary sales rewarded to artists.
Decaying royalties would decrease over time as the NFT changes ownership. Dynamic royalties change according to the time or sale amount. Upgradeable royalties allow owners to modify the royalty conditions and percentage according to their preferences. Governed royalty approaches involve DAOs which determine and own the royalties. In the case of stepped royalties, the royalty amount would depend on the NFT sale price.
User-Friendly Artist Tools
Another prominent highlight for artists with KnownOrigin NFT platform is the facility of contemporary artist tools. The artist tools ensure better flexibility for making your NFT artwork web3-ready. Most important of all, creators do not have to learn technicalities of smart contract development to use the functions of KnownOrigin marketplace.
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The next crucial aspect in the KnownOrigin NFT marketplace focuses on addition of utility and value in the NFT artwork. Composable non-fungible tokens help creators on the KnownOrigin platform to integrate other digital assets in their NFT artwork. The KnownOrigin NFT example of The Composable by Brendan Dawes shows how composable NFTs can drive utility in NFT artwork. The Composable NFT artwork included 100 WHALE tokens, which added more value to the NFT. Creators can also embed their own social tokens in rare NFT artworks to drive engagement with collectors.
Unique Sales Approaches
The stepped sales and 24-hour reserve auction modes on KnownOrigin marketplace offer unique ways for creators to obtain the best price for their work. Stepped sales can offer a step-wise increment in pricing of NFTs in an edition with the sale of each piece of art. On the other hand, 24-hour reserve auctions could help artists obtain the maximum price buyers are willing to pay for a specific NFT.
Early Access Sales
The advantages of KnownOrigin non-fungible tokens marketplace also include early access sales. Creators could not only sell their artwork on the KnownOrigin platform but also access tools required to develop their long-term careers as NFT artists. KnownOrigin provides innovative tools for rewarding collectors, thereby increasing the scope for building a dedicated base of followers.
The early access sales on KnownOrigin help creators in selecting specific wallet addresses for early access to their collections. Creators can select wallet addresses for early access sales through different approaches. The methods for selecting wallet addresses include a selection of all KnownOrigin Collectors or selecting Collectors in a specific edition. Creators can also select all holders of Proof of Attendance protocol or upload a CSV file of selected digital wallets.
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The final impression regarding KnownOrigin NFT marketplace suggests that it will emerge as a prominent player in the web3 landscape. KnownOrigin is a dedicated NFT marketplace for rare digital artwork with a thriving community. In addition, the assurance of decentralized metadata storage, different auction types and support for ERC-721 token standards ensure promising value advantages for creators.
The introduction of stepped sales and 24-hour reserve auctions alongside cost-efficient smart contracts stand out as notable advantages of KnownOrigin. At the same time, different models for royalties and opportunities for rewarding collaborators validate the potential of KnownOrigin for NFTs. Learn more about the technical aspects of using the KnownOrigin marketplace and start creating rare digital artworks.
*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!