41. What is KnowOrigin NFT, and how does it work?
Non-fungible tokens NFT are undeniably the trend in cryptocurrency markets recently. Recently, many new NFT marketplaces have emerged, outdoing each other in functionality and offerings. But have you ever heard of KnowOrigin NFT?
KnowOrigin NFT is one of the earliest markets for non-fungible tokens. It was founded in 2018. Its creators were James Morgan, Andy Gray and David Moore. The KnowOrigin market focuses on digital art rather than other NFTs, such as music or game collections.
In today’s lesson, we will guide you through the KnowOrigin marketplace. We will talk about its benefits and technical concepts. However, before you dive into the reading, you should remember the basic things about NFT.
What is KnowOrigin?
KnowOrigin is one of the first NFT markets to emerge in the industry. It is built entirely on Ethereum. What sets this platform apart from others? The fact that it focuses on selling digital art. It does not offer the sale of music or collectibles from games.
KnowOrigin has a strong focus on art. Therefore, the platform has some sophisticated features that make it easier for artists. It is safe to say that KO brings a base of talent to its platform. But how? It is difficult to set up an account on KnowOrigin NFT. To do so, each artist must first go through a rigorous vetting process – submitting their portfolio, summarizing their work and… apply accordingly.
The artists can mint their coins and work on their pieces. At this stage, they can also list their collaborators and share royalties with them for the works they create. Moreover, each artist has the option to offer their works in different auctions, choose different prices and set the parameters for the sale of their NFT.
Interestingly, the platform has interesting tools to support its artists. One of them is undoubtedly a trending tool that highlights artists’ works and promotes them during drop events.
How does the KnowOrigin NFT Marketplace work?
The whole platform is very general. It is a kind of mixed media thing that offers numerous possibilities for creating NFT artwork from images, videos, and GIFs.
An important point about how KnowOrigin works is that the platform only works with selected artists – they have to create rare digital artworks. The token standard is, of course, ERC-721, which enables on-chain minting on the Ethereum blockchain.
In the KnowOrigin marketplace, both artists and creators use a primary and secondary marketplace for non-fungible tokens. Artists NFT pay about 15% commission from primary sales and about 2.5% from secondary sales. Important in the context of the creator is that KO returns 12.5% from secondary sales to the original artists in the form of royalties.
For this platform, we need to pay attention to three aspects and discuss them in detail.
- Edit. It is a collection of a certain number of tokens with a minting-on-demand approach. This means that the developer is not obliged to create all the tokens immediately and edit them on the platform. One of the main advantages of processing non-fungible tokens in this way is that it reduces the cost of gas. After editing, developers can no longer increase the number of tokens. However, they can reduce their supply by burning the unsold tokens. All non-fungible tokens created on the KnowOrigin platform have the same metadata but a separate ERC-721 token ID.
- Metadata. This is also an essential aspect of the market KO. Metadata describes the specifications of the NFT. For digital art, it can be the name, description, attributes, format, rarity, type of object or even the year of production. Other metadata is stored in the token chain itself. This can include the edition size, the name of the creator, the type of sale or the condition.
Very importantly, the metadata associated with NFTs minted on KnowOrigin NFT may change with age. Nevertheless, they are stored by the IPFS or Interplanetary File System protocol.
- Subgraph. It is used in the NFT market at KO. The Graph provides a layer for data access so that users and developers have a better experience. Subgraph also simplifies the details of each token that is created and deployed on the platform. The main areas of Subgraph are: Output, Tokens, Metadata, Collectors, and Artists.
What types of auctions are there on the KnownOrigin platform?
As we have already mentioned, artists have the opportunity to exhibit their works in different models. We speak of “buy-it-now”, 24-hour auctions, bidding procedures or staged auctions.
“Buy it now” options have a much smaller range than the others. Bidding is very classic – whoever pays more gets the NFT.
The 24-hour auctions are mainly for single NFT releases, while the staged sale is recommended for new NFT releases, as it rewards early buyers and increases prices after each release in the series is sold.
How does one become an artist on the platform?
A user who wishes to join the platform must go through an application process in KnowOrigin. To become an artist, the user must submit a portfolio and give a reason why they add value to the platform. Each of these applications is reviewed, and selected artists are added to the platform on a weekly basis.
How to buy on the platform?
Just like on other platforms based on Ethereum. As a buyer, you use ETH to buy art. Of course, you first need to link your wallet to KO. Interestingly, KnowOrigin allows you to buy non-fungible tokens with a credit or debit card.
Advantages of KnownOrigins Market
The NFT market at KO is characterized by the high compatibility of smart contracts with credit cards and low gas fees. This makes it much easier and cheaper for artists to succeed.
When predefined conditions are met, smart contracts are automatically triggered on the platform. The result? Easier sales. Third parties do not need to be involved and artists can focus on their art. Smart contracts manage technical difficulties at the same time.
The creator of a particular work can share royalties with one to five of their collaborators. And in a variety of ways!
Simple and friendly tools for artists
KnowOrigin NFT offers its developers very modern tools and solutions. This gives them more flexibility in developing their NFT, especially in the Web3 version. Very importantly, the developers themselves do not have to learn the technical aspects, such as how smart contracts work. This is unnecessary for them and in no way prevents them from using the market functions of KO.
Different methods of sale
Successive sales, auctions, bidding procedures – we have already mentioned this a few paragraphs above. In these ways, artists can get a better price for their work.
Creators on the platform get access to tools that make it easier for them to develop a long-term career on KnowOrigin NFT. These are innovative tools that reward collectors while building an engaged follower base.
The little-known KnowOrigin NFT platform is very useful and functional. It is heralded as a big success, especially in the Web3 ecosystem. KnowOrigin is undoubtedly a dedicated marketplace for rare digital artwork. What’s more – the community is very involved in its development.
In addition, the metadata storage options, the different auction modes, the friendly tools and the other support offer developers promising advantages that they can use in their long-term careers.
And after today’s lesson, will you be tempted to become a creator of unique artworks?