NFT Labs: Application Scenarios of NFT (ART)

NFT Labs: Application Scenarios of NFT (ART)

Another increasingly popular practical case for NFTs is art (digital art). In this form, artists can own the copyright of their own works of art, and buyers can ensure the authenticity and authority of the results of art they buy, preventing piracy and counterfeiting. Blockchain can solve the proof of ownership problem. Artists no longer have to rely on third parties to protect their works, eliminating the medium and ensuring more income for artists. The tokenization of digital art makes it easier to create, trade, and earn royalties from NFTs.

Practical Cases: MakersPlace, SuperRare, KnownOrigin, Mintbase, Nifty Gateway, Rarible

The following will conduct an in-depth analysis and comparison of these six platforms for readers to choose their projects and applications.

Brief introduction of six platforms

OpenSea

Founded in 2018, OpenSea is a blockchain-based global marketplace for digital trading items. OpenSea is positioned as an industry-leading decentralized exchange (DEX), providing peer-to-peer Ethereum non-fungible token (NFT) transactions. The comprehensive platform sells various digital goods, including digital artwork, encrypted collectibles, game items, and more. On the OpenSea platform, users can buy, sell and exchange tokens with anyone worldwide.

Nifty Gateway

Nifty Gateway is a regulated, non-fungible token (NFT) marketplace built on Gemini's backend infrastructure. Users can buy NFTs with credit cards and cash out directly into their bank accounts on the platform.

Nifty Gateway is a highly dynamic and innovative platform, with all its services now available to international users. Users only need to sign up with an email address to start trading NFTs. Recently, Nifty Gateway also updated the function - Prepaid ETH, hoping that Ethereum and credit card users are in the same speed interaction environment. It only takes one second to see whether they have received artwork. This function connects the new Ethereum custodial wallet Gemini to the Nifty Gateway account. The prepaid operation will be simple, making platform transactions as easy and fast as checking out with a credit card, or even better. With the Ethereum advance feature, there is no need to wait for block confirmations. The block is confirmed during the deposit, which allows transactions to be verified in milliseconds by the backend. Using the Ethereum prepay feature is also an excellent way to avoid the drawbacks of credit card authorization in bidding; every transaction made with a credit card will be charged an additional fee equal to 10% of the bid amount. With the Ethereum prepaid feature, the balance is already in your account, so no authorization or hold is required.

MakersPlace

Launched in 2016, MakersPlace is a blockchain-based, full-service platform for artists and creators to mint NFTs representing their work. Using blockchain technology, every digital creation a collector acquires through MakersPlace is a unique digital creation signed and issued by the creator. Even if someone else copies the digital work, it will not be an authentic or original signed version. The platform connects artists with art lovers and collectors through a marketplace and a network of partners. With MakersPlace, artists can capture the total potential value of digital work.

Last year, MakersPlace officially launched after a year-long beta test. The platform's founders, Dannie Chu and Yash Nelapati, who had worked at Pinterest, discovered Pinterest's shortcomings in providing creators with a path to monetization. Hence, they founded MakersPlace, a trading platform for digital works.

Rarible

Rarible, an NFT issuance and exchange platform that creates and sells digital collections secured by the blockchain, is an open-source, non-custodial platform for users to mint, sell, and create collectibles. Users can enter Rarible, make and display their artwork, and use Ethereum tokens to buy artwork for collection. The user owns the ownership and intellectual property rights of the tokens. Buyers and sellers can trade collectibles on the Rarible NFT marketplace for almost negligible cost.

Rarible also launched its own governance token, ERC-20, in 2020, improving the marketplace's sales process and conditions and reducing the cost to users to almost zero.

SuperRare

Founded in 2017, SuperRare is known as an internet digital art marketplace with a global network of digital artists with nearly 700 artists. SuperRare is based on blockchain technology and follows the ERC721 standard. The complete history and origin of artworks can be traced on the distributed ledger, and no one can cheat.

Rare digital artworks can be easily created, sold, and collected on this platform. Artists can obtain new sources of income and provide collectors with a place to store or trade artwork assets, ensuring the scarcity and originality of works and solving problems such as copyright traceability. Artists can auction their creations or sell them for a fixed price. Once an NFT is sold, it can be resold at any price on various NFT exchanges. The platform has improved a lot since its inception.

VIV3

VIV3, launched this year, is the first comprehensive marketplace on the Flow public chain. VIV3 was founded as the beginning of a shift from physical ownership to digital ownership to enable a billion people to create, trade, and own the world's most valuable works.

Artists, game studios, and brands use VIV3 to mint unique tokens on the Flow public chain; each token is an NFT representing their digital creation. These NFTs are purchased by fans, collectors, gamers, and digital asset traders.

VIV3 has been in beta for the past month. During this period, 115 works of art were minted and put on the market. 29 of those were purchased in just one month. The project is still in its infancy, and there is little information.