How To Build An NFT Art Marketplace Like Known Origin? – AppDupe

$3.5 million is the funding raised by Manchester-based NFT startup Known Origin recently. Fundraising is one of the many monetizing ways known Origin tends to relish. Since its launch in 2018, the NFT marketplace platform has been democratizing the art world with simple listing and transaction processes. With many potential functionalities, it would be obvious to develop an NFT marketplace like Known Origin. 

This article will deal with the intricacies of developing an NFT marketplace like Known Origin. Let’s dive in!

The Working Module – Known Origin

Known Origin is an Ethereum-based NFT marketplace platform that enables people to discover, collect, buy, and sell digital art NFTs. It serves as a bridge between digital artists and rare-art enthusiasts. Also, it bestows artists with the necessary technologies to create unique and authentic digital collectables.

• Application

To join KnownOrigin as an artist or contributor, you must first establish a profile page. It usually consists of a profile photo, bio, and social media accounts such as Twitter and Instagram, and it is done through the Sign-in tab. Before doing so, artists will need to install a digital wallet such as MetaMask.io. After making a profile, you can apply using Our Artist’s application form. The community board around the NFT marketplace, like Known Origin, examines the applications and authenticates the artists. We attempt to maintain a high level of due diligence, affecting the time it takes to add new artists to the platform.

• Creation

Artists make digital artwork on KnownOrigin. All artwork files are stored on IPFS (InterPlanetary File System), and each asset is assigned a unique identifier that can be monitored for chain-of-custody and provenance purposes.

• Uploading

The artist maintains complete control over the number of copies available, resulting in scarcity. There will be no more assets created once all of the assets have been sold. Using blockchain technology, all-digital artwork can be traced in real-time, and anyone can see the transaction history.

• Selling

Artists can sell their tokenized artworks as non-fungible tokens. Both Known Origin and artists share the sale percentage (predetermined rates) upon every sale. As there is no intermediary, artists tend to receive commissions (for their artworks) immediately!

What Can You Improvise?

Despite the fierce competition, everyone has a chance, big or small, because buyers and sellers are continually looking for better options. 

Here are some of the shortcomings that you can address in your NFT marketplace like Known Origin:

• Easy Access for Artists

Providing access to artists, like every other NFT art marketplace, Known Origin deploys a spectrum of rules and regulations. It includes profile management, social plugins & digital wallet integration, etc. However, the Known Origin community takes a long time to review the application form, which annoys most artists.

While creating your NFT marketplace, ensure that you don’t lose potential artists and enroll them as soon as possible!

• Look for Ethereum Alternative

Known Origin is an NFT marketplace platform built on the Ethereum network for its operations, transactions, etc. You may know that Ethereum has been witnessing a rise in gas fees, forcing the Ethereum loyals to look for alternative options. 

Build your NFT art marketplace on some other blockchain (for instance, Polygon Matic) to persuade more users (collectors) who prefer affordable gas fees. 

• Add Fiat Wallet (optional)

While some investors have no problems trading NFTs with crypto wallets, it may not be the greatest option for others who prefer to use the fiat equivalent. As of now, the Manchester-based Known Origin does not allow any form of fiat payments. However, it’s advisable that you can include fiat withdrawals or deposits through credit/debit cards or PayPal. 

OpenSea is planning to incorporate one such feature within its ranks. If you include the fiat option in your marketplace, trading NFTs would be less arduous for the first-timers!

Core Features of An NFT Art Marketplace like Known Origin

Known Origin is built with simple interfaces and processes. A user (collector) can sign up and start trading NFTs in less than 15 minutes. 

Let us walk you through the basic components of a platform like Known Origin:

Crypto Wallet Integration

Users should link their crypto wallets to their NFT marketplace accounts. They can enroll using crypto wallets if they don’t already have one. One of the most popular bitcoin wallets is MetaMask. MyEtherWallet, Wallet Connect, and Coinbase are examples of popular wallets.

Two-tier Marketplace

The Known Origin platform follows the two-tier marketplace mechanism: primary and secondary marketplaces. If the former refers to an initial sale of an artwork, the latter refers to all subsequent sales. Your choice depends on project objectives and surmounting situations. 

Social Plugins

Not just one or two, Known Origin seems to have a spectrum of social plugins like Discord, Twitter, Reddit, YouTube, Telegram, and more. While building your platform like Known Origin, you can replicate the same!

Search

The platform enables the users to search the artists or fellow users (collectors) via name or ETH address. You can include advanced ‘search filters’ to effectively zero in on the search. 

Conclusion

Known Origin is an up-and-coming (well, most of them are!) marketplace platform that connects independent artists with NFT enthusiasts. 

In this article, we wanted to give you a gist of what it takes to build an NFT marketplace like Known Origin. Do you wish to proceed further? Let’s have an introductory call so that we can learn your requirements and take your NFT project further.

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Marketing is my soul mate and writing is my side kick. Using my writing skills to share the knowledge of app development and upcoming technologies.