KnwonOrigin NFT Marketplace Review - An NFT Marketplace Owned by E-bay
Platforms like e-bay, one of the major e-commerce platforms in the world, are expanding as the e-commerce industry grows. Early this year, they unveiled their first-ever NFT collection on OneOf NFT marketplace.
Last month, e-Bay acquired Knwonorigin, a well-known NFT marketplace running on the Ethereum blockchain. As its UI/UX, in my opinion, looks to be somewhat finer than Opensea, it's a really excellent market place well known for rare NFTs. In a tweet, Knownorigin announced that e-bay had purchased the NFT market, including all of its teams, employees, and intellectual property.
Since I write NFT-related articles and am a major NFT enthusiast, I did some personal research on the Knownorigin NFT market. Today, I'll be talking about the marketplace in details.
Knownorigin NFT Marketplace
KnownOrigin NFT marketplace is an ethereum-based NFT marketplace, similar to other well-known NFT marketplace like Enjin, OpenSea, and Rarible, here users can buy non-fungible tokens collectors and creators on the other hand can profit from the platform since NFTs (non-fungible tokens) can be minted (made) and sold here. KnownOrigin started operating in 2018. And it is possible to obtain rare NFTs here as well, the majority of the NFTs that are minted and sold here are made by more well-known NFT makers.
As of the time of writing this article, KnownOrigin has a total volume of $7.8M, with a total traders of 5,192 and an average price of $353.43. This makes it a respectable-sized NFT Marketplace, though not the largest.
The KnownOrigin NFT Marketplace Homepage
Visit KnownOrigin, the marketplace shows the NFTs available, the most recent bid, the amount of time left in an auction, etc. The NFT marketplace's home page is shown in the screenshot below from KnownOrigin. You can look for an NFT using their search bar and then sort results according to the lowest price, highest price, newest, oldest and rarity.
When you click on any of the NFT, the page that follows is the details of the NFT, for instance, I click on this NFT called Madonna and Child, the details which include the artist Edit, the creation date, artist, number of editions produced and the current offer.
The Fee On KnownOrigin NFT Marketplace
For facilitating the sale, KnownOrigin NFT Marketplace charges a fee. This fee is often paid by the buyer and is calculated as a portion of the NFT's sale price. This is comparable to how traditional art galleries typically receive a cut of the proceeds from any sales of any paintings or artworks that are on display at the gallery.
You will be required to pay fees of 15% at KnownOrigin. No other NFT Marketplace that I'm aware of charges fees greater than this. Additionally, any secondary sales on this Marketplace will incur fees of 2.5%. These fees do not include the Ethereum gas fees that the Ethereum network charges to carry out transactions.
Buying & Selling On KnownOrigin NFT Marketplace
Buying and selling NFTs on the KnownOrigin marketplace involves a few important steps.
Getting a digital wallet and funding it with Ethereum is the first step.
The next step is to connect your digital wallet to the platform. In order to sell or mint NFTs, you must first apply for the role of a creator, which involves a process. In this section, I'll go over how to do both.
Connecting Your Digital Wallet
Supported digital wallets by KnownOrigin are:
Torus
Coinbase Wallet
WalletConnect
Portis
Fortmatic
To connect your digital wallet, visit KnownOrigin and click View Marketplace, click on the menu, select Connect wallet
The list of the available wallet will be displayed, select your preferred digital wallet, in this case I select WalletConnect this allow me to connect to wallet like Trust wallet, TokenPocket etc. I click on Trustwallet
Once you click "Connect" to confirm, your digital wallet is successfully connected to the KnownOrigin marketplace, now, you can buy and sell NFTs.
Applying For Creator Role
So if you want to sell and mint NFTs, you need to apply for creator role. On the marketplace, click on the menu and select Apply at the time of writing the application portal is currently close and it will be open in the next 8 days.
To learn more about the requirements, click on What to prepare for your application. this contains a description of your work, a portfolio of at least five of your works, and a justification for why Known Origin should display it.
Within a month, the platform will respond if you meet the requirements. If you are accepted, you can now sell and mint NFTs, or if you are rejected, you can decide to reapply at a later time.
Buying NFTs On KnownOrigin Marketplace
Now that you've successfully connected your digital wallet to the platform, you can now buy your preferred NFTs, remember you will need to have enough ETH for gas fee. Visit KnownOrigin and click View Marketplace, once the list of NFTs is displayed, along with their names and prices, choose the one you want, then click Buy now.
The details of the NFT will pop up, which includes the name, the price, the creator, the total number of edition and the available ones, and the description. You can buy with either your card or ETH, select your preferred method of purchase.
So I click on NFT called 2022 Burn Victim created by marilsolstice, price at 0.2 ETH. Select Buy with ETH and finally click on Buy now and confirm your transaction on your connected wallet.
Since I don't have any ETH, so it didn't go through
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Selling NFTs On KnownOrigin Marketplace
As I have stated, you must apply before you can mint NFTs on KnownOrigin, even though doing so requires a digital photo that complies with their requirements and paying a gas price (ETH). However, artwork that was initially bought through the platform can be sold again on the secondary market.
Since I haven't apply as a creator I couldn't sell or mint
If you have in one way apply and your application has been accepted, to sell or mint navigate to the Profile, here you can see the list of NFTs, mint and edit your cover image as well.
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Benefits Of KnownOrigin NFT Marketplace
Applications must be submitted and verified by the team in order to become a creator, therefore the likelihood of spam or fraudulent accounts is low.
Different types of digital wallets are supported by the marketplace which includes WalletConnect, Coinbase Wallet, Torus and so on.
- The website is simple to use, with straightforward listings and an easy-to-read ownership history.
Drawbacks Of KnownOrigin NFT Marketplace
- The platform is built on the Ethereum blockchain, thus users will require ETH to pay the high gas fee.
- You need to submit application before you can become a creator this takes a month for your application to be checked.
To mint or sell your own Nfts you will need to have been a verify creator on the platform.
KnownOrigin doesn't have a mobile app, so you'll need to utilize a browser to access the platform , unlike Rarible and Enjin Nft marketplace, both of which have a mobile app.
Conclusion
Non-fungible Tokens are currently in high demand in the cryptocurrency market, and I have seen numerous people profit significantly from the sale of their digital and artistic creations. The NFT market has recently experienced an increase in popularity, which has led to the emergence of several NFT markets. Digital art is the main focus of the artist-driven NFT marketplace KnownOrigin. It's an unique platform that requires creators to apply before minting items to be sold on the market.
Thank you so much for discussing a great NFT marketplace.
Thank you for coming
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