As we approach the launch of MarketSquare, we want to give our community an inside look at some of the partnerships we have formed. These strategic partnerships will not only help make MarketSquare the new homepage for the decentralized web but will also create inroads between ARK and other projects looking to build and collaborate together. Today we would like to introduce you to NFT Showroom!
What is NFT Showroom?
NFT Showroom is a digital art marketplace built on the Hive blockchain. NFTs or Non-fungible tokens are special tokens in cryptography that represent something unique. They are used to create verifiable digital scarcity and digital ownership over rare items. These items can be items in a game or rare pieces of art like those found on NFT Showroom.
NFT Showroom runs on Hive Engine which is a smart contracts side-chain platform for the Hive blockchain. Their on-site currency is SWAP.HIVE which is a token that is pegged 1:1 with Hive. The minting fee to tokenize 1 edition is 5 Hive plus 1 Hive for each extra edition. They charge a 10% market fee for each sale, for secondary sales artists receive a 5% royalty. NFT Showroom aims to provide a platform that is easy to use and less expensive to transact for both the creator and collector and solve existing problems in the crypto art sphere.
The platform currently hosts 464 verified artists! NFT Showroom accepts all artists who apply provided NFT Showroom can view a portfolio and confirm identity via DM on a secondary platform. The current turnaround tends to be 1-2 days. Information for artist applications can be found at the bottom of their get started page.
When tokenizing art the artist may choose either private or limited reproduction rights.
- Private means you retain the full copyright to your image. The buyer may display the art as part of their collection or resell it on the secondary market.
- Limited Reproduction Rights means the artist grants the owner full commercial rights for the work to be used or recreated in commerce but does not give away the creator’s license.
- Artists can mint single or multiple editions
- Images are stored on IPFS with a backup on a centralized image server
- Supporting still images/gifs up to 30 MB and MP4s up to 100 MB
- Artists can additionally upload an unlockable item up to 100 MB or a private link for the buyer
- Referral system for artists
- Favorites folder
- On-site chat and private messaging which works across multiple hive front ends (Bee chat)
The team behind NFT Showroom are also working on additional features such as:
- Artist discovery page
- Dswap is currently being developed by the hive engine team and will allow users to easily deposit other cryptos and tokens for payment on the site
- Bidding / Auctions
MarketSquare and NFTs
Thanks to MarketSquare, we will be able to host 100s of businesses and applications that offer NFTs. Whether it’s art or gaming, we feel that the popularity surrounding NFTs is only beginning.
Make sure to signup for the MarketSquare beta by visiting https://marketsquare.io.
In addition to showcasing these different applications and businesses, MarketSquare will also be creating content that educates the industry-at-large on what NFTs are, their purpose and their benefits.
We look forward to sharing and exploring the world of NFTs with you and welcoming NFT Showroom to MarketSquare.
To learn more about NFT Showroom make sure to check out the resources below: