With KnownOrigin.io, art collectors have a streamlined way to find and purchase rare digital artwork. At the same time, artists, illustrators, and digital creators of all types have a place to showcase and sell their hard work.
If the world of digital artwork and NFTs is new to you, have no fear. Below, we’ll review KnownOrigin in detail, and you’ll learn how to browse, buy, and sell on their platform with ease.
What is KnownOrigin?
In 2018, co-founders Andy Gray, David Moore, and James Morgan founded an NFT marketplace named KnownOrigin. Much like other NFT marketplaces such as Rarible, Superrare, OpenSea, or Nifty Gateway, KnownOrigin.io connects artists and collectors, allowing them to trade on secure ethereum blockchain.
KnownOrigin specializes in digital art from better-known artists. You’ll find infamous digital creators like Trevor Jones and Spaced Painter, but you won’t find as many inexpensive amateurs as you might in other crypto-powered marketplaces.
In part, that’s because KnownOrigin does its due diligence when accepting artists into their marketplace. There’s an artist application and verification process, and they don’t accept applications at all times.
From a collector’s perspective, KnownOrigin makes it easy to buy unique and authentic works of digital art in a safe and secure way. You may not find many budget-friendly pieces from unknown artists, but what you will find is rare and trustworthy.
How does KnownOrigin Work?
KnownOrigin works by connecting artists and collectors, much like a traditional art gallery or auction house. The artist creates a digital piece of artwork, then uploads the file with proper documentation to KnownOrigin.
From there, the piece of art is tokenized and shown in the artist’s galleries. Collectors can view the piece by visiting the dApp. If they like it, they can purchase it using ETH or a traditional debit or credit card. They can then store their NFT or sell it in the secondary market.
ETH is ethereum coin, and ethereum is a type of cryptocurrency similar to bitcoin. Ethereum, however, allows for non-fungible tokens or NFTs to exist in its blockchain.
It’s the blockchain technology that keeps everything transparent and secure. Smart contracts, which are really just a series of computer commands, create an immutable ledger of all transactions in the marketplace. That and ERC721 compliance ensures that the art on the platform is all limited-edition and authentic.
For the uninitiated, ERC721 simply refers to the standard which describes the building of non-fungible tokens, ensuring their uniqueness.
What Currencies Can You Use on KnownOrigin?
KnownOrigin runs on ethereum, which you can purchase on a cryptocurrency exchange like CoinBase. They also use a third-party payment processor, Wert.io, to allow for debit and credit card purchases. Wert also gives collectors the ability to buy ethereum on KnownOrigin’s platform directly if they prefer.
What Types of NFTs Can You Buy on KnownOrigin?
Non-fungible tokens can include a number of digital assets like ownership rights or metadata, but the NFTs on KnownOrigin all consist of original artwork recorded on the blockchain.
This includes animations, audio objects, digital images, and other forms of crypto art. Any type of art that can be digitally recorded is a possibility, allowing artists to push boundaries and offer more variety to passionate collectors of their craft.
How Do You Buy an NFT on KnownOrigin?
Buying NFTs is relatively straightforward if you’ve ever purchased art in a traditional sense. The process is very similar, with only a few exceptions.
As a potential buyer, you can browse the art on the dApp using the platform’s handy trending section or by visiting an artist’s gallery. Then, if you see something you like, you can place a bid. In some instances, there will be a “buy now” option that will let you buy the piece at a set price without bidding.
Unlike traditional art, NFTs aren’t something you can physically store in a safe or hang on the wall, which means you’ll need a digital wallet. A digital wallet will hold the ethereum you’ll likely use to make your purchase. It will also hold your purchased NFTs.
There are two forms of digital wallets: software or hot wallets and hardware or cold wallets. Software wallets are easy to use, and are likely where your NFTs will go directly after purchase. But, they’re always connected to the internet, making them a little more susceptible to hackers.
Hardware wallets are safer because they store your data offline, but moving NFTs from a hardware wallet can be tricky. Different manufacturers offer varying support options, and you might run into problems moving NFTs around.
Many choose to use Metamask, a software wallet, in combination with a hardware wallet like Trezor for the most security. Metamask supports Trezor, so you’ll be able to view your wallet’s content quickly, but you’ll need the physical hardware to initiate purchases, which keeps things very secure.
Once you have your wallet ready, you can connect it to the KnownOrigin platform. Then you’ll be able to make purchases at the touch of a button. Each time you make a purchase, you’ll be asked to confirm a “gas fee.”
Gas fees are fees within the ethereum network that incentivize miners to fulfill your request, and all digital art marketplaces have them. If you’re unfamiliar with gas fees, this article does a great job of explaining them.
Do You Need to Store Your NFTs?
NFTs are usually sentimental collectibles or investments, so it’s crucial to store them in a secure location. As mentioned above, hardware or cold wallets provide the most security but can be inconvenient to use.
Other options include storing your NFTs in a software wallet, like Metamask, or on an IPFS (InterPlanetary File System).
Software wallets provide standard security. They’re ideal for short-term storage of NFTs that you plan to trade in the near future. Everything in your software wallet is encrypted and protected by a 12-24 word seed phrase.
Unfortunately, hackers have gotten into software wallets before, making this option unsafe for the long-term storage of NFTs.
An IPFS adds an extra layer of protection by storing your NFTs off-chain. This makes them less susceptible to hacking. An IPFS will also use content identifiers (CIDs). These are data hashes connected directly to your NFTs content and stored on your computer.
Hackers can still hack into your computer, though. So, while an IPFS is more secure than a software wallet, it’s not impenetrable.
Hardware wallets provide the safest option for storing NFTs because they place your collected digital artwork on a separate piece of hardware that’s not connected to the internet at all.
Hardware that’s not connected to the internet is impossible for hackers to get to. And, with hardware options like Trezor that easily connect to software wallets like MetaMask, they’re becoming more convenient to use.
How Do You Sell an NFT on KnownOrigin?
To sell an NFT on KnownOrigin as an artist or creator, you’ll need to complete a profile and submit an application that includes a five-piece portfolio. From there, if approved, you’ll go through the verification process, after which you can upload art pieces to sell.
It’s important to note that KnownOrigin doesn’t accept artist applications at all times. You can follow them on Twitter to see when applications open.
As a collector, you can sell NFTs you previously purchased in KnownOrigin’s secondary marketplace. To do so, you’ll need to enable the secondary market smart contract. After that, listing items for sale is as simple as setting a sell price which you can do for each piece using the three-dot drop-down menu to the side of the piece’s name.
Selling Options on KnownOrigin
For secondary sales on KnownOrigin, you’ll be able to set a sell price. Potential buyers will also be able to “make an offer,” much like they would in an auction house.
For primary sales, the selling options are a bit broader and include:
- Buy now prices
- 24 Hour reserve auctions (bids that match or exceed the artist’s reserve price start a 24-hour auction clock)
- Stepped sales
The fees on KnownOrigin are slightly higher than some other digital art platforms but well below what a traditional art gallery would charge. They take a 15% commission on every primary sale, which is in line with other rare digital art platforms like Makersplace.
On secondary sales, they take 2.5% commission and provide a 12.5% royalty to the original artist, leaving the seller with 85%.
Is KnownOrigin Safe to Use?
KnownOrigin is safe to use because NFTs are inherently safe. Blockchain technology ensures that each piece of digital art is authentic and one of a kind. And, buying with cryptocurrency adds an additional layer of safety.
Pros and Cons of KnownOrigin
Now that you know almost everything about the KnownOrigin platform, let’s review the pros and cons of buying and selling here.
- Trending feature makes it easy to browse top artists
- All art is secure and authentic thanks to KnownOrigin’s smart contracts
- Can make purchases using USD with a traditional debit or credit card
- Pays high royalties to artists, attracting the best artists to the platform
- Relatively high fees compared to some other marketplaces
- Smaller collection size compared to other marketplaces
To sum it up, using KnownOrigin is a good choice if you’re a rare digital art collector who wants pieces from vetted artists. It’s easy to use and accessible, even to those who aren’t as well-versed in NFTs.
However, It’s not as great if you’re trying to discover unknown creators. This isn’t a platform for budget pieces; it’s a marketplace for rare collectible items.