Makersplace: A path to Art

For artists or art lovers, Makersplace offers an easy-to-use, expressive space of choice.

besancia2020-03-31

Introduction

Welcome to Makersplace on the Market History of NonFungible.com! After SuperRare and KnownOrigin, it is the third art platform we list. Their mission:

“Empower the world’s digital creators (artists, photographers, musicians and more) by helping them better manage and sell their digital creations.”

We mentioned them in our article on NFT use cases, today we will propose a more complete analysis to explain how it works!

We are taking this opportunity to organize a Charity Auction where 100% of proceeds will be donated to the charitable fund to assist the Covid-19 contamination struggle.

Destiny changes – monfa

Presentation

Makersplace was launched in 2018 and offers the possibility for artists to publish their artworks online and sell it through the blockchain.

In order for artists to retain all rights to their work, a Non-Fungible Token (NFT) will be minted on the Ethereum blockchain for each artwork uploaded on the platform. This allows the artist to be authenticated as the creator but also to allow a true ownership of the artwork for the buyer.

Makersplace has proven their importance in the NFT art ecosystem in 2019 with a volume of $9 730 traded over the year.

*These data are from the 01/01/2020 to 30/03/2020 

The priority of the platform has been to facilitate the use of the blockchain for both buyers and artists. To achieve this, the social side has been put forward by offering the ability to like, comment, and interact with the artists.

Cabaré – Rafael Portela

Artists

First of all, to register as an artist you will need an invitation which you can request from the dedicated page of the site or ask the Discord admins for more details.

When you upload your work, be aware that it will necessarily be a limited edition. You have to define a limit which is important because the rarity of one is part of the value criteria of a work. If you do not know where to start, Makersplace has a handy guide to give you some hints:

  • 1: A one-of-a-kind creation. Creations with 1 edition can only be owned by one collector at any given time, making it the most attractive to a collector. These creations should command the highest sale price.
  • 10: A rare digital creation. Creations with 10 editions may be sold and owned by up to 10 collectors at any given time. Although still “rare”, because many copies are sold to multiple collectors, each edition should command a lower sale price than an edition of one and is not as desirable as one-of-a-kind work.
  • >100: A limited digital creation. Creations with 100+ editions may be owned by many collectors at a given time. Although still limited, because it can be owned by many collectors, collectors will expect the price of each edition to be much lower.

Several tools are available to you, such as grouping into categories or even a gallery to improve the visibility of your works.

Regarding the protection of your works, the only image that can be downloaded from the outside will be watermarked and of lower quality than the original file. You are therefore encouraged to upload large, good quality images.

As an artist, when you succeed in your sale, Makersplace takes 15% commission in Ethereum (and a little more when using a bank card). That said, be aware that you will receive 5% of each sale that will take place subsequently on the site.

As for knowing what value to give to your work … This is where the real pleasure begins! Will you place a fixed value on your work? Or are you going to auction it off? This process takes some time and deliberation. Do you have a social following? Do you have a history of creating valuable artwork? Primarily, the same rules apply to digital artwork that apply to physical artwork except, your audience is very limited for now – soon this will not be the case as the internet provides an immediate global audience.

Broken Dream – Angga Tantama

Buyers

As a buyer of a work that you will have liked, even if the artwork use the blockchain to be sold, know that it is possible to use several means of payment, fiat as crypto:

  • Stripe. With Stripe, payments will be deposited to your bank account associated with Stripe within 48 hours of the sale. Once payment is settled by Stripe, the funds will be immediately available.
  • PayPal. With PayPal, payments will be deposited to your PayPal account within two weeks of the sale. Once payment is settled through PayPal, the funds will be immediately available.
  • Ethereum. For purchases made through Ethereum, payments will be made directly to your digital wallet like Metamask or to your Coinbase wallet. 

One of the main advantages of the platform is the ease of use. There is an “all-in-one” system available on the platform to facilitate the technical use of the blockchain which takes place in the background during the purchase or sale of a work. Of course, you can use your own crypto wallet instead.

To further improve the user experience, the focus has been on customizing the image feed to suit your search preferences. Also, the possibility of viewing transactions via a graphical interface rather than directly on Etherscan is rather interesting!

The 10% fee you pay will be split in two: 5% for the artist and 5% for Makersplace.

Spider Gwen (for Pranksy) – Katy Arrington

Conclusion

The team worked really well to integrate the use of the blockchain into the project, both on the side of the artists and of the buyers. Fortunately, it does not stop there and will offer several features in the future:

  • More tools for artists. Makersplace aims to be able to present and sell the works in a physical place as well as in digital spaces, such as Virtual Reality
  • More utility for collectors. This will allow the works of art to be presented and displayed in public and personal spaces.
  • Reflect on conservation by adopting an open and decentralized approach.

As the art market is expanding in the NFT universe, we are very happy to welcome Makersplace to our market history!

We also hope that many of you will share the auction that we have set up in collaboration with their teams to help fight the COVID-19 epidemic! 

The exact date/time of the auction is Tuesday 31st at 9am PST and there won’t be a starting price for the auctioned pieces.

The artists will be announced by the Makersplace’s team before the event.

Take care of yourself and get news from those around you 🙂

Sources :

Illustration Picture: Thoughts of a Butterfly – Danny Smith

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