KnownOrigin is a dapp (decentralized application) that allows people to trade in non-fungible tokens. It serves as an art platform that runs on blockchain technology, allowing illustrators to mint rare digital art to be sold to others online.
The KnownOrigin team consists of co-founders David Moore, Andy Gary, and James Morgan. The platform has been operational since April 2018.
How does KnownOrigin work?
For its part, KnownOrigin prides itself on creating partnerships with select artists who create rare digital artwork. After an artist mints a new ERC721 non-fungible token, they can list it for sale or create an auction. Art collectors are then allowed to purchase it or bid on the cryptoart.
KnownOrigin earns money through commission. Artists pay 15% of a primary sale to the platform when it is first sold. The platform also collects 2.5% of secondary sales.
What currencies can you use on KnownOrigin?
The only currency that KnownOrigin accepts is ether (ETH). You cannot use any other cryptocurrency (such as bitcoin) or fiat currency (such as USD, GBP, AUD, etc).
If you haven’t already, you will need to purchase ether from a trusted crypto exchange and transfer it to a digital web3 wallet such as MetaMask. You will then be able to connect your wallet to KnownOrigin to buy or sell on the platform.
What types of NFTs can you buy on KnownOrigin?
You will be able to find the following types of trending NFTs on the KnownOrigin marketplace:
Images – The most common type of NFT is a still image, which includes digital art and photographs.
GIFs – GIFs are a very popular type of digital art that is made up of short clips or animations that replay over and over.
Videos – Videos displayed on the platform can either be animated or filmed. Many are accompanied by sound.
In order to purchase digital art on any NFT marketplaces, you must first purchase ether (ETH) and transfer it to a digital wallet. At that point, you will need to connect the wallet to your KnownOrigin account. When you are ready to make a purchase, complete the following:
Step 1: Browse the library and find the item you wish to purchase.
Step 2: Either purchase it at the asking price or make an offer. If you participate in an auction, you will want to continue to follow it to ensure you are still winning the bid.
Step 3: Process the sale. If you purchase an item at the listing price, you will also need to pay gas fees to the Ethereum blockchain.
How to store your NFTs
KnownOrigin will never take custody of your assets. At the point of the transaction, the NFT will leave the seller’s wallet and move to the buyer’s wallet.
After the sale, you will want to transfer your NFT to a hard wallet to keep it secure. If stored on the web3 wallet, you could potentially lose it if your computer or browser are compromised.
How do you sell an NFT on KnownOrigin?
In order to sell your digital art on KnownOrigin, you will need to first create an account. Completely fill out your profile including all information about yourself and your digital assets. At that point, you can fill out an artist application to become a KnownOrigin creator.
The platform does its due diligence to analyze your application and verify you through a third party to ensure you are who you say you are.
Once you have been invited to the platform, you can sell your digital artwork by completing the following steps:
Step 1: Upload and mint your NFT through KnownOrigin to create a unique token that can be resold through a smart contract on the Ethereum blockchain.
Step 2: Fill out your art description and set a price (or open it up for offers).
Selling options on KnownOrigin
If your artist application is approved, you will be able to start selling on the platform and potentially reap the benefits of your hard work. Here are the options on how you can set up your sales:
Offers – Potential buyers can create offers that can be accepted or rejected by the seller.
Instant Sales – Sellers can ask for a set price for their work. If a buyer agrees to it, they can start the transaction immediately.
Auctions – Sellers can also start auctions for their NFTs. Hopeful buyers can bid against each other. The person with the highest bid at the end of the auction will purchase the token.
As KnownOrigin is a gallery-style marketplace, they do charge a higher transaction fee for their primary sales. At the point of sale, creators will pay the platform 15% of the final price. That being said, artists will also receive 10% royalties on all future sales of their work.
KnownOrigin also charges a 2.5% transaction fee for all secondary transactions. Users who are reselling work will want to remember that they will need to pay this fee as well as royalties to the original artist.
In addition to the above fees, you will also need to pay gas fees to the Ethereum blockchain. These will be as follows:
Minting – Artists will need to pay a gas fee when minting a new token.
Accepting an Offer – If a seller accepts an offer, they will pay the gas fee for the transaction.
Instant Purchase – When purchasing an NFT outright, buyers will pay the gas fees.
Is KnownOrigin safe to use?
KnownOrigin is a decentralized platform that doesn’t take custody of your assets, making it very safe to use. It acts as a service to allow buyers and sellers to create transactions.
You should be wary of phishing sites that pretend to be this platform. Always double-check your URL to ensure that you are truly on knownorigin.io to ensure that your assets are safe.
Pros and cons of KnownOrigin
Exclusive Art – KnownOrigin is selective in which artist they work with, cultivating a selection of quality digital artwork.
High Royalties – Artists can enjoy 10% royalties on all future secondary sales of their hard work.
High Commissions – The 15% commission is steep, but it is also standard for gallery-style marketplaces.
ETH Only – Buyers can only use ether (ETH) to purchase NFTs on KnownOrigin.
Frequently asked questions
How much does it cost to get started on KnownOrigin?
While you don’t have to pay anything to set up a KnownOrigin account, the seller will need to pay fees when processing an order. On primary sales, the platform takes a 15% commission and on secondary sales, they take a 2.5% fee.
Does KnownOrigin give royalties?
The original creator of the non-fungible token will receive 10% royalties on all secondary sales of their work in perpetuity. This is taken from the total sale amount.
Who pays gas fees on KnownOrigin?
When minting a new NFT for KnownOrigin, creators will need to pay a gas fee in order to add it to the Ethereum blockchain.
As far as transactional gas fees go, buyers will pay the gas fee when purchasing an NFT outright, whereas sellers will pay it when accepting an offer.