Friday, February 21, 2020

MakersPlace, Blockchain Art Market Place Launches

Babatunde Modupe
I am a freelance writer, Poet, blogger and cryptoenthusiast that is totally interested in blockchain technology and sharing it's Information with others.

MakersPlace is a blockchain art market place, created to enable artists to maintain the sole right to their works. Yash Nelapati, the first employee of Pinterest, created the platform which was launched on the 24th of April after a year of beta testing according to TechCrunch.

MakersPlace Makes Artists Work Profitable

MakersPlace enables Artists (creator) to generate a fingerprint for each of their artworks. This helps to prove who made it and puts the work in the marketplace as a limited edition. It is a known fact that artworks are copiable online, this has been a huge challenge for original owners of these art pieces themselves as things turn unprofitable which inturn reduces their motivation to do more.

Dannie Chu, MakersPlace co-founder, who spent six years leading growth engineering at Pinterest noted that “At Pinterest, we noticed that there are millions of digital creators that are spending countless hours creating digital artwork, but they struggle with basic things like attribution.” He further explained that artists works get printed, copied, and shared; thus they make little money from putting their works online.

MakersPlace enables artists to sell their artworks, while the firm takes 15 percent of sales. Art collectors can access categories of digital artworks on the MakersPlace platform for animation, photography, drawings, pixel art, and 3D creations – to explore recent and popular uploads – or search by a specific artist or art piece. Arts can be purchased with Ethereum or a credit card. Buyers can use, display, or distribute for non-commercial purchase, as well as resell it on the secondary market place. MakersPlace assumes no ownership of the arts on its platform.

MakersPlace Raising $2 Million

Uncork Capital; a venture capital led the $2 million seed round of MakersPlace, joined by Draper Dragon Fund and Abstract Ventures. Also, angel investors joined in the seed round from Pinterest, Facebook, Zillow, and Coinbase. 

Chu noted that a crypto-tokenised digital photo of a rose that sold for $1 million last year as just the start of a thriving blockchain art market and a light bulb moment for the firm. And it shows that “People are actually valuing digital creations like physical creations,” he said.

MakersPlace Positioned To Boost Digital Arts

Through the adoption of blockchain technology, MakersPlace is positioned to boost digital arts. According to a report of Hiscox, about $4.64 billion online art sales were recorded in 2018 and the total art sales according to Art Basel is in the tune of $67.4 billion in the same year.

Notably, artists rarely make a profit from their digital creations as evident with Pinterest overtime. However, MakersPlace innovation is bound to enhance the sales of digital arts as well as its profit to creators.

Uncork Managing Partner Jeff Glacier explained that

“MakersPlace has already partnered with thousands of incredible digital artists selling their unique artwork, a testament to the easy-to-use platform they’ve built. They’ve also created a seamless and fun, one-stop-shop for discovering and collecting digital artwork.”

Meanwhile, there are other blockchain entrants into art, such as ArtByte, Monegraph, KnownOrigin, Bitmark, CodexProtocol, Artory among others.

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