Creative minds are frequently overlooked when it comes to the rights and ownership of digital property. MakersPlace assures that digital creators of content are fairly compensated, and ownership is assured to the creator. With easy-to-use tools ascribing authenticity and ownership, MakersPlace empowers creators with simplified user experiences and a mission to change the way people view digital content.
It is one of the top NFT marketplaces at the moment.
What is MakersPlace?
Using the endless possibilities that blockchain technology offers, MakersPlace is a new and unique community where digital artists and creationists protect and sell their works. By dedicating their company to creating a sustainable future for digital creativity, MakersPlace seeks to empower digital creators.
MakersPlace is an NFT marketplace to discover and collect one-of-a-kind digital creations. Artists, photographers, writers, and more use this digital artwork market to showcase their unique creations and sell them utilizing blockchain technology.
How Does MakersPlace Work?
Digital art is most likely to be copied and shared, and most people enjoy instant access to a beloved song, story, video, or image. However, if you were to propose a value or cost to that image, most people wouldn’t know where to even begin. After all, why buy something that can be viewed and saved for free?
Blockchain technology ensures a limited number of authentic versions of a piece. Like a signed Rembrandt or a First Edition Fitzgerald, MakersPlace seeks to change how people see the value of digital art and creations.
MakersPlace allows unique digital content to be identified on the blockchain by generating a Non-Fungible Token or NFT for each creation. This NFT is the proof of ownership and authenticity for your song, picture, story, video, and any other creation. The work also becomes visible and available on third-party digital marketplaces using an open standard. It’s like an NFT marketplace.
What Currencies Can You Use on MakersPlace?
MakersPlace uses Ethereum blockchain by enabling your digital wallet to publish and sell your creations. A digital wallet is software that manages cryptocurrencies and serves as an ID to digitally sign all your artwork.
When you join MakersPlace, you can use your digital wallet or the MakersPlace wallet. Ethereum (ETH) is a blockchain, but it is also a computer that has no central authority or management. This means any information storage is spread across thousands of computers across the world. Ethereum uses Ether, a cryptocurrency that is preferred by MakersPlace to buy and sell digital artwork.
NFTs, Buying, and Selling
NFTs or Non-Fungible Tokens are unique identifiers that prove the authenticity and ownership of creation. MakersPlace has no rights over your creation and is committed to ensuring ownership for the creator. So, what exactly are you selling?
You are selling NFTs, which give the buyer the right to use, distribute and display the creation for non-commercial purposes. Since they own this unique copy, they can re-sell the creation on a secondary market or on MakersPlace itself.
What Types of NFTs Can You Buy on MakersPlace?
All digital creations are welcome on MakersPlace, and the uniqueness of the sellers and artwork is another desirable facet of this marketplace. Common digital items include:
- Digital Art
- Academic Works
- Virtual Worlds
How Do You Buy and Sell an NFT on MakersPlace?
There are a few different ways to buy an NFT on MakersPlace. You can buy it outright for the requested price using a digital wallet or a more traditional mode of purchase like credit cards. If you’d like to haggle on a price, there is the option to bid.
Bidding can be done with a credit card or Ether. Once you’ve provided an offer amount and confirmed your details, your bid will be submitted to the creator. If accepted, the NFT will be transferred to your MakersPlace collection.
There are also committed offers, which cannot be canceled and are only refunded if the offer is outbid. All other offers made during the closing of an auction will be committed. Preventing unfair canceling of offers during the last moments of auctions is also key. Another boon is the reserve price or minimum amount the creator is willing to sell their digital artwork for.
Storing Your NFTs and How To Do So
If you purchased your digital creation with ETH, it will be stored in your digital wallet. If you registered for your first one with MakersPlace, you can showcase, view, and share your creations anywhere by connecting your Ethereum wallet.
If you purchase with a credit card, MakersPlace.com will create a digital wallet for you. Here you can store your creation and view it by going to “your collection” in your profile.
MakersPlace.com withholds fees for secondary market sales, escrow, commission, and credit card transaction fees. MakersPlace is free to all members, and the fees associated with blockchain interaction are paid by the end-user. The commission fee is 15% when using Ether and Credit Card, but a credit card also incurs an additional transaction fee.
When you are reselling on MakersPlace, 12.5% of each secondary market sale is withheld. 10% goes directly to the creator as royalty. The remaining 2.5% goes to MakersPlace.
Pros and Cons of Using MakersPlace
No platform is perfect, which is why it can be important to weigh both the pros and the cons of a service in order if it is right for you. Here are some of the key pros and cons that you should consider while looking into MakersPlace:
- Freedom to create on a platform
- Variety in artists and creations available
- Fees and processing time can be frustrating and a roadblock to withdrawal
- Not the most user friendly for people unfamiliar with NFTs and blockchain technology
Is MakersPlace Safe?
MakersPlace goes through multiple layers of security to ensure quality and safety. Firstly, it is currently invite-only, and you must fill out an extensive application to join.
You must have a registered account with a verified email address to buy and sell. You also receive a 48 hour disable to prevent the re-sell or transfer of the creation – this verifies that it isn’t a fraudulent transaction.
Your identity is verified by Civic but the MakersPlace review team must do a final review to approve a profile and account. This can take up the 3 weeks and this final level of security is also responsible for monitoring transactions via Ether and local currencies.
Frequently Asked Questions
How Many Artists Are on MakersPlace?
There are hundreds of creators on MakersPlace with thousands of pieces ranging from digital art, music, and literature.
Can Anyone Sell on MakersPlace?
Yes! Anyone who is a creator of digital content. There is a stringent application and verification process, but this ensures safety and efficiency.
What Blockchain Does MakersPlace Use?
MakersPlace uses an Ethereum blockchain-powered by Ether.
How Do I Get Verified On MakersPlace?
You must submit all the proper application paperwork, have a verified email and account, and you must provide high-quality creations. Whether it is digital art, musical pieces, or fictional worlds, you must prove that you can sell your works. Security and professionalism are top priorities for our creators and collectors.
What Sets MakersPlace Apart?
With the NFT market on the rise, MakersPlace puts the creator first, making sure authenticity, ownership, and scarcity are achieved with cutting-edge blockchain technology.
They also believe in easy-to-use tools for digital creation and efficient seller and creator interactions. You can customize the storefront to help you sell your creative pieces and can target audiences like existing fans.
MakersPlace also prides itself on tools to help distribute your creations to other content marketplaces across the world. Promoting and supporting artistic works and new and experienced sellers is what sets MakersPlace apart from its competitors.