One of the most common questions Portion receives is “What’s the difference between your platform and the rest in the space?” Whether one is a creator or a collector, it is crucial to have a dependable marketplace to buy or sell your non-fungible tokens (NFTs), because an NFT platform empowers creators to finally benefit from the growth of this newfound concept of digital scarcity, and confers a new level of financial solidarity between collectors and the Artists alike. Our mission is to give a deep overview on why Portion will end up being one of the most influential platforms in the space, and what differentiates Portion from other platforms.
What is Portion?
Since 2016, Portion has been building a platform to support the diverse spectrum of creative communities; creating a place for NFTs before the term NFT became colloquial in mainstream culture. Built by Artists for Artists, Portion is constantly innovating to ensure awareness of Portion’s brand identity grows, while simultaneously reducing barriers to entry for all.
Portion’s auction house and decentralized marketplace connects artists and collectors through the merits of blockchain technology to easily sell, invest, and own art and collectibles with complete transparency. Our decentralized community of artists, creators, and collectors spans across the world. Anyone can interact with the platform, and we enable you to store your physical and digital collections in one place.
As Portion developed, a governance token was born to further empower our community and transition Portion into a heightened state of decentralized accessibility. Portion Tokens ($PRT) are ERC-20 assets on the Ethereum Blockchain and exist to decentrally govern and vote on the platform’s future. We believe that our governance token will enable both current and future users of our platform to flourish. Portion distributes tokens when artists mint new NFTs, currently worth 500 $PRT each. These tokens can then be used for bidding on, purchasing, and selling art or collectibles on our platform to keep it running properly, and openly. Tokens are reserved for future partnerships, new hires to continue growing the company, artistic grants to empower our community, and most importantly, liquidity mining.
The most exciting use case for $PRT will be that one can earn rewards from auction sales and platform fees! This will be a fundamental paradigm shift from our current model, and will be the first of many tiered steps Portion undergoes into realizing the full utility of the token. Users will be able to opt into receiving a Portion of various sales. Truly momentous!
The Portion Token ($PRT) Utility
→ Portion Tokens ($PRT) are ERC-20 assets on the Ethereum Blockchain that are key to platform governance and curation.
→ PRT tokens can be used to bid on, purchase, and sell art and collectibles on the Portion platform.
→ Artists earn 500 $PRT every time they mint a NFT on Portion, distributed every Sunday.
→ Collectors earn 500 $PRT every time they purchase a NFT on Portion, distributed every Sunday.
→ Artists earn 11% royalties on secondary sales, paid in $PRT
→ Portion token holders can stake or farm their $PRT to collect yield.
→ PRT tokens are utilized for DAO platform governance and voting.
→ Staked PRT Tokens earn rewards from auction sales and platform fees (coming soon)!
Portion’s platform utilizes the Ethereum Blockchain’s technology to transfer and keep track of assets, thus generating a seamless method to verify the authenticity and prove ownership if need be. Secondary transactions are then further monitored by additional safeguards in the form of accredited appraisers and authenticators. The end goal for our company is to become one of the best NFT marketplaces in the crypto art world with our globally accredited partners and team.
Problems and Portion’s Solutions
The revolution of digital scarcity empowering digital artists through blockchain technology is something that the Portion team has been sensitive to since 2016. This blossoming market is one of the largest unregulated industries present, murky onboarding processes and a lack of defined narrative have not quite convinced the masses that this is not some passing fad- yet Portion is working 24-7 to secure the longevity of our narrative. Portion has found the lack of industry regulation antithetical to beneficial acceptance in the space, and that fraudulence and attempts at market manipulation are unfortunate by-products of an industry that has grown as quickly as the world of NFTs. The team at Portion realizes the implications that unique cryptographic entities would have on the future of the industry back when our Founder Jason Rosenstein was collecting Rare Pepe’s in 2016. Since then, the Portion mission has been to use blockchain technology to diminish these types of risks and create immutable records of authenticity. Every transaction facilitated through non-fungible tokens ensures legitimate ownership and final prices paid for all goods. Portion aims to debunk the use of cryptocurrencies for collecting and to continue fostering relationships between incredible artists, creatives, and new waves of collectors and patrons.
Artists and Creatives
Artists Keep Up to 100% of Proceeds from their Sales and Earn 11% Royalties on Secondary Sales
Through the use of blockchain technology, the art market is able to emerge into the digital world without encumbrance and allow creators to have a direct relationship with their collectors, devoid of superfluous intermediaries and additional fees. By cutting out the middlemen who typically control distribution and promotion, artists can keep up to 100% of their sales compared to those who only profit an average of 12%. The low-profit percentage is a result of the middlemen corporations taking a large percentage from sales. Portion’s auction house and marketplace enables artists to sell works directly to collectors, with minimal to no fees, further supporting creatives to earn proper pay and collectors to support their favorite artists. This earnest P2P interaction will inspire a level of collaboration and exchange that will undoubtedly shake the industry. Portion has successfully built a uniquely bifurcated model, where bluechip curated art can sell for discerning buyers through our drops, and new artists can post on our vetted open-market with a higher degree of quality than competitors with limited barriers to entry. This allows us to filter mass spam and blatant attempts at plagiarism that other larger platforms unfortunately have little remedy for.
Fast and Secure Payment
Within traditional in-person auction houses, there is an extensive list of conditions to go through and determine if an individual has sufficient funds to bid on high-value goods. Typically, the auction house will ask for a paid deposit to demonstrate commitment and to bind a contract, with the remainder of the payment due at a particular time. This traditional model may honor exclusivity through limited galleries and scarcity of auctions, but they are susceptible to issues revolving around validating proof of funds, streamlining payments securely, and enabling refunds. On the other hand, digital art presented on the blockchain benefits emerging artists to easily showcase their work in a secure and online environment. Portion’s escrow function verifies that a purchaser has adequate funds to bid and secure a piece. Upon winning the bid, the funds and blockchain certificate enter a secure wallet, the NFT is transferred to the buyer, and funds are then immediately released to the seller. This process is not only autonomous, but is without centralized error. The blockchain’s immutable aspect prevents fraudulence on a level that has to be observed in legacy financial systems.
Agnostic Platform and Portability
Unlike centralized NFT platforms, Portion maintain values of decentralization and is designed to live entirely on-chain, enabling full NFT portability. Portion’s decentralized NFT marketplace, for example, has been designed to live entirely on-chain, meaning that storage of both metadata and media is completely decentralized and happening on IPFS. You can rest assured that if a meteor ever hit planet Earth and Portion had to stop operating, the NFTs you created or collected would still live on.
Portion also follows proper ERC standards so that creators and collectors are able to mint their non-fungible tokens and port them over to another NFT marketplace, such as Opensea, if desired. This provides additional freedom to the seller which would not be feasible on a centralized system.
Preserving Scarcity and Provenance
For an asset to be non-fungible, it requires a form of uniqueness or scarcity. This has never been possible online in a scalable, sustainable way, until NFTs. Scarcity is notoriously difficult to achieve online because assets can be easily copied, replicated, shared or distributed, consequently producing an abundance of media without attached value. NFTs allow for online assets to have verifiable scarcity and provenance that cannot be manipulated. They bring the digital realm comparable elements from the physical art world through blockchain technology and provide them with the value they deserve. When a user on a blockchain network mints their NFT, their listing cannot be changed and is immutably verified to have originated from that specific creator at a certain point in time. The information can be seen by everyone, thus reducing the complexity of verifying the originality, uniqueness, authenticity, and ownership of the NFT. When collectors are considering the purchase of an NFT, the provenance is always available, so they can ensure authenticity before bidding or buying.
Portion continues to enable access to rare and high-end digital artwork and collectibles through blockchain technology. Our platform is a decentralized auction house for token-backed artwork and exclusive collectible assets, available for purchase through cryptocurrency. We have ensured easier and flexible access to NFTs while also resolving conventional issues in revenue streams for creators. In traditional galleries, only the most interesting artists are handpicked to showcase for a crowd, neglecting those who possess raw talent as well. However, Portion’s NFT marketplace accepts artists from all over the world to join our platform and to display their creations for our entire collector community to see; a true advantage of digital assets on the blockchain.
How Portion Compares to Other Marketplaces
Many NFT platforms have their advantages and disadvantages depending on the audiences’ requirements. The top two competing open NFT marketplaces are Opensea and Rarible. An open marketplace is one where you can find almost any type of collectible, game item, or digital asset available that you fancy and are more forgiving to someone who wishes to join the NFT space for the first time. Opensea is often considered the first and largest NFT marketplace with benefits such as a one-time gas fee for minting as well as royalties capped at 10%, however, the buyer has to pay the gas fees when they purchase your art. Rarible has the highest number of users by far with limited obstacles for being accepted as an artist, but they require commission fees of 2.5% on every sale as well as multiple-time minting gas fees upfront.
As for curated marketplaces, Foundation and SuperRare both require the user to either get invited by another existing user or pass a rigorous audition. Foundation runs as a “Community Upvote” system, giving the artists a chance to vote for each other. The top 50 artists that achieve the highest votes will then enter the community as creators. You may be attracted to Foundation’s grade and recognition, but you’ll be charged with many fees during the process including 15% on commission, expensive minting and listing, and the auction settlement fee. Similarly, SuperRare requests users to apply for a creator invitation and to submit an application video capturing their self-introduction, with the approval process occasionally taking 1-2 months following submission. They also charge 15% on commission, a 3% buyers transaction fee, and minting fees.
Portion’s NFT Marketplace: Bridging NFTs, DeFi, and DAOs
NFTs — One-of-a-kind digital items that push the boundaries of art and technology.
DeFi — A shared economy with the PRT Token powering staking, bidding, and payments.
DAOs — Aligning incentives with decentralized governance to create a layer of transparency throughout our community and to make decisions via group votes.
Sustainable NFT Technology with Cross-Chain Support
Today’s NFT market brings innate accessibility and opportunity to creators in almost any region of the world and any creative vertical, with the only issues being large transactional fees (gas-fees) and the carbon footprint on the environment. Until now, these two issues have been synonymous with creating and selling NFTs, before L2 Ethereum side-chain solutions such as Palm were introduced.
The Palm network was built to make blockchain creativity accessible; to remove barriers to entry by limiting gas costs and providing a 99.99+% reduction in energy consumption versus Proof of Work systems. Palm’s goal is to support the next generation of artists, and power the creative marketplaces of the future: starting with Portion.
Portion is running on both Ethereum and the newly introduced Palm: offering creators the opportunity to mint and sell their work, sustainably. Our partnership with Palm has drastically reduced the gas costs and environmental footprint of minting non-fungible tokens on our platform. You are able to mint on both the Palm and Ethereum networks in your Portion account, depending on which blockchain you wish your creations to live on, needless to say minting in Palm reduces all gas fees and saves the environment. Our company is constantly working towards bringing the most value to our community and we hope that this will empower a new wave of artists to pursue their creative dreams.
We are proud to be the only open and curated NFT marketplace that allows artists to receive up to 100% of their proceeds. Our roots originate from the physical art world, giving us the knowledge to bring what’s important to the digital art realm while supporting quality pieces so that artists have a better chance of being featured and showcased. Our time operating a futuristic crypto -inspired art gallery in the heart of Manhattan also allowed us to engage with the crypto community at large in ways that other more international projects would have been prohibited from doing. Building and empowering creators is the heart of Portion’s purpose. Additionally, Portion offers creators 11% royalties on secondary sales, one of the highest percentages among NFT platforms, and grants artists 500 $PRT every time they mint. As a creator, if you have concerns revolving around costs associated with NFT transactions and minting in the marketplaces, Portion is the place to be.