NFT showroom is a blockchain-based marketplace for digital art. It serves the art-focused community of creators by allowing them to buy and promote each other's artwork. Artists can quickly and safely explore their style and potential. NFT showroom is a brainchild of Julia K. Ponsword, launched in 2020. When a buyer obtains NFTs from the NFT showroom, they have to pay a fee to enable the sale. The fee is essentially a certain percentage of the NFT's sale price.
In NFT Showroom, the buyer pays a 10% commission to the marketplace after buying artwork. Art creators can further earn out of their secondary sales. After the secondary buyer pays the 10% commission to the NFT showroom, the marketplace retains 5%, and the other 5% is given to the original artist in the form of royalty. However, as they acquire the token, art creators have two options of their work's digital ownership, i.e., Private and Limited Reproduction Rights. Private rights allow them to retain the full copyright of the art. Buyers can only display the art as part of their collection or resell it on a secondary market. Limited Reproduction Rights allows the artist to sell their full commercial rights of the art. The buyer is free to use the art for commercial projects.
This Proof-of-Art marketplace is based on the fast HIVE blockchain and requires no gas fees. Additionally, the blockchain is accessed globally, making the showroom ecosystem avail its services to artists and collectors. In the NFT showroom, artists register their digital creations and issue proof of art rare tokens to be traded on the marketplace. To join the NFT showroom, you must have a Hive account and Hive Keychain browser extension. They filter and sort the available art pieces from a wide variety. There is only the buying option for users at the platform, but there are plans to launch a bidding option at the marketplace.
The marketplace is open for any interested user and welcomes all art styles and creations. For any creator to participate in NFT Showroom, they have to own hive coins, requiring one to have a hive keychain app. The app is vital since HIVE coins cannot be transferred directly from the other commonly used wallets, e.g., formatic and metamask, to a keychain. Also, some countries do not support the purchase of Hive coins. For a user to utilize their hive wallet, they should follow the following steps:
- The user should first create a keychain account.
- They should use Block traders to transfer money from a pre-existing Ethereum wallet to the hive wallet.
- The process needs to be complete in 24 hours
- They can finally look for an NFT Showroom.
There are some highlights you can't miss on the NFT showroom website:
- The NFTs offered at the moment
- The latest bid
- The remaining time for an auction.
Consumers view and use what they are comfortable with without disclosing the information to anyone else.
The Hive blockchain uses HIVE cryptocurrency as the medium of exchange. However, NFT Showroom uses SWAP.HIVE, a HIVE-backed token, as the community token. Users, therefore, convert Hive to SWAP.HIVE. They can then use Hive-Engine to utilize SWAP.HIVE token, which executes all smart contracts. The conversion takes place on the user's wallet on the NFT Showroom website.