KnownOrigin Review 2023: Features, Pros & Cons
KnownOrigin Review: Our Opinion
The KnownOrigin NFT marketplace is a selective platform focused on rare digital art. It is more geared towards professional digital creators as the platform features high royalties. KnownOrigin also has a tough application process for creators. So this isn’t a digital platform creators can simply sign up for and start using.
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An Overview of KnownOrigin
Founded in 2018, KnownOrigin is one of the oldest NFT platforms that allows users to discover, create, display, and purchase digital art. Its launch was very close to OpenSea’s, which happened at the end of 2017.
The NFT marketplace was built on Ethereum’s blockchain technology to enable artistic NFT creators to display their rare digital artwork and encourage viewers to purchase the items. KnownOrigin isn’t like other NFT marketplaces such as Binance NFT or Rarible which hosts a broad range of NFTs spanning from domain names to sports, rather, it is designed specifically for digital artworks. This approach has led the company to hold a strict application process for creators. So users cannot simply sign up and choose to become a creator. You would need to apply and be verified as a creator of digital art.
Unique Features of KnownOrigin
This feature enables KnownOrigin users to set content that can only be accessible by token holders of the digital artwork. This content is known as unlockable content.
Once a creator mints an NFT edition on KnownOrigin, they can set an unlockable link by signing a message from the creator’s wallet. When a collector buys digital art with unlockable content and the transaction has been confirmed, they will be able to unlock any content set by the creator. Only the creator can set the content to be redeemed.
Unlockable Content comes in handy for creators who wish to do the following:
- Provide an alternative type of media with the digital artwork purchase
- Specify instructions on how to claim physical items
- Provide a higher-resolution version of the digital art that can be unlocked by the collector
- Specify instructions that give the buyer access to external hidden content
- Provide an extra written document or video about the artwork’s creation process
The unlockable content for all digital assets in an edition is the same. The creator can update unlockable content. They can also change incentives for collectors on the primary and secondary markets. All changes made by the creator are audited by KnownOrigin. The creator is also responsible for maintaining all externally linked content.
KnownOrigin users who wish to permanently remove their tokens from the marketplace can burn their tokens. Once a token is burned, it is deleted from the entire blockchain. The burning process is irreversible, users are advised to be very certain they wish to permanently remove their digital assets from the marketplace before burning or deleting the token.
Token on KnownOrigin can be burned with the following steps
- Go to your profile and scroll to the artworks tab
- Scroll to the three dots (…) button at the button of the minted digital art you will see a “Delete” button.
- Click the red “Delete” button
- Another window will open asking you if you are sure. Click “Confirm”
- Once you confirm a transaction will be launched to permanently delete the token
Types of NFT You can Buy and Sell
KnownOrigin is quite picky about the types of NFTs it displays for sale on its platform. NFT artists must complete an application and every digital creation on the platform must stick to the general theme of the marketplace. KnownOrigin also hosts Embedded NFTs. These unique NFT types embed different layers of NFTs into a parent NFT. So, as the platform describes; “users can have various layers of value within one artwork”.
KnownOrigin only supports the Ethereum blockchain.
KnownOrigin supports Web 3.0 wallets like Metamask, Argent, WalletConnect, Trezor, Ledger, Fortmatic, Coinbase wallet, Portis, and Brave Browser.
The KnownOrigin NFT marketplace supports minting. However, only “enabled” users can use this feature. If you’re eligible you’ll see a blue “upload and manage artwork” button in your profile.
To mint your work, head to the minting portal then click “Create NFTs”. Choose the type of NFT you want to create. Next, you need to choose the type of item you intend to mint as each has varying processes. Some options available are image, video, interactive NFTs, 3D, etc.
Once that’s done you will be requested to upload the art you will mint. You just need to drag in the file or use their file explorer to discover the file. After uploading, you need to enter the details of your item such as artwork description, tags, edition size, themes, and auction type.
Next, you need to select “buy it now” or “reserve price” in ETH depending on the auction type you selected. After doing this and agreeing to all terms, confirm your details. You will be shown an estimate of the gas fees. Once you’re done, click ‘mint artwork’ under the page which will trigger a MetaMask transaction and your digital artwork will be minted.
How to Buy NFT on KnownOrigin?
To buy NFTs on KnownOrigin you need to go to the listings page. But first, connect your wallet. To do so, Click “Connect Wallet” and then pick the wallet you need. Once it has successfully connected you should get a link to your profile.
Next, you’ll have to browse through available listings and select the digital art you intend to purchase. You’ll be redirected to your wallet where you can approve the transaction. To browse for the right NFTs you can do so either via the first sale or primary marketplace or the secondary marketplace for resold digital artworks. You also use the search bar to find specific creations.
Next, to complete your purchase you have to consider how the artwork is being sold by the creator. If the digital art is sold in an auction then you’ll need to place a bid and wait till the auction is over. The user who placed the highest bid will get the artwork at the end of the auction. You’ll then need to confirm the Ethereum (ETH) transaction in your wallet.
If you choose the ‘Buy Now” option you just need to click “Buy” and confirm the transaction within your linked wallet.
Once the transaction is processed on the blockchain you’ll get your NFT token in your wallet. You will also be able to view it on your KnownOrigin profile page.
For the fastest option, you can also buy digital artworks in a single transaction using your credit or debit card. To do so, sign in to your KnownOrigin profile. Search for the artwork you want to buy. Next, click the ‘Buy with Card’ button.
Hit “Continue” and begin the purchase. The platform’s third-party processor Wert.io will require your card number, CVV, and expiry month. You may also be required to complete a one-time KYC/AML step as part of the process if this is your first transaction. However, the verification time frame is quite short.
Next, input your details for verification and hit “Continue”.
This will trigger the transaction and you’ll see a pending screen that the purchase is being processed. Once this is done, you will receive your digital art in your wallet. Alternatively, you can use the add funds option to simply top up your Ethereum wallet and use ETH for the purchase.
KnownOrigin offers 2 types of sales for which it charges different fees. The 2 sale types are primary and secondary as previously mentioned.
For primary sales or first sales, the creator gets 85% on each sale while the platform takes a whopping 15% in commissions. With resales or secondary sales the seller gets 85% of the price and the platform takes 2.5% while the original creator gets 12.5% in royalties.
KnownOrigin Payment Methods
All transactions on KnownOrigin are completed using Ethereum or your credit/debit card. Though the credit/debit card option is an instant option you’ll need to verify your identity if this is your first time using the method.
KnownOrigin is a noncustodial marketplace. This means that it only enables buyers and sellers to create transactions on the platform, it does not keep custody of the users’ assets. Users are largely responsible for the safety of their digital assets.
KnownOrigin also integrated ClubNft tools to gain insight into how NFTs are minted. With this feature, users can get technical insights on NFTs and see which marketplaces have the best storage practices.
The platform also implements extensive verification of KnowOrigin artists and NFTs to ensure that the NFTs displayed on the platform are authentic.
KnownOrigin users can get updates on the platform by following KnownOrigin’s social media handles on Reddit, Twitter, Discord, YouTube, and Instagram. There is no information on the platform showing a dedicated support email or phone number.
KnownOrigin marketplace is a digital platform that enables art collectors to collect rare digital artwork. It is a great platform for digital artists and art collectors as its entire focus is on NFT artwork. However, it charges one of the highest fees (15%) when compared to other NFT marketplaces like Binance NFT or OpenSea. It also doesn’t feature options like gasless minting that some of its competitors do. That said, where it stands out is in its ease of use. Users can purchase NFTs using their credit or debit card (via Wert.io as a 3rd party processor) in one transaction.
Our extensive analysis of the NFT Marketplaces doesn’t stop here. You can also read about our GameStop NFT Marketplace Review as an alternative to KnownOrigin or you can check out our list of Top NFT Marketplaces.
Most frequent questions and answers
KnowOrigin is a digital art marketplace that enables artists to create unique digital art in the form of NFTs and art collectors to collect rare digital art on the platform. This new approach to digital ownership is made possible through blockchain technology. The emergence of blockchain technology has created an avenue for creative professionals to sell NFTs to a global audience. KnowOrigin takes advantage of these numerous benefits of blockchain technology and smart contracts to onboard more art lovers to the ongoing digital revolution via its NFT marketplace.
To sell on KnownOrigin you need to go through an application process and agree to only offer digital artworks that resonate with the entire theme of the platform.
Currently, KnownOrigin does not have a token.
To verify your profile sign in to KO then click “Edit profile”. Next, add the social accounts you want to verify and save. After you’ve saved your profile, you’ll see Verify buttons beside social handles click “Verify Twitter” to begin the process. You’ll receive a prompt to sign in to your Twitter account, allow it. Once this is done, you’ll be redirected to KO and if it is approved you’ll see a blue badge on your profile.
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