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MakersPlace Features and Reviews
MakersPlace is a digital art gallery created to be the medium between collectors and artists from different parts of the world.
On MakersPlace, you are guaranteed rarity and authenticity. Given its use of Blockchain technology, authenticity is not compromised and the artworks are not replicated or copied.
MakersPlace is a San Francisco-based company that operates as an NFT marketplace.
MakersPlace is selective on which artists they accept on their platform. The selection is based on the exceptionality of the art produced. Most of these artists are new to the world of digital art. Hence, they only invite a few new creators every month.
In this platform, invited artists are allowed to mint new creations to sell which aren't stored but only showcased on the site. It only acts as the medium that allows buyers and sellers to connect their wallets in order to exchange goods.
MakersPlace is user-friendly, especially for newbies with little or no experience in crypto trading. Users don’t need to have a cryptocurrency wallet opened to use the platform. However, if users with existing crypto wallets can also link the it to the platform if desired.
MakersPlace runs on the Ethereum blockchain but also allows payment from third-party platforms. Users can make transactions with third-party web3 wallets such as MetaMask for transactions on the platform. Unlike several other platforms, digital art can be purchased on MakersPlace with either PayPal or a credit card linked to Stripe. Users can see if an NFT is available for purchase using any of the fiat currencies (USD, GBP, AUD, etc). Users can view all the creator’s preferred currency is displayed by clicking the “?” icon next to the price.
MakersPlace features rare art. Although the artists whose work is displayed on MakersPlace may not be exclusive to the platform, the digital artwork on the platform is always typically unique. Some of the artworks displayed on the platform are one-of-a-kind limited edition, including 3D art, images, and videos. Videos that are hosted on MakersPlace include the digital creation of short clips, animated videos, and films with background music.
MakersPlace allows users to filter search through digital work. The activity feed on the platform shows users what other members of the community like. It can also serve as a source of inspiration for digital creators and collectors to decide what to sell or buy.
MakersPlace ensures total transparency and accountability. For a user to purchase an NFT on MakersPlace, an account has to be created either with an email address or by connecting Facebook or civic account. They can link a Web3 wallet to their account which also stores the purchased asset and the payment of any gas fee for the transaction.
MakersPlace offers multiple purchasing options. An outright purchase can be made or an offer can be tendered when a collector has found an artwork he’s interested in. The transaction is then processed. Payments made with cards are processed within a longer timeframe to ensure no fraudulent activity takes place. MakersPlace accepts PayPal or a credit card through the stripe app with transaction and gas fee included. Most users prefer to purchase NFTs using MetaMask. The account should have enough ETH to cover the gas fee for the transaction and the artwork itself.
MakersPlace allows only invited artists to list an NFT on the platform. Unlike Foundation, an invitation request form can be filled out and submitted. After the request is granted, users can mint their original NFT on the platform with a full description of the artwork to give potential buyers a better understanding of it. Users generate hype on social media platforms such as Twitter or Instagram to get more eyes on the artwork.
MakersPlace offers more flexibility for creators to sell. Creators can choose from one of the three main selling options available on that platform—Instant price, Offers, and Timed auction. With the Instant Price, artists can set a price for their artwork which can be viewed and purchased instantly by buyers. Potential buyers can also send their offers to the digital artist who can either accept or decline it. Digital artists often list their artwork without a set price but with the “accepting offers” label. Sellers can create an auction that lasts for at least 10 hours. Bids can continually be made by potential buyers until a bid is finally accepted. If a bid is made 15 minutes before an opened auction closes, the timer resets to 15 minutes indefinitely.
MakersPlace charges transaction fees for buying and selling on the platform. Like every NFT platform, transaction fees are paid by the creators for their activities. Sellers pay a 15% commission to MakersPlace on a primary transaction and a 2.5% commission on subsequent sales. Buyers pay 2.9% in transaction fees when they use credit or debit cards. Users who resell an NFT as a secondary sale will pay a 10% commission to the artist.
Gas fees are paid to the Ethereum blockchain which varies in price depending on the time of the day. These fees process the smart contract, allowing the seller to receive payment for the NFT and the buyer receives the digital asset. These Gas fees include ‘Minting’ Fee, ‘accepting an offer’ fee, and ‘instant purchase’ fee which is the fee paid by buyers purchasing an NFT at the asking price. The ‘accepting an offer’ fee is a gas fee paid by sellers when accepting an offer.
MakersPlace allows sellers to have custody of the minted NFT until it is transferred on a smart contract via blockchain technology to the buyer. MakersPlace is not privy to the personal details. However, Stripe stores and conducts credit card information. Users are encouraged to own a hardware wallet to ensure the security of their art collections to prevent digital assets theft in the event of a browser or computer compromise.
As an NFT platform, it has distinguished itself in listing rare artworks from invited creators. Also, it enables other payment models such as the use of credit and debit card for fiat currencies through a third-party company. The NFTs minted are based on the Ethereum blockchain and users can streamline their search and get inspiration with the filter feature on the platform.