With a shift towards a more digital era, the millennial cohorts have started finding out about the various forms of arts through digital modes like social media. There has been a rapid rise in the digital NFTs and collectibles sold online.
Portion aims to bring creative artists together on its interactive platform. This innovative platform seeks to inspire artists to create art with a vision and perseverance. It offers a chance to all its users to become collectors. It also serves as an intuitive marketplace where artists and collectors can find each other.
With the aid of Blockchain technology, it serves as a platform where their users can sell, buy, and own art and collectibles. Portion is one of those NFT marketplaces that celebrate art. This decentralized marketplace connects its users to the Ethereum Blockchain.
The highly dedicated team has successfully managed to raise the market cap to a value of $9,357,258, and it is expected to rise significantly in the future. The PRT value lies around $0.05641, with the usual ups and downs of the market.
Portion Team
Portion has a highly eccentric team who have worked extensively to make this platform a sensation in the art world. Since its grand inception in 2016, the Portion team has worked together to bring forth marvelous features and a convenient user interface.
Currently, this team is headed by Jason Rosenstein, who is the CEO. Jason is a visionary with a great fascination with the potential of blockchain technology. With a specialization in cryptography, Jason’s qualifications serve as the proper foundation for Portion.
As Portion’s cofounder, he strives to harness the full potential of blockchain technology by tapping into its potential. This team is full of other experienced experts from various industry sectors. Vlan Panov is a finance expert with an abundance of knowledge he acquired by working with top-tier financial institutions like JPMorgan and Morgan Stanley.
The team consists of other esteemed team members who bring value and innovative ideas to the table. Working and Focus
Portion focuses on transitioning to a more artistic-based platform where diverse artists across the world can exhibit their art. We can expect that Portion would serve as a platform that would unfold truly captivating artworks in the future.
An extensive application process takes place before an artist gains access to the creators’ community. During this process, these artists display their portfolios that are carefully selected. Once an artist becomes a part of the community, they get exposed to diverse art.
Portion uses the Ethereum Blockchain technology to transfer and keep track of ownerships. It makes it seamless to verify the authenticity and prove ownership if needed. With this strategic integration with Ethereum Blockchain technology, Portion obtains the software licensing that powers it.
It also has a dedicated network that monitors and manages secondary transactions. To accomplish this feat, they employ accredited appraisers and authenticators. Portion also releases new tokens for purposes like liquidity mining. These are usually released whenever new NFTs are released into the market by the artists.
Portion aims to become one of the best NFT marketplaces in the art niche with its strategic team and globally accredited partners.
Portion’s Approach
Portion believes that the art market is highly unregulated, proving to be quite discouraging to potential buyers or artists. These walls of doubt form inherent barriers that prevent new buyers and artists from chartering into trading art.
However, with Portion’s immaculate track record, counterfeits or fraud can easily be caught while in the process. This provides assurance to any buyer or artist who might dream of entering this elusive market.
In addition, shill bidding can often lead to a false surge in prices. This usually involves underhand dealings where individuals corroborate with the sellers and bid a higher price only to increase the price artificially. These practices often blemish the functioning of these digital auction houses.
However, Portion’s vigilant team and their strategic tracking ways ensure that these frauds are prevented. By attaching the hallmark of blockchain technology, it also ensures that artwork does not get duplicated or forged.
Auctions with Portion
Artists are given the liberty to tokenize any format of media with the help of the drag-and-drop portal. The seller then sets the prices with the application, and at the same time, potential buyers offer their quotes.
The seller and buyer reach a point where they agree on a particular price, and the transaction becomes complete.
Wealth Integration
The need to manage wealth and art has risen in conjunction with the rise in demand for the art sold. This meant that art collection management systems were integrated with Portion’s wealth reporting systems. This powerful innovation has helped Portion’s collectors keep a better track of the myriads of collections they might have bought.
This would also help them in activities like estate planning. Besides, Portion offers secure and shareable spaces where these users can store their art collections and display them to other people. The newfound hybrid system that they have come up with acts as a singular point of contact for all purposes.
Pros
- Portion allows its users to take 100% of their proceeds.
- There are no middlemen involved in the transactions, with its strategic team and globally accredited partners, and this ensures more transparency and reduced fraud risks.
- Portion allows collectors to manage both virtual and physical art.
- The blockchain certificates are managed pseudo-anonymously.
- The smart contracts verify if the buyer has sufficient funds.
- Portion helps artists magnify their visibility.
- Portion also provides insurance on the high-value goods of its marketplace.
Cons
- Portion integrates with Ethereum, which means there is high energy consumption that can harm the environment.
- There is a slight chance of plagiarising art and duplicating the crypto art.
- Only approved members can create and sell NFTs.
