The Soonaverse NFT Marketplace - a first look
author: @dumdave (Iota Discord tag)
All improvements welcome. Or just help to fix typos.
last updated: 26th Feb 2022
Article summary: Initial experiences with the exciting new Soonaverse NFT Marketplace and how it will make selling NFTs accessible to artists worldwide.
[1] About Soonaverse and Non Fungible Tokens
Soonaverse is an ambitious project that is part of the IOTA Ecosystem www.iota.org. It exists to power the growth of Decentralized Autonymous Organisations (DAOs), both within IOTA and beyond, and does this by providing a range of free services such as 'DAO Spaces', voting mechanisms, and a host of other useful utilities. It also allows control of membership of DAO Spaces, and adds an ability to award 'Reputation Badges' as a mechanism to aid DAO Governance.
This article however is about one of the most exciting initiatives within the Soonaverse - the marketplace for Non Fungible Tokens (NFTs). So what is an NFT? The answer is that it can be anything that can be given a unique identity, and for which there is some demand. Best known to the public are the artworks presented as images and sold as NFTs.
For example, at the moment this is an image I offer, made for a series called AmazingDreams. Nothing more, nothing less. In normal times as an artist it would be very difficult to sell. If people liked it they could just copy it. But the times they are a changing ...
What turns an image like this into an NFT? Two things. In outline they are:
A standard. That is, a set of technical rules that a whole community can share that let an NFT be identified and moved on a blockchain.
A blockchain. That simply means a modern electronic ledger (database) that can be trusted by everyone.
Once these two things exist then an image like the one above can be described according to the standard and registered on the blockchain. After that it can be sold and its ownership and history tracked in a reliable public manner.
[2] How does Soonaverse help with Non Fungible Tokens
At the moment it can be pretty complicated and expensive to create and then market and sell NFTs. Soonaverse are about to make the process both FREE and SIMPLE! As you might imagine, that is a pretty revolutionary idea that will change everything for artists who see a potential new income stream this way. Below the process involved is explained.
The starting point is the Soonaverse home screen.
Once you have your invitation to join (this thing is going to be pretty popular, don't expect to hop in on day 1) then you create your own Space on the system. My name here is DumDave so here is the header of my Space.
The next page gives you access to a top level menu - and the one we need today is Collections.
Next up is the New Collection button. We are nearly at the point when our earlier image can be transformed into a beautiful NFT.
[3] What is an NFT Collection?
Despite being new, artwork as Non Fungible Tokens already has its own ways of doing things. In this case, think of a collection in the same way that art galleries do. Usually art by a particular artist and sharing a particular theme. Enthusiasts will then go to their favorite artist and browse in the hope of finding a bargain.
As a Space owner, you are guided through a number of questions about your Collection. They won't all be examined here, but this is the starting point. Naming and describing your collection.
Notice that there was a question about the Royalty payment. As NFTs are held on a blockchain, any sale can be tracked and royalty payments made as desired.
There are an number of Collection types. Again, this is not the place to go into those. The one described below is probably the most commonly used.
There are a few more questions and then the Collection is created. At this point though it is no more use than an empty wall at a gallery. We need to start adding Art - or in this case, NFT Art.
[4] Adding NFTs to an NFT Collection
The following screenshot jumps ahead a little, but it gives the main ideas. You have a Collection. You edit it to add or remove details about the Collection. There are associated websites and contact details that will be used during a later sale process.
The button we need at the moment is below this to the right however. 'Create NFT'.
If you are an artist and you have been reading through this wondering when you would get to the key point - well, here we are. Your image in a few seconds will be an NFT! This simple screen is all you need to complete - add a title, description and price, then upload your image. Job done!
[5] Viewing your NFT Collection
For the purposes of this article, the AmazingDreams Collection has been saved with just two NFTs. usually there might be ten, or thirty, or five hundred - depending upon the intended use and audience. Here is the top level page.
Clicking through and the two NFTs themselves can be seen. The simple image from Section [1] is now a proper NFT called AmazingDream 2 and for sale at 28 Mi (a unit of value in this particular blockchain).
[6] Selling your first NFT!
Imagine that you have gone through this process. You have spent zero. You needed no technical knowledge but you now have your artwork for sale as an NFT. Somebody comes along and buys it. Maybe they like your art. Maybe they simply think that it might become worth more over time. On the page the display changes, one of your NFTs has been sold!
You can see at the bottom left of this image that your NFT is now owned by somebody else - a person known only as TangleAccountant! But you don't need to know who they are. They have paid the asking price of 28 Mi, which is already in your own wallet.
All of the sale details are immediately available as they are recorded on the blockchain. That includes the transaction details with the financial transfer. Furthermore, proof of ownership is continually recorded on the IOTA Tangle for any subsequent sales giving perfect tracking of the whole NFT history.
[7] The significance of the Soonaverse NFT Marketplace
As demonstrated above, the real title should be Soonaverse NFT Factory and Marketplace. Until now, cost and complexity has stopped the vast majority of artists from getting involved with NFTs. Now there is nothing standing in their way. The future for artists is bright, the future is NFT.
And when you have a minute, why not visit DumDave's Place of Dreams on the Soonaverse and browse for an NFT.
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