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KnownOrigin Review: Is it legit, safe and trustworthy for UAE citizens and residents?

KnownOrigin is an up-and-coming participant in the NFT market sector. It is a platform that enables purchases to be made using smart contracts, and it is a participant in this market. It is a setting that gives well-known artists the opportunity to convert their artwork into non-fungible tokens and sell them. Visit KnownOrigin Website.

Known Origin has been operating continuously since 2018, and as the cryptocurrency exchange Gemini owns it, the company originates in the United States. The majority of the non-fungible tokens that are minted and sold at this location are creations by more well-known NFT-creators. However, if you are seeking for inexpensive NFTs created by unidentified artists, you may find some of those here as well. There is a large list of creators whose NFTs are sold on this marketplace, and some of the names on that list include CryptoSpectr, Spaced Painter, and Trevor Jones.


On the day that this review was initially written (March 29, 2021), Known Origin reported on their website that they had sold 19,729 NFTs with a total value of 4,624 Ethereum (at this date, almost USD 8.5 million), and that they had sold NFTs from more than 1,500 different artists. This results in the NFT Marketplace having a size that is respectable, but it is by no means the largest.

"Non-Fungible Tokens" is what "NFT" stands for as an abbreviation. Anything that can be changed into another form may be replaced. For instance, one kilo of 24 karat gold may, at least in principle, be replaced with any other kilo of 24 carat gold. This is because 24 karat gold is not distinguishable by its color. If something is non-fungible, it denotes that it is one of a kind and cannot be interchanged with any other object that is currently available.

Despite the fact that NFTs are theoretically comparable to cryptocurrencies, these digital assets may represent antiques and artworks, collectibles such as trading cards, and other objects that have distinctive characteristics. For the purposes of authentication and validation, these tokens are encrypted and stored in a distributed ledger known as a blockchain. In contrast to cryptocurrencies, which may be divided up into smaller pieces, tokens are always sold in their whole when they are bought or sold. When NFTs are cut up into smaller pieces, they lose some of their value. On the other hand, the artist may make copies of them, and each extra copy can be sold independently (but the total number of duplicates will then always be known).

Although unique digital art is the primary emphasis of Known Origin, there is also work that is not as exclusive as the rest that can be found here. The ETH blockchain serves as the foundation for the NFTs.



The company advertises its offerings as "rare artworks by world renowned painters."

Various NFT Marketplaces offer their NFTs, the most recent bid, the amount of time left in an auction, and other information in a variety of different ways. It is up to you and no one else to decide what kind of content you are most at ease watching and utilizing. The image that may be found below is a screenshot taken from the explore area of Known Origin. You may search for an NFT by using their search form, and then sort the results according to price, how recently the NFT was generated, or how rare it is.
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The following description of the page layout applies if you zone in to any one of the individual NFTs, in this example the NFT titled Butterfly Effect that was designed by the artist Lanadenina. The following information is included in the layout: the year that the NFT was developed, the name of the artist who created it, the number of editions that exist, the number of copies that are now available, the most recent offer, and other relevant details are shown in the image below.

It is common practice for the NFT Marketplace that is relevant to the transaction to charge a fee for the privilege of facilitating the sale of an NFT. The buyer is often responsible for paying this cost, which is typically expressed as a percentage of the selling price of the NFT. When a transaction takes place, this is analogous to the way in which conventional art galleries often receive a commission on the sale of any paintings or other works of art that are on display at the gallery.

You will be required to pay a service charge of 15.00 percent when you shop at Known Origin. There are no other NFT Marketplaces that we are aware of that charge larger fees than this one does. Additionally, there is a charge of 2.50 percent for any secondary sales that take place on the Known Origin Marketplace. These costs do not include the Ethereum gas fees that are necessary for the Ethereum network to complete transactions and are not included in this total.

Even though this is one of the NFT Marketplaces that has one of the highest commission rates, 15.00 percent is still regarded to be a fairly competitive cost when compared to a standard physical art gallery (where 30-50 percent in gallery fees is not entirely uncommon).

Therefore, if you want to buy an NFT from Known Origin and the price is set at USD 1,000, you should be aware that USD 150 of this amount is not paid for the real NFT but rather covers costs in addition to the actual value of the NFT. This is something to keep in mind.

Deposits and payments made with a credit or debit card are accepted by some of the NFT Marketplaces available today; in addition, some of these Marketplaces allow deposits made using PayPal.

Credit cards, debit cards, and PayPal are not acceptable methods of payment for withdrawals or deposits while using the Known Origin platform. Therefore, in order to participate in this specific market, you are required to already possess some of the cryptocurrencies that are supported by Known Origin. This is a prerequisite for using the marketplace.

Users are able to find one-of-a-kind pieces of digital art and accumulate non-fungible tokens by utilizing this up-and-coming platform, which takes advantage of the inherent capabilities of the Ethereum blockchain network. Its use of the ERC721 standard, which makes possible an increased degree of transparency and, as a consequence, safety, is perhaps the aspect of its smart contract ecosystem that stands out as the most favorable.

A truly digital platform that is driven by the requirements of digital producers from all over the world has been made possible by KnownOrigin. It is a protected space where artists may verify the authenticity of their digital works and make money off of them. Over 140 of the most well-known digital artists from all over the globe call KnownOrigin their home, and the platform routinely ranks among the top 10 Dapps available on the market.

Since the company's inception in 2018, KnownOrigin has made it a priority to cultivate fruitful partnerships with internationally renowned educational institutions, art galleries, and technological experts. In point of fact, this is one of the reasons that KnownOrigin has developed to the point that it is currently the third most active Ethereum-based arts platform in the whole globe.

In the Ethereum market, the KnownOrigin team is a dynamic collection of thought leaders and innovators that is guiding the way ahead. Since they began their employment at the beginning of 2017, they have gradually begun to build their own name as they establish a space for themselves in the market.

David Moore, who serves as both CEO and co-founder of the company, and James Morgan, who also serves as co-founder, are at the helm of this exceptional team of people. The KnownOrigin team has gone out into the blockchain arena and accomplished wonders while operating under the profound guidance of these individuals.

Because to the tireless efforts and unwavering commitment of this crew, KnownOrigin has become one of the most well-respected digital art platforms in the whole globe.

KnownOrigin is a platform that is focused on artists and has made it possible for creators to benefit from the increased simplicity of authentication. This technology has unavoidably made it possible for artists to not only display but also sell their work in a place that was specifically designed for that purpose.

When broken down into its component parts, the procedure is actually pretty straightforward. KnownOrigin has devised a process that gives creators access to a public blockchain solution, therefore enhancing their agency.

The only thing that is required of them is to first produce their digital masterpiece and then use KnownOrigin to upload the file as well as the papers that are related with it. The artwork is then tokenized and made live within the KnownOrigin gallery, which is where the magic happens on the backend of the system.

What kind of an experience does KnownOrigin provide for its users? They begin by going to dApp, which is quite similar to how a standard e-commerce site works. This is where the similarities end, though. Then, after they have found an artwork that appeals to them, they can browse the gallery in the same manner as they would any other online shopping gateway until they are ready to make their purchases and finish checking out.

However, the genuine value that may be added by the KnownOrigin platform comes into play once the Ethereum address has been successfully collected following the successful conclusion of the purchase.

Throughout history, creators frequently faced challenges while attempting to market their works of art while also being held back by unjust compensations. In such exchanges, the artists do not even receive credit for the difficult effort that they have put in. On the other side, KnownOrigin brings about a significant shift in the way things work in the conventional art industry.

Since the very beginning of its existence, KnownOrigin has functioned as a community-focused platform for the digital arts. KnownOrign is a platform that gives creators access to various tools to help them with their work. It gives tools that can assist artists drive relationships with one another and assure the lifetime of their work and reputations.

All of this was made feasible, while also allowing them to effortlessly commercialize their artistic trade and reap the full advantages of their exceptional and sometimes unrivaled level of brilliance!

Downloading high-resolution digital assets gives consumers the capacity to properly capitalize on the advantages offered by the Ethereum blockchain network. This opens up a whole new world of possibilities for users. Not only does it make use of the smart contracts, but it also makes use of the fact that the system enables a provision in which off-chain digital signatures may be checked and confirmed. This allows it to do what it set out to achieve.

KnownOrigin makes use of a secure public-private key cryptography mechanism in order to assist in the verification process of determining whether or not the sender is in fact who they claim to be.

Even though KnownOrigin is an exceptionally trustworthy and well-known platform, there are still certain potential dangers associated with the use of cryptography. It is important to keep in mind that the prices of blockchain assets have a history of being, at best, volatile. When the prices of various other digital assets go up and down, it might have a negative influence on the value of the tokens that you possess.

Those who opt to invest their money in tokens do so with the knowledge that they cannot be certain they will not suffer a financial loss. Tokens are regarded to be intangible assets, and as a result, their existence is dependent only on the ownership records that are kept inside the Ethereum network. This is something that must be taken into consideration.

When working with cryptography, it is important to take into account the digital nature of the tokens, which means that the tokens can get damaged and that the connections of ownership that are linked with those tokens might be lost.

Since its inception, KnownOrigin has prioritized the prevention of security breaches in order to guarantee that its customers will never be subjected to the unauthorized exposure or loss of any of their personal information. When it comes to conducting business and disclosing personal information online, however, it is imperative to understand that there is an underlying danger that frequently comes with the territory.

KnownOrigin puts into place all of the various organizational security protocols that are required as standard. However, it stresses that the basic precautions and hazards associated with the transaction of information through the internet are still present and active.

In addition, the users themselves are completely accountable for the protection of their account as well as the credentials associated with it. In spite of this, the KnownOrigin platform continues to shield its customers from the underlying security flaws that are present on the internet. This is accomplished by the rigorous authentication of artists and the utilization of an ecosystem based on smart contracts.

In addition to this, the KnownOrigin platform makes use of a comprehensive verification system to ensure that each piece of art featured is, in fact, an original. All of these aspects are managed through a protected blockchain network that is built on Ethereum to guarantee the highest possible level of safety for all of the artist partners and customers alike.

On the KnownOrigin platform, artists have the ability to create their own original works of digital art, and those tokens may be sold on the network. Artists are given access to a wide variety of configuration choices, ones that enable them to personalize various aspects of their work, in order to accomplish this goal.

You will be presented with a "Upload & Manage Artwork" button when you have completed the necessary steps to become enabled on KO, which include registering, creating a profile, and activating your account. When you do so, you will be presented with a form in which you are required to provide certain information, such as the title of the work of art and a condensed explanation of no more than one thousand characters.

At this moment in time, artists are restricted to a maximum edition size of 25, however this number may be decreased at a later point in time if it turns out to be necessary. After you have finished filling in all of the fundamental information, you will be asked to submit a few more details, such as whether or not this is a collaborative effort. In such instance, you will be able to input the Ethereum address and the percentages of the transaction that you would like to transfer to the collaborator's address.

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When all of this is finished, and the artwork has been sent in, your files will be stored within the IPFS, which is a safe option for distributed file storage once it has been completed. When you reach this step, you will have successfully established your NFT, and it will typically be put live on the KO within only three to five minutes.

It would appear that the KnownOrigin platform does not currently provide a significant amount of support for its customers in the form of a customer care infrastructure at this time. Users are unable to phone a hotline or make any similar inquiries, but they are more than welcome to email them with any comments, suggestions, or problem reports they may have.

If you want to report any harmful conduct, however, rest assured that they will take it into consideration as well. You may email them at report@knownorigin.io with any questions, complaints, concerns, or even claims you might have about their services.

Customers may feel more at ease knowing that they may at least voice their concerns if the need arises when they learn this information. In the event that something turns out to be less than perfect, this choice might very well end up being a real lifesaver. Even though the KnownOrigin ecosystem was designed to assure very few problems, they can and do arise from time to time; in these instances, you will feel much better if there is some kind of help available to you.

The KnownOrigin platform has arrived with a comprehensive plan for expansion, and it is already well on its way to realizing its goal of providing artists and consumers with an even more immersive experience. They intend to achieve this while simultaneously expanding the size of the KnownOrigin community, giving creators more authority, and persistently working to improve the reputation of the brand.

They are now in the process of building additional alliances and introducing more technology techniques in order to empower digital art and artists. This course of action is currently underway.

 

 

Reviewed by Arpita Singh

Arpita SinghArpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.