Portion Review: Is it legit, safe and trustworthy for UAE citizens and residents?
Portion NFT Marketplace features a wide variety of cryptographic artworks and collectibles created by a variety of artists. This network for trading non-fungible tokens (NFT) has as its primary goal the establishment of a reliable platform that has a high level of transparency, all the while making it possible for high-value and genuine digital artworks to be traded. Visit Portion Website.
Portion is a platform for trading non-fungible tokens that is situated in New
York and was developed on the Ethereum blockchain network. In June of 2018, the
beta version of the marketplace was released, and by December of that same year,
the first digital artworks were made available. The marketplace's version 2.0
was released in December 2020, and new digital collectables were first listed in
March 2021 once it had been updated.
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"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).
Portion has worked with a wide variety of partners over the course of its existence, the most recent of which being Palm NFT Studio. The current collaboration with Palm NFT Studio is geared on reducing the cost of minting NFTs as well as their impact on the environment.
At each and every NFT Marketplace, you will be required to pay a commission whenever you make a deal. In most cases, the commission will be expressed as a percentage of the total amount that was sold in the relevant deal.
In accordance with the information provided by one of Portion's official sources, artists are required to pay no commission on initial sales but do have to pay a royalty of 11 percent on secondary sales.
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 Portion NFT Marketplace:
There are certain NFT Marketplaces online that will take deposits and payments made with a credit or debit card, and there are others that will accept deposits made using PayPal.
We were unable to locate any information that would lead us to believe that the NFT trading platform offered by Portion allows either Cards or PayPal as a way of payment.
Millennial generations have begun to learn about the many types of artistic expressions via the use of digital platforms such as social media, which coincides with the transition toward a more digital era. There has been a meteoric growth in the number of digital collectibles and NFTs being offered for sale on the internet.
On its interactive platform, Portion hopes to foster collaboration among creative professionals. This cutting-edge platform has the ambitious goal of motivating artists to produce art with foresight and determination. All of its users have the opportunity to become collectors thanks to this feature. In addition to this, it acts as an easy-to-use marketplace where art collectors and artists may connect with one another.
Because it is powered by blockchain technology, it acts as a marketplace where users may buy, sell, and trade art and collectibles. Users also have the ability to own such items. One of the NFT markets that focuses an emphasis on art is called Portion. The Ethereum Blockchain is made accessible to all who participate in this decentralized marketplace.
The crew behind Portion is quite unique, and they've put in a lot of hard effort to make this platform a sensation in the world of art. Since the company's beginning in 2016, when it was first released to the public, the Portion team has collaborated to develop some truly remarkable features and an intuitive user experience.
At the moment, Jason Rosenstein, who serves as CEO, is in charge of leading this team. Jason is a forward-thinking individual who has a deep curiosity with the possibilities presented by blockchain technology. The credentials that Jason possesses, particularly his expertise in cryptography, make him the ideal candidate to lay the groundwork for Portion.
As one of the cofounders of Portion, he is working toward the goal of realizing the full potential of blockchain technology by using its capabilities. This group is comprised of a wide range of skilled professionals from from a variety of business fields. Vlan Panov is a seasoned professional in the field of finance who possesses a wealth of experience that he obtained by working for prestigious financial firms such as JPMorgan and Morgan Stanley.
The group also includes other highly regarded members of the team, each of whom contributes something of worth as well as original ideas. Working and concentrating
The move to an artistically-based platform, where a wide variety of artists from all over the world may show their work, is the primary emphasis of a portion of this section. In the future, we may anticipate that Portion will function as a platform that will reveal works of art that are absolutely mesmerizing.
Before an artist can be accepted into the creators' community, they must first successfully complete a rigorous application procedure. During this stage, the artists will show off their portfolios, which have been chosen with great consideration. When an artist integrates themselves into a community, they get access to a wider variety of artistic expressions.
Transferring ownership and maintaining this record is accomplished through Portion by utilizing the Ethereum Blockchain technology. It makes the process of verifying the legitimacy and proving ownership, if necessary, more simpler. By implementing this strategic connection with the technology behind the Ethereum Blockchain, Portion was able to acquire the software licence that drives it.
In addition to this, it possesses a specialized network that is responsible for monitoring and managing secondary transactions. In order to pull off this impressive achievement, they make use of certified appraisers and authenticators. Additionally, fresh tokens are issued by Portion for activities like as mining for liquidity. In most cases, they are distributed once new NFTs by the artists are made available for purchase on the market.
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With its strategic team and globally approved partners, Portion is working toward its goal of being one of the most successful NFT markets in the art niche.
Some people have the opinion that the art market is very poorly controlled, which may be quite disheartening for people who are interested in buying art or making it. These intrinsic hurdles, which take the shape of walls of doubt, inhibit new buyers and artists from breaking into the art trade market.
However, because Portion has an impeccable track record, any attempts at forgery or counterfeiting will be quickly uncovered during the procedure. This offers reassurance to any potential buyer or artist who has their sights set on breaking into this competitive industry.
In addition to this, shill bidding can frequently result in an artificial increase in pricing. In most cases, this includes engaging in shady business practices in which individuals conspire with the sellers to bid a higher price in order to artificially drive up the price. The operation of these online auction houses is frequently hampered as a result of these behaviors.
However, the diligent crew at Portion, together with their smart tracking methods, ensures that these fraudulent activities are avoided. By affixing the hallmark of blockchain technology to the piece of art, this not only prevents the work from being replicated but also prevents it from being fabricated.
With the use of the drag-and-drop gateway, artists are granted the ability to tokenize any type of media file they choose. After then, the vendor decides on the pricing via the program, and at the same time, prospective purchasers submit their bids.
The transaction is considered finalized if the buyer and seller have reached a point of consensus over the price of the item or service being exchanged.
Due to the increase in demand for the art that is being sold, there is now a greater need to properly manage both money and art. This meant that the art collection administration systems and the wealth reporting systems used by Portion were connected with one another. Because to this game-changing development, Portion's collectors are now better able to keep track of the countless collections they may have acquired over the years.
Additionally, this would be of use to them in tasks such as estate planning. In addition, Portion provides users with private areas that are also accessible to others, where they are able to keep their art collections and show them off to others. The newly discovered hybrid system that they have devised serves as a central point of contact for all of the organization's activities.
The positives and negatives of the Portion NFT Marketplace are as follows:
Portion gives its consumers the ability to keep one hundred percent of their earnings.
Because its strategic team and globally certified partners handle all of the transactions on their own, there are no intermediaries engaged in the process, which results in more transparency and a decreased likelihood of fraud.
Collectors are able to manage both virtual and actual works of art using Portion.
The blockchain certificates are controlled in a manner that is similar to anonymity.
The smart contracts check to see if the buyer has enough money to complete the transaction.
The exposure that musicians receive because to Portion is increased.
Additionally, Portion offers insurance coverage for the high-priced items sold on its marketplace.
Because Portion connects with Ethereum, there is a significant increase in the amount of energy that is consumed, which can be harmful to the environment.
There is a remote possibility of committing artistic theft or replicating cryptographic artwork.
Only members who have been validated can produce and sell NFTs.
Reviewed by Arpita Singh
Arpita 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.