Blockparty Marketplace Review
Blockparty Marketplace is a digital goods store built on the Ethereum network. Founded in 2017, the California based NFT marketplace hosts digital assets, artwork, collectibles, game assets and audio NFTs. The portal allows artists to create a storefront and display their NFTs, and interested buyers can then log in and buy these artworks.
The portal launched a new version — Blockparty 2.0 on 25 March 2021. Blockparty 2.0 sports a new site design, new functionalities and places a higher emphasis on the artists' respective storefronts.
What is an NFT Marketplace?
An NFT Marketplace is a marketplace for NFT. So far so good. But what is an NFT?
NFT is an acronym for “Non-Fungible Tokens”. Something which is fungible is replaceable. For instance, one kilo of 24 karat gold is – at least in theory – replaceable with any other kilo of 24 karat gold. When something is non-fungible, it means that it is unique, and not replaceable with any other item out there.
Although NFTs are conceptually similar to cryptocurrencies, these digital assets might represent antiques & artworks, collectables like trading cards, and other items with unique features. These tokens are stored cryptographically in a blockchain network for authentication and validation. Even when transacting, each token is sold as a whole, unlike cryptocurrencies which are divisible into smaller units. NFTs lose their value when split into smaller portions, however, they can be duplicated by the artist and each additional copy can be sold separately (but the total number of duplicates will then always be known).
Blockparty 2.0 Focus
One of Blockparty Marketplace's central themes is to empower digital art creators and give them a platform to express their unique point of view.
Blockparty launched its NFT art market in August 2020 and generated over USD 100K from the sale of 70 artworks, within the first 4 months. It is also in plans to add the developer-friendly FLOW blockchain in 2021. A secondary market launch is also in the cards for the first half of 2021.
Blockparty Marketplace Fees
When you make a trade or buy/sell NFTs a NFT marketplaces, they charge you with a commission. The commission is normally a percentage of the sale amount in the relevant trade.
Owners/artwork publishers can decide if these fees will be borne by them or be embedded in the NFT sales price and passed on to the buyers. On the other hand, the platform reserves the right to charge buyers with additional royalty fees, fulfilment fees, processing fees or taxes.
What are the actual fees then? Unfortunately, we don't know yet. We have asked the marketplace about this and we will update this review with the correct information as soon as we have received it from the NFT Marketplace.
Layout of Blockparty Marketplace
Different NFT Marketplaces present their NFTs, the latest bid and the remaining time of an auction etc. in different ways. What you are most comfortable with viewing and using is up to you and no one else. The following picture is a print screen from Blockparty 2.0:
Below is the snapshot of an artwork called //_QWEEN_X by artist Madsteez that sold for USD 2,000 in September 2020. The NFT was minted on Blockparty’s internal chain.
Blockparty Marketplace Payment Methods
A few of the NFT Marketplaces out there accept deposits and payments via credit or debit card, and some even accept PayPal-deposits.
Blockparty Marketplace supports credit cards payments and settlements in addition to regular cryptocurrency transactions. Users may choose to sync their MetaMask wallets with their Blockparty Marketplace accounts for seamless withdrawals to third party wallets. However, this not mandatory and users can still access all the site features even without linking their metamask wallets.