Viv3 Marketplace Review
Viv3 Marketplace launched on 27 January 2021 and is the first NFT Marketplace in the world based on the FLOW-blockchain. You can buy, sell and explore authentic digital art pieces here. There are many different NFT types available here, including, but not limited to, collectibles, trading cards and top class digital art.
What is an NFT Marketplace?
An NFT Marketplace is a marketplace for NFTs. 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).
Viv3 Marketplace Focus
The key focus of Viv3 Marketplace is that it is based on the FLOW-blockchain. It is the first, and to our knowledge, the only NFT marketplace using this protocol.
Layout of Viv3 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 Viv3 Marketplace's home page. As you can see from the below picture, you have a classic search field top left, but other than that the recommended approach seems to be "scroll and get lucky".
If you move in to one of the specific NFTs, in this case the NFT called "Gekko" from the series EVOLUTION created by the artist Ben Mauro (@benmauroevolution), the page layout is as follows. As can be seen from the picture below, the layout includes information on the price, how many editions there are, the artist, the owner and some information on the actual NFT. Ben Mauro, for instance, is a world famous concept designer and art director who has worked on The Hobbit-trilogy and Call of Duty, to name a few.
Viv3 Marketplace Fees
When you buy an NFT somewhere, it is customary for the relevant NFT Marketplace to charge a fee for enabling the sale. This fee is typically a percentage of the NFT's sale price and is normally paid by the buyer. This can be compared with how regular art galleries normally take a share of the sale of any paintings etc. hanging in the gallery when a sale is executed.
At Viv3 Marketplace, you will have to pay 12.50% in commission in the intial sale. While 12.50% in commission does not feel very cheap, it could be useful to compare it to normal gallery fees. An ordinary physical art gallery often charges between 30-50% in gallery fees.
Viv3 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.
Viv3 Marketplace doesn’t allow withdrawals or deposits through credit/debit cards or PayPal. Accordingly, you need to have a previous holding of FLOW-tokens in order to be able to interact on this particular marketplace.