The Portion Gallery: Reimagined

Portion Staff
Dec 9, 2020 · 4 min read

Since 2016, Portion.io has been evangelizing the concept of tokenizing digital art and collectibles. We held the notion of enabling digital scarcity passionately, and after launching the online virtual gallery and auction house in 2018, we continued developing the platform through the ‘Crypto Winter’. The Portion team has never launched an ICO, and funding was secured from private investors before the launch of our V1 marketplace.

With the subsequent rise of Decentralized Finance (DeFi), came exciting developments that enabled the team to push the boundaries of the platform. The interactions between Erc-721’s and IPFS, in conjunction with the Portion governance token , combined with an unparalleled boom to the DeFi space, has led us to where we are now: Less than a week away from our launch of the Portion V2 Marketplace.

The past few months we have seen an abundance of newer companies enter into the NFT space, and while other startups may view these entities as competition, here at Portion.io we don’t see it that way. To us, we admire these projects and wish for a future of unity and cross-platform interaction. The new projects entering the space is a reinforcement that what we have been both pursuing and growing over the past 4 years is both valid and boundless.

While we have viewed the industry macros and trends, the majority of time has been spent developing partnerships and fundamentally enhancing our smart contracts in order to provide the optimal user experience for our creators. It should be noted that the Portion V1 marketplace had many users, and even sponsored the 2019 Ethereal Summit conference in Brooklyn, New York, hosted by Consensys.

For the first 2 weeks after the launch of V2, there will be no listing fees, all you have to do is pay your own gas fees to the Ethereum network. For every piece listed the artist will receive 500 PRT to encourage adoption of the governance token. The idea behind this is to inspire usage of the platform, help report bugs, and gain a familiarity with the UI. The UI and overall functionality of the website will be continuously upgraded, and we even have included features to allow users to vote and submit proposals through our governance portal.

Listed below is the rollout of features that are currently in development:

Decentralized Curation:

Use the PRT governance token to make a weighted vote upvote on artist submitted pieces.

Listing Fee:

In order to mitigate spam, Portion chooses to add a fee for NFT creation and listing. The fee will be set at 0.03 Ether per piece and is subject to change through governance voting. Artists get 100% of the sale proceeds!

Liquidity Mining:

Exciting updates are coming regarding new ways to receive the PRT token and participate in the network.

Royalties:

Artists will receive a percentage of their work, received in PRT, for every secondary sale. The exact percentage will be voted on by use of the PRT governance token.

ERC-1155:

V1 utilized ERC-20s to create multiples of digital art pieces. This is both expensive in gas and no longer a standard practice in the industry. Portion will migrate all past ERC-20 digital art pieces to ERC-1155s and airdrop the corresponding amounts to existing holders to ensure the integrity and existence of art submitted on V1.

We are also proud to announce that we have successfully partnered with Simplex.

Simplex is a highly reputable payment processor that allows millions of individuals to buy digital assets, simply and easily. What excites us the most about this is that Portion will retain its core vision of decentralization, while also promoting adoption by enabling credit card purchases on the platform. We have a substantial vision to allow people to see collectibles and convert the swipe of a card into ETH or PRT to interact on the platform. Without compromising functionality, our ecosystem and network of Artists and content creators expands significantly.

With every new beginning comes the closing of one chapter and the transition to the next. We are confident that artists and collectors alike will see the usefulness in V2 and continue to create, inspire, transact and connect. The merger of connecting beautiful minds with technology inspires our team to continuously look onwards and upwards.

Momentous times ahead.

Bridging art and crypto.