To combat NFT-related scams, Ethereum-based network Origin Protocol launches a new feature on its flagship product Origin Story, titled ‘Collection’. This feature will enable digital artists and creators to build verifiable NFT marketplaces of their own and encourage buyers to invest in a secured space.
With Collection, NFT artists can custom-build their official website and organize multiple NFT collections on a single, convenient dashboard and generate new revenue streams from marketplace fees. In return, these revenues can be used to fund future projects and developments.
A branded marketplace that’s powered by Collections will enable collectors to buy NFTs directly from the creators, which will commence transparency and authenticity that is lacking in most large-scale marketplaces today.
Moreover, by providing aggregated information on details from floor price and trading volumes to recent activity and listings across leading NFT marketplaces, both creators and investors can glean actionable insights into where the market is heading and which new assets, collectibles, or collections are worth investing in.
In the forthcoming weeks, new marketplaces will launch multiple product enhancements, thereby gaining additional marketplace partners. Origin community’s members have the added benefit of being rewarded with the expanding number of creators joining Collection.
This will be possible due to a governance proposal that was recently passed, wherein Origin Story platform fees were said to be distributed among OGN token holders who stake their tokens for a share of Origin Story platform fees.
With a team of entrepreneurs, a founder of PayPal, early employees of YouTube, and engineering managers from Google and Dropbox leading the development at Origin Protocol, the release of Collections is the latest in a series of high-impact releases by the venture.
The co-founder of Origin, John Fraser, spoke about the platform Origin has built over the years through Origin Story while reminiscing the achievements. “We are a pioneer in the NFT space and have managed many notable NFT drops from world-renowned creators such as Paris Hilton, BT, and Trevor Jones while tackling the issues of fraud and scams in this space head-on,” he mentioned.
On the other hand, another co-founder, Matthew Liu, spoke of the challenges by stating, “NFTs have the potential to power a new world of digitally native commerce, fundraising, ownership, and community, but we’re still in the early innings, and the NFT buying experience is – unfortunately – notorious for all sorts of fraud, from false listings and fake offers to clickbait and bot-driven malicious activity.” He further added:
With the release of Origin Story Collections, we have a tool that can remedy these issues and bring back the utility and user and developer trust in NFT-powered art, must, collectibles, apps, and use cases.
Origin’s very first partner project on Collection, Pudgy Penguins, is already live from its official creator’s marketplace for users to browse, buy, and bid.