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Mercado.studio: The most versatile NFT marketplace

Mercado.studio: The most versatile NFT marketplace

In this rapidly evolving digital era NFTs have opened up a new doorway enabling artists and creators to match this incredibly fast-paced world, be it related to Cryptocurrency, blockchain, creating digital art/creations, or some other modern technology.

If you are an artist, creator, or musician some of these numbers might grasp your attention:

  • An oil painting of batman sold for $552,603
  • A picture of a flower sold for a whopping $1 million.
  • A 24-hour composition of audio and visual sold for over $212,000.
  • A sock sold for over $60,000.

All of these items got sold on NFT marketplaces as NFTs.

Now that you are aware about the benefits of a NFT marketplace, you must be curious about where and how you can get access and navigate such a marketplace.

Let me introduce CREATE PROTOCOL

Create Protocol is the first-ever decentralized web 3.0 multi-chain creator platform by the artists formed to empower the users (creators and fans) and give them the freedom to buy, sell, share, interact and manage their creations seamlessly altogether in a single platform.

Mercado Studio is a product of the CREATE Ecosystem designed mainly for creators and collectors. It is a decentralized NFT community marketplace consisting of a hub of high-quality art, talented artists, and art collectors. Here you can upload any digital artwork in either audio or visual form.

As an artist, you can mint your art as NFT, display it, share it, sell it, auction it, and as a collector or fan, you can also make art collections, albums, and a lot more on our platform. In this space, a creator can be a collector and vice versa.

Today, I intend to walk you through all about what’s in it for creators/What are the benefits of using our marketplace, and how one can mint their NFTs through Mercado.studio?

WHY USE OUR MARKETPLACE? (BENEFITS)

  • Royalty Distribution:

The current traditional organizations exempt the artists from getting the profits and revenue they deserve by appropriating the profits and giving the creators a small cut of the actual earnings. To battle this, we have built a decentralized platform where the artists can now predetermine the percentage of royalties they wish to earn every time their art/creation gets utilized by another artist/creator by integrating the create API with different platforms. And in this way, whenever an artist uses another's artwork to create a new piece, the original artist will receive the royalty predefined by them.

  • Lazy Minting (Deferred Gas fees):

While uploading/minting an NFT on the blockchain, you generally have to pay a sum of money since writing data onto the blockchain requires a fee widely known as gas to pay for the calculation and storage. This 'Gas fee' can be a massive obstacle for NFT creators, especially those new to NFTs who may not want to invest a lot of money upfront before knowing whether their work will sell.

With the application of some advanced techniques, it's possible to put back the cost of minting an NFT until the moment it's sold to its first buyer. The gas fees for minting are all rolled into the same transaction that assigns the NFT to the buyer, so the NFT creator doesn't have to pay to mint. Instead, a portion of the purchase price automatically covers the additional gas needed to create the initial NFT record.

Minting "just in time" at the instant of purchase is usually called lazy minting. And it also validates to be the solution in lowering the hurdle to entry for NFT creators by making it possible to create NFTs without any up-front costs. In simple terms, “Lazy minting” means showcasing your NFT-art passively, waiting for others to discover you. But of course, you can undertake the marketing and distribution of your artworks.

  • Financial Support:

Unlike traditional organizations, which deny giving any financial assistance to the artists for lack of proper collateral, we plan to provide loans to the artists based on their artwork. Selling NFTs at an early stage can lead to the artist getting funding in return for the profits/royalties generated at a later stage. So, the artists who require money can also get grants for crucial projects. We also plan to lend a helping hand to the youth for education and study purposes in every aspect of the arts and music field.

  • Defi Solutions:

Our De-Fi has launched to extend support to artists and creators globally. The De-Fi solutions will be available to any verified artist in the CREATE community who has a certain amount of CR8 tokens in their wallet. With Defi, you can easily make transactions with no third party to review or restrict them, giving you the freedom to be in control of your funds.

We are initiating Create’s Defi products by launching Institutional Loans and ‘Fan Funding’ solutions on our Defi platform in the upcoming Quarters. Projects on building Institutional Pools of investors for funding artists are also under discussion.

  • Create Console:

Create Console is a blockchain-based analytical dashboard designed for the artists and creators to analyze every aspect of the Create Community while simultaneously monitoring their growth and performance. It has the following features:

  1. Financial Analytics: In Create Console, you can find financial analytics regarding how many tokens in your wallet have come from NFT sales and other aspects of communal interactions in the community. The console will also assist you by keeping you updated on the real-time value of the CREATE token.
  2. Collaboration tab: It also has a Collaboration tab which consists of information on the multiple collaborations on which the user is working. It will show updates regarding the collaboration invitations that are sent and received. Users will also get to see the progress of their collaboration projects in this tab.
  3. Foundation: The foundation tab includes data regarding philanthropic aspects of the community. Users will get details and analytics about both; the grants the user has received and the grants user has supported others in acquiring.
  4. Defi: This tab will enable the users to track financial investments and funding they have made or taken. Here, the users can check the amount of loan they have repaid and analyze if they are on track concerning the repayment.
  5. Royalty Management: The Create Console assists you in managing and keeping track of all the royalty charges in a detailed aspect.

With all of that cleared up, I suppose your interest is piqued.

Well then, now it's time to move further into this article and explain how all of this goes down with CREATE (Mercado).

HOW DOES IT WORK?

The Create Ecosystem consists of the following type of users: Artists/Artist Fans/ Consumers / Investors/Digital Creators.

Here's how to create your NFT on CR8 (Mercado)

1. Go to Mercado. studio and connect your wallet (i.e. Metamask)

2. Add MetaMask extension to your browser from MetaMask.io.

3. Open your MetaMask wallet and switch from Ethereum Main Network to Polygon chain network.

4. You will then need to add some matic to your wallet. After connecting your wallet, click on the CREATE button at the top of the Mercado page.

5. Select the image, video, or music file you wish to upload.

6. Specify a price, name, description, royalties, and other details.

7. Tap on Create Digital Asset.

8. And lastly, your wallet will ask you to sign and pay the gas fees to complete the process. You can either opt to pay the gas fees to mint and upload your NFT on the marketplace or, you even can choose to defer paying the gas fees by enabling the 'Lazy Minting' feature, in which case you will be able to showcase your NFT passively.

Every user can then list themselves as a content creator and generate their creator ID with access to Create console, defi services, and many more. Creators can even upload their work as solo artists or collaborate with their fellow artists.

And voila! You are now well equipped with all the knowledge you would need to set a smooth sail across the vast rivers of the NFT marketplace. All of this might overwhelm you at first but despite that, once you get the gist of it, it will all come effortlessly to you.

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