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Portion

Portion is a digital and physical art and collectibles marketplace. Art and collectibles enter a new market thanks to smart contracts on Ethereum (ETH) and InterPlanetary File System. DeFi (Decentralized Finance) connects artists and collectors directly, allowing them to effortlessly sell, invest in, and own artwork while maintaining total transparency.[1]

Overview

Portion is a digital and physical art and collectibles marketplace. Art and collectibles enter a new market thanks to Ethereum and IPFS smart contracts. DeFi (Decentralized Finance) connects artists and collectors directly, allowing them to effortlessly sell, invest in, and own artwork in perfect transparency.

By merging  technology with new procedures and operations, Portion is positioned to solve the constraints of traditional auction houses. The Portion marketplace is a free-to-trade marketplace for digital and physical products. When fully completed, the bid/ask mechanism will work similarly to a traditional stock exchange.

By 2018, the platform has collaborated with over 30 galleries, many of which are still using its technology. Osinachi, Hackatao, Oficinas TK, Connie Digital, David Young, Kevin Abosch, and others were among the first cryptocurrency artists to use the platform (some of whom were auctioned live in 2019 at Ethereal Summit hosted by ConsenSys).

By 2019, the team launched a real gallery in Manhattan, where it hosted several exhibits, auctions, and live events. Coronavirus (COVID-19) struck in March 2020, made them close the recently rebuilt gallery, and left them with little alternative but to refocus all of their efforts on the Internet platform.

Digital Art and Collectibles

Using a drag-and-drop online interface, artists may tokenize any media file. Portion hides the 's backend and eliminates the need for plug-ins or third-party apps, making it accessible to both conventional artists and crypto aficionados.

The vendor specifies the price they want for a certain piece on Portion, while collectors provide the vendor their best guess. The transaction is complete when a seller accepts a collector's offer. Portion's marketplace approach ensures that creators get paid fairly for their work. Furthermore, this approach helps the artist understand the market's need for and worth of his or her work.

The marketplace model of Portion also emphasizes digital assets as a new form of expression with measurable audiences and values.

Physical Art and Collectibles

Consumers will get direct access to physical art, collectibles, and luxury products via Portion's marketplace. All posted items are accompanied by a  certificate that verifies the beginning of provenance from the original supplier (artist, brand, etc.). The certificate and paperwork serve as an authentication certificate as well as a record of ownership and title.

When an item sells, a digital version of the item, as well as the purchase payments, are kept in escrow. When the transaction is finished, monies are sent in return for the actual product, along with a certificate.

Secondary Sales: IN-NETWORK (Futures)

Portion proposes to permit futures trading of art and collectibles, much like any other stock exchange. Physical products can be delivered to the buyer, Portion's storage facility, or a selected storage partner. Because the certificate represents the transfer of ownership, buyers might opt to forego physically receiving the item and instead acquire it for its economic value.

This concept allows customers to retain ownership of an item without having to worry about keeping it in excellent shape. Furthermore, this paradigm avoids the requirement for the good to be re-authenticated. Buyers can keep an eye on the market and relist the right to possess a product at any moment.If the future buyer desires actual ownership of the item, Portion will mail it to them.Ether, Porti (to reduce costs), Gemini Dollar (GUSD), and even fiat can be used to make transactions.

Secondary Sales: OUT OF-NETWORK

To assist with consignment auctions, Portion maintains a continually developing global network of thoroughly verified, respected appraisers and authenticators. Sellers will be able to authenticate, appraise, and acquire a  Certificate for their goods in any location (s). All partners are interviewed, have references provided, and must establish trustworthiness based on their credentials and affiliations. To ensure ethical and high-quality procedures, Portion continuously monitors the correctness and authenticity of Certificates provided by the network of partners. Portion also plans to establish contracts with each network partner to protect against fake products and liabilities for all parties. Portion is able to retain a level of decentralization and size because to this method. Portion's user base will gain trust and convenience as a result of this strategy, while the organization's costs will be reduced.

Portion wants to form direct connections with living artists. At the time of production, all artists and creators are offered the option of creating a Certificate. The artist will be able to auction or sell their work on Portion after creating the Certificate.

To guarantee that commodities are real and adequately portrayed, Portion has developed a three-step process:

First, appraisers and authenticators locate high-value items and prepare listings for them. The partner then distributes a Certificate via Portion's administration dashboard after authentication. Finally, the seller may advertise their good(s) on Portion after acquiring the Certificate, skipping any centralized, long inspection time. [2]

Technology

Quite a number of high-tech features, have been embedded and integrated into the Portion platform in a bid to achieve a seamless operation.

Smart Contracts

To achieve optimal interoperability and modularization, many Ethereum (ETH) smart contracts are used. Smart contracts are transparent and open source by definition. All transactions are transparent, allowing for a free market in art and collectibles. Portion aspires to be a global decentralized financial (DeFi) solution based on open source technologies. [3]

The DEX for Art and Collectibles

Portion created a decentralized market platform from the ground up with Solidity (a programming language for constructing smart contracts) and Web3 (technology to deliver user-friendly integration of on the web). As a result, cryptocurrencies have been used to create a worldwide marketplace where individuals from all over the globe may buy, sell, and make bids and asks on real and digital products.[4]

Order Matching

When a buyer's and seller's orders are identical, the Certificate and bitcoin automatically switch. The cryptocurrency is given to the seller, and the Certificate is given to the buyer.

Blockchain Certificate

A Certificate is a unique Ethereum-based standard used to authenticate the authenticity of tangible art and collectibles, such as ERC-721 or ERC-1155. The asset will connect the Ethereum and IPFS (InterPlanetary File System) distributed networks to redundantly store both ownership and related content (images, documents, videos).[5] Using web3 and distributed technologies, verified artists, shops, and brands offer Certificates through a secure online site. A smart contract creates a unique asset for a certain product, containing photographs, serial IDs, ownership metadata, and any other relevant information.

If applicable, a Port can be irrefutably connected to a commodity, adding another degree of confirmation of authenticity. As the good is passed from entity to entity, the provenance becomes clear on the public ledger, decreasing the requirement for future authentication.

Digital art and collectibles will be generated in the same way as Certificates and will employ the same standard. Creators will be able to drag and drop their tokenized media asset onto the online portal, give it a unique name, add a description, and define the edition size. [6]

Provenance

As the good is moved physically or digitally, the Certificate is transmitted from entity to entity via Portion's smart contract ecosystem. The Ethereum acts as an unassailable global registry, storing all art and collectibles that have been properly appraised and/or validated. [7]

Ports

Fraud-resistant holographic tags known as Ports can be used to connect the physical product to the Certificate.[8]  Portion's ports are one-of-a-kind and can be scanned with a smartphone using either NFC or QR codes. Data may be acquired simply by scanning thanks to the use of Ports. The following is a list of information that may be retrieved:

  • Owner’s Public key
  • Sale History
  • Provenance
  • Associated Photos/Files - Additional Data

If wanted, Ports add an extra layer of decentralized data that may now be directly associated with a physical commodity via the unique tag.[9] A network of high-value items with complete control and authenticity becomes accessible and transparent throughout the world. [10]

Featured Artworks

In terms of sales, Marvel and DC artists have done well on the site, and the collaboration with Essential Sequential is going well. Over $100,000 in sales were produced from fantastic pieces minted this past drop on March 4th, including Dave Johnson's Batman, which sold for 20 Ether in minutes.

Marvel Artists

When the company announced that professional Marvel painters had chosen Portion.io as their home and will be publishing about 25 unique Marvel works on the site, it was a significant statement. Some of the NFTs will also be used to redeem the real, hand-drawn artwork. Working with people who have been able to harness some of history's most inventive and renowned art has its merits. The first NFTs come with exclusive hand-drawn imagery by Marvel artists to commemorate this union. Dan Panosian, Matteo Scalera, Dave Johnson, Andy Kubert, Adam Kubert, and Eric Canete are among the initial wave of artists.

Essential Sequential

Portion has also teamed with Essential Sequential to great success. Original artwork, books, posters, and more by some of the industry's most well-known figures may all be found here. The site thinks that, over time, it will become a hub for the fusion of iconic art with digital permanence. Essential Sequential has been the foremost agency for real comic book art from some of the world's most well-known and skilled artists for more than a decade. Jason Schachter, the agency's owner, CEO, and curator, has converted his passion for comic books into a profitable business.Essential Sequential has connected its customers with hundreds of thousands of admirers and made their original artwork available to people like him.

The Portion team has been working hard on the backend, but we know that having a functional website isn't enough, therefore the UI overhaul, together with the marketing team's concentrated efforts, will assist to steer our project into safer seas.

The Ring of Galadriel

The Ring of Galadriel was first painted by famous fantasy artists Hildebrandt Brothers in 1975.

The design of this picture was based on traditional images and first appeared in Ballantine Books' 1976 Tolkien Calendar in the month of May. Great works like The Madonna and Botticelli's Angels, as well as Maxfield Parrish's lighting and statuesque figure style, inspired the Brothers Hildebrandt. After doing some research on medieval clothing, they decided to give our heroine long draped sleeves to give her an elegant grandeur. In the portrayal of her hair, there is also a homage to the great English Academy artists. Galadriel, as Elf Queen and possessor of one of Middle Earth's greatest abilities, exudes beauty, power, and might.

The work is available as a framed acrylic painting on board (36x36 inches) with an NFT (MP4) that certifies its authenticity and origin.

Poor Traits

Freshcake is a multidisciplinary artist specialized in drawing and animation who is inspired by pizza, Saturday morning cartoons, and video games. He's spent years working for some of the biggest names in entertainment, like MTV, WWE, and, most recently, Nickelodeon, and now he's aiming to bring his vibrant aesthetic to the digital realm with his first-ever NFTs.

His most recent series, 'Poor Traits,' is a gif-worthy look at some of our less attractive traits. These are the first official Freshcake portraits and are one of a kind.

1Penemy

Dr. Nicholas Toscano - knows as 1PENEMY to his admirers - is an artistic force defined by quirks and dualities. He is a celebrity dental surgeon by day and a NYC street artist at night. While 1PENEMY's dental clientele include over 25 of the world's most famous modeling agencies and hundreds of the world's most photographed faces, his street art speaks out against the commercialisation of beauty in a powerful way.

A mugshot lineup of 90s supermodels, including Kate Moss, Stephanie Seymour, Brooke Shields, and Cindy Crawford, was included in the first 1PENEMY work to emerge on the streets of NYC in 2016. Wheatpastes of their faces strewn throughout back alleys and graffitied walls implied the subject was equal parts criminal and object. 1PENEMY's art is a powerful remark on society's current attitude of women: forced to an unachievable ideal of perfection and dehumanized for their beauty performances. Meanwhile, Dr. Toscano has authored over 30 papers on cosmetic surgery and mouth reconstruction that have been published in scientific journals.There is a duality in 1PENEMY's work that straddles cultural critique and personal examination.

1PENEMY's work also examines the hollowness of celebrity and the sensationalism of death, highlighting a society that views women as commodities rather than human beings. In this way, 1PENEMY's SOHO collection work juxtaposes the ultimate image of luxury and perfection with an environment that depicts society's worst flaws. The effect is striking, evoking in the viewer a vague sense of unease that speaks to our innate sense of injustice.

The Portion Token (PRT)

Portion has already issued its utility token Portion Tokens (PRT), which are ERC20 assets on the Ethereum (ETH) .

The Portion platform's native digital cryptographically-secured utility token, Portion Token, is a transferable representation of attributed functions specified in the platform's protocol/code, designed to play a major role in the platform's ecosystem's functioning and intended to be used only as the platform's and ecosystem's primary utility token. The Portion Token is built on the Ethereum (ETH) , which was chosen because of its worldwide redundancy and active development community. Token holders have the opportunity to vote on new features, marketplace curating, and other issues. There will be a total of 2.5 billion Portion tokens, which will be released into the ecosystem in various ways throughout time.

One of the primary features of the Portion Token is that it may be used as a governance token for the Portion platform. Holders of the Portion Token would be able to submit and vote on governance proposals to define features and/or parameters of the Portion platform (new functionality, marketplace curation, and so on), with voting weight based on token holdings. For the avoidance of doubt, the right to vote is limited to voting on features of the Portion platform; it does not entitle Portion Token holders to vote on the Company's, its affiliates', or their assets' operations or management, and it does not constitute any equity interest in any of these entities. [11]

Portion Token will provide the economic incentives that would be consumed to encourage users to contribute and maintain the ecosystem on the Portion platform, therefore creating a win-win system where every participant is fairly compensated for its efforts, proportionate to each participant's contributions. Because there would be no motivation for users to spend resources to participate in activities or perform services for the benefit of the whole ecosystem on the Portion platform without the Portion Token, it is a fundamental and vital feature of the Portion platform. [12]

Due to the fact that extra Portion Tokens are issued based only on a user's real usage, activity, and contribution on the Portion platform, users of the Portion platform and/or Portion Token holders who did not actively engage will not earn any Portion Token incentives.

The Portion Token is not intended to represent any shareholding, participation, right, title, or interest in the Company, the Distributor, their respective affiliates, or any other company, enterprise, or undertaking, nor will it entitle token holders to any promise of fees, dividends, revenue, profits, or investment returns. The Portion Token can only be used on the Portion platform, and its ownership confers no rights, explicit or implied, other than the ability to use the Portion Token to enable usage and engagement on the Portion platform.

PRT on Binance Smart Chain

$PRT is also available on Binance Smart Chain (BSC). This makes Portion the first NFT platform to conduct cross-chain native (Ethereum) to native (BSC) swaps for a governance token. This is a major step in creating Interoperability between Portion, BSC, and the rapidly evolving ecosystem of apps and platforms using Binance Smart Chain for its technical strengths and powerful network effects. Users can now swap $PRT for BSC through Multichain.xyz, or by purchasing $PRT with BNB on PancakeSwap.

Liquidity Mining

Sellers and buyers will be rewarded with Portion tokens for using the marketplace to conduct transactions, in order to promote more usage and involvement on the Portion platform. Additionally, the Portion platform intends to incentivize artists to create outstanding quality works that are well accepted by the market and collectors during the platform's expansion phase, therefore all original artists will continue to get Portion Tokens incentives (similar to the royalties system in the traditional art market) as a residual reward each time their work is resold on the secondary market.

Liquidity Mining on Portion X Saffron

Saffron.Finance is a decentralized protocol that programmatically optimizes return for people who contribute money in specified tranches at varying risk levels. These tranches are fixed to two-week epochs, with contributors receiving rewards in return for locking their funds for two weeks. By classifying risk and return while allowing users to choose their risk level, Saffron successfully mitigates the substantial impact of ephemeral loss.

Portion announced that the PRT governance token would be available as a liquidity mining pair, SFI PRT, on Saffron.Finance through Uniswap. On December 27th, 2020, the collaboration commenced in Epoch 4 with a total payout of 25 SFI and 1,000,000 PRT. Portion was also advertising unique Saffron-themed tournaments. Invitations to develop Saffron concept art were distributed to artists on the Portion platform. All submissions earned 5,000 PRT, with additional prizes for the best entries.

Secured Identity

Users are identified on the site using unique cryptographic addresses, ensuring privacy and pseudo-anonymity. Portion users engage with the site using their own secure Ethereum third-party wallet, thus no passwords or unencrypted private keys are maintained on the network, reducing the risk of user accounts being hijacked.

Reputation

As transactions take place, the reputation of one's identity is updated through peer review on the network. To combat companies attempting to gamify Portion Token issuance, reputation, risk levels, funding, and insurance issuance may be dynamically determined depending on a user's reputation.

Mobile App

Using Portion's mobile app, users may scan Ports to evaluate provenance, selling details, and GPS data of their legitimate items in addition to the features offered on the web page. As a result, this is the first secure, digital wallet that can prove indisputable ownership of products. Other advantages of the mobile app include the use of biometric security (e.g., Touch or Face ID) and the ability to attach some account information directly to the device, which adds an added degree of ease and security.

Team

The Portion team comprises highly intelligent and experienced professionals from various fields bringing in their expertise to aid the forward movement of this platform.

Jason Rosenstein

Jason Rosenstein is a developer and entrepreneur. In 2011, Jason created his first firm, which built powerful computers to produce cryptocurrency, after being drawn by the disruptive potential of  technology. Jason completed his degree in computer science with a specialty in cryptography at New York University. He co-founded Portion, where he is using technology to redefine the online auction house, leveraging his skills in system architecture, financial systems, and project management. Portion is led by Jason, who is also the company's founder and Chief Executive Officer.

Vlad Panov

Vlad has worked at top-tier financial organizations for over 12 years as a finance and technology specialist (JPMorgan Chase, Morgan Stanley, Citigroup). He managed varied teams of business experts in high-pressure conditions while developing a huge number of software and data solutions for internal operations and clients. Vlad previously co-founded a regulatory and compliance fintech firm that was incubated at Techstars London and received POCs from Barclays Investment Bank and other companies.

Cheryl Douglass

Cheryl Douglass joined Portion as Head of Marketing following three years as a Product Marketing Manager at ConsenSys, a prominent  technology​ firm that develops the fundamental infrastructure, applications, and protocols that enable people to build decentralized apps and access Web 3.0. Cheryl also co-founded the Ethereal Summit, a worldwide cultural gathering that brings together futurists, creatives, and aficionados to discuss what it means to live in a decentralized society. Cheryl graduated from Columbia University with a degree in Economics, Mathematics, and Business Management.

Peter Engleman

Peter has a master's degree in business administration from New York University Stern School of Business, with specialties in finance, business analytics, and management. Peter has established, developed, and managed new divisions, teams, and products in the technology industry for over ten years. Over $100 million in venture capital has been raised as a result of these initiatives, as well as many successful exits. Through his work with accelerators and non­profit organizations, Peter's expertise and enthusiasm for entrepreneurship have enabled him to act as a mentor to a number of firms.

Jason Bailey

Jason Bailey is a scholar and entrepreneur who is interested in the convergence between art and technology. He is most recognized for his work on artnome.com, where he publishes his analytical art database as well as his essays and interviews on and art. Jason has a master's degree in digital media, a bachelor's degree in studio art, and more than two decades of experience working on the bleeding edge of technology. Jason has advised mission-driven art/tech firms on their growth, branding, and communications. He has worked with over a dozen organizations in the IT industry on marketing strategy. Jason was responsible for the worldwide GTM strategy for HP's Big Data Division prior to his job at Boston-based ML/AI startup Tamr.

Jason is a sought-after speaker as a thought leader in art and technology, most notably moderating panels on digital art and provenance at Christie's "Art + Tech summit: Exploring the ."

Jesse Fastenberg

Jesse was an early cryptocurrency enthusiast and has been conducting research in the field since 2012. Jesse is a co-founder of Y2X Digital Solutions, a huge center for high-capacity computing and cloud technologies that worked with seasoned Wall Street bankers to promote Bitcoin (BTC) and other developing fintech solutions. He was an early proponent of  technology. Jesse is also the creator of Crypto Industry Group LLC, a networking organization that arranges events for hundreds of people from the financial community in New York and worldwide.

Barbara Strongin

Barbara has worked in the global fine art auction industry for 38 years, holding several managerial roles. For 10 years, he was the Director of Administration and a professor at Sotheby's Institute of Art. Prior to that, she worked at Christie's Auction House for twenty-six years as Senior Vice President/Director of Operations, where she was in charge of the day-to-day operations of Christie's main New York auction site. She is a licensed auctioneer in the state of New York City, and as a senior auctioneer at Christie's, she was responsible for a wide range of auction categories.

She is a licensed auctioneer in New York, and as a senior auctioneer for Christie’s, was tasked with auctioneering a multitude of sale categories. She also assisted the New York City Consumer Affairs Department in rewriting several regulations governing auctions.

Derrick Lewis

Derrick has over ten years of experience in entrepreneurial, c-level, operational, human capital, technology, and management consulting roles working with diverse organizations in the public and private sectors.

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