The NFT trading volume increased from Q2 2021 to Q3 2021 by about 700%, according to NFT market stats, with a nearly spend of 41 billion dollars in 2021 on NFT marketplaces, according to blockchain analytics firm Chainanalysis Inc. One of the most exciting newcomers for creating, collecting, trading, selling and auctioning NFTs is loob.
WHAT MAKES NFTS UNIQUE AND FUTURE-PROOF?
Non-fungible tokens represent ownerships of various (unique) digital assets in a tamper-proof way on the blockchain. They are encrypted with a unique hash code which makes them allocable to a specific owner. NFTs can be traded on multiple blockchain protocols in the same way and may ease the transfer of digital assets across borders. The ownership of Digital Assets can now be proven in a decentralized way across the world. With the continuous rise of digitalization, the creation of digital assets increases each year and may include all types of multimedia files, such as artworks, music, movies, game items and many more. With the rise of the metaverse, NFTs allow to prove digital ownership within and across metaverses. This way, your key to a virtual mansion in a metaverse could be, as a matter of fact, an NFT. In addition, NFTs allow to save ownerships of digital items independent of a specific metaverse or a Web 2.0 platform. This way the suspension of accounts or other platform-specific risks do not constitute a risk to your digital item.
Most NFTs are based on the ERC-721 tokenization standard, however, the ERC-1155 standard is a more powerful and advanced solution. The ERC-1155 standard enables to create fungible and nonfungible tokens with the aim to enable a Smart Contract Interface, which can represent both. Although the ERC-1155 standard is already well known, it is still not used very frequently. loob implemeted the ERC-1155 as a basis for their smart contracts.
WHAT IS LOOB AND HOW DOES IT WORK?
loob is a newcoming all-in-one solution for both newbies and experienced NFT creators and traders, which was founded on 22-2-2022 by Ed Prinz and Roman Muehlberger. Their vision is to make NFTs accessible to everyone with an easy-to-use interface and all necessary tools for creative minds, traders, buyers, hodlers and everybody else inspired by the powerful growing industry of Non-Fungible-Tokens. Besides the interface for everyone, loob also cooperates with businesses to enable them to crate limited-edition digital assets. Loob takes a high responsibility by proving every artwork before it is made available on the platform for representation and minting. Furthermore, loob also puts a special focus on usability and security. In fact, the company wants to do everything possible to ensure that users’ digital assets can be traded as securely as possible. Being an all-in-one platform, no other tool or software should be necessary to a user who is willing to deal in any way with NFTs.
HOW DO I CREATE AN NFT ON LOOB?
Users have the option to either upload already finished works and further edit them on the platform or create new artworks from scratch. Both options require an account in the first place. To sign up, you simply need to enter their e-mail address, choose a username and set a password. After creating the account you can start: simply select a file via the upload button on our homepage and upload it. It is very important to confirm that you are also the author. If another author exists and you have the right of use to create the NFT in his name, this must be explicitly stated and the original creator named. The work is then in a queue and will be released after a check. After that, it can be edited directly on our platform either with manual tools or powerful filters. For example, you can still draw on the image or use filters to apply numerous effects, such as blurring. Furthermore, the work can be edited with our powerful Artificial Intelligence – based filters, for example, it can be transformed into a cartoon or shine as if it was painted by an impressionist painter. However, there are numerous other exciting filters to be discovered here.
This artwork can then be added to either a one private or public collection, whereas private collections can also be shared with other users by invitation. Public collections, on the other hand, are easily accessible to any other visitor on our site and can be accessed as a collection or under the username, for example. There is also the possibility that the work can be shared on various social networks. Herewith a work is created that can be displayed in our Art House, but it is not yet an NFT. Now, to turn the work into an NFT, all you have to do is click on the “Tokenize” button, select the preferred chain and choose the number of pieces you want to mint in a bulk. Furthermore, it is only necessary to pay the gas fees for the network and you will receive a link to the NFT on the blockchain and the link to the decentralized file storage. And you are all set! Now the work is also displayed with a luminous frame in our Art House and now nothing stands in the way of trading it in our auction house!
HOW CAN I BUY AND SELL NFTS ON LOOB?
After the creation process of an NFT, this can now be offered in our digital auction house either for direct sale or as an auction. This can also be achieved with just one click. One needs to specify some information about the auction, such as the price increases and set the original price. In this regard, our platform is considered a portal to auctions that are 100% decentralized via the Blockchain. Every user is free to sell his works via the auction house and to bid for others. Bids can be placed for a Smart Contract as long as the decentralized auction is running. All bids and the determination of the winner are mapped transparently via the Blockchain. Accordingly, auctions also take place on different chains, after which different cryptocurrencies are necessary to participate in auctions. Bids that have already been placed cannot be withdrawn until the auction expires and the winner has been determined. The winners are then automatically determined and the work is transferred to the auction winner via the Blockchain. The remaining bids will be refunded to the users (minus the necessary gas costs). From the successful proceeds of a work, a percentage is deducted and from this again donated to charity.
WHAT DIFFERENCIATES LOOB FROM OTHER NFT MARKETPLACES?
loob is an NFT creation and trading platform based in Vienna, Austria. We hereby comply with the strict financial and copyright laws of the European Union. Unlike many other platforms, we allow anyone to create NFTs without being subject to an application process. However, we also offer very extensive B2B partnerships, where it is also possible to create your own pages to display your works and highlight them accordingly. We have extensive partnerships with well-known brands and artists whose collections are exclusively available through loob. Unlike other marketplaces, we also offer a platform to create NFTs of an artistic nature using artificial intelligence. Apart from that, our auctions are 100% hosted on the Blockchain being transparent to everybody from the placement of bids to the determination of the winner. As long as the asset is being traded on loob, artists have the possibility to choose their royalty percentage. As we offer non-custodian solutions already, full custodian wallets as well as Fat Payments (for direct sales) will be also made available soon.