The blockchain technology is not just an innovative technology, but also a revolutionary one. At inception it was believed that the technology would solely be used for the creation and operation of cryptocurrency, but over time it was discovered that it could be utilized in several industries across different sectors, and Portion, a company set up for the auctioning of digital art and collectables, is a clear example of an innovative use of blockchain in a unique industry.
In a recent development, Portion went into partnership with snkrINC, which is a media brand that promotes the image and adaptation of sneakers. This partnership between the two companies is aimed at offering digital sneakers via the invitation of artists to individually come up with creative and expressive custom-designed digital footwear, and these digital designs will be tradable on the exchange for digital assets. In view of this, the sum of $5.5 million USD has already been raised via venture capital partnerships, and thus, Portion will have the ability to give bidders, collectors, and creators leverage to exchange their digital creations of high-quality and value for cryptocurrency.
“Sneaker artists StomperHaus, Robb Harskamp, and others have been curated by snkrINC. for this exciting step forward in sneaker culture. Portion is enabling sneaker artists and digital creatives to customize their own digital shoes and set the supply of their personal line of digital sneakers. Once artists have designed their desired shoe they will be able to trade and collect them on the Portion platform. Welcome to the 2018 version of sneaker drops with a nod to the hypebeast, Supreme, without the lines.”
There are various sneaker producing companies in the world, but prominent among all of them include Adidas, Nike, Converse, and Vans, and one similar trait that can be noticed in them is the fact that not only are they popular on the market, but they also grant customers the ability to customize shoes, hence, it gave people the opportunity to have their authentic shoes in their own designs, and thus, digital artists and lovers of sneakers had a chance to showcase their creativity with sneaker designs. This is what the partnership between Portion and snkrINC aims to achieve, by creating a platform where sneaker artists and creatives can create original digital designs for sneakers, and trade them in exchange for cryptocurrency on the Portion platform.
Portion Platform Features
Based on the fact that it is blockchain powered, one of its key features is its decentralization. The decentralized platform for digital auctions comes with blockchain features that make it a platform with solutions to problems like scalability, transparency, security, cross border transactions, lack of trust etc. found in regular auction houses. Some of the features of the platform include:
- Crypto Payments
Portion major payment option is via cryptocurrency, and proof of funds will get validated in real-time, hence users would only be allowed to bid if the proof of the availability of funds gets validated. Furthermore, the platform employs the use of smart contracts to ensure there are no defaults from participants.
Based on the underlying blockchain technology, transparency is promoted on the platform, as prices paid and ownership can be seen on the blockchain network because of its open distributed ledger system.
The transparent feature of Portion, coupled with its use of smart contracts, make it a trusted marketplace where creators and collectors can easily go through the processes of asking and bidding, without hassles.
- No Intermediaries
As part of its business standards, Portion ensures that authentic goods are gotten directly from the creators, brands, and artists. This way authenticity of the goods is assured, and the collectors will also be able to have a direct interaction with the creators.
There is no doubt the blockchain technology will be here with us for a very long time to come. Beyond the creation of digital alternatives of money, this amazing technological creation is pushing the boundaries of innovation in diverse sectors and spheres of life. From the supply chain, to energy grids and now digital footwear, the sky seems to be just the starting point for blockchain and what is possible with this technology.