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Orica FAQ

Orica is the ethical funding platform for digital creatives and social impact projects. Our mission is to accelerate wealth equality through digital assets.

Orica currently supports artists and social impact organisations (SIOs) to create and sell NFTs. We will shortly release Orica Projects, a new funding and co-royalty solution for artists and social entrepreneurs. With Orica Projects, artists and SIOs will be able to access funding and share creative royalties. Collectors can then invest in early-stage, impactful NFT projects and build portfolios for ethical growth.

Together, we fund a fairer world.

NFT (Non-fungible Tokens) are secure, digital certificates that prove ownership of unique items. These items can be digital assets such as art, e-books and animations. All digital assets can now be given ownership rights by associating an NFT, which means that they can be bought, sold, auctioned or gifted just like physical items.

NFTs can only have one official owner at a time. They are written into a public blockchain database so it’s transparent as to who owns them, who first made them and what they have sold for. NFTs make digital ownership permanent and beyond the lifetime of any company or platform.

NFTs are made in the same way that cryptocurrency tokens are generated - they are written into the code of a secure, public database called a blockchain. This process is known as minting.

It costs less than a dollar on Orica to mint an NFT. That’s because we mint on a blockchain called Binance Smart Chain. This blockchain uses a Proof of Stake (PoS) consensus to mint NFTs. It offers quick transactions with very low minting costs.

In contrast, minting on other platforms like Opensea can cost up to $200 dollars. Opensea uses another blockchain called Ethereum which has high transaction costs ("gas fees").

Orica is significantly more environmentally sustainable than many other platforms.

The energy consumption of the blockchain we use, the Binance Smart Chain, is negligible compared to other blockchains like Ethereum. That’s because Binance Smart Chain uses Proof of Stake (PoS) protocols for minting, whereas the main Ethereum network uses Proof of Work (PoW).

Researchers believe that the energy consumption for Proof of Stake is 99.99 percent lower than that of Proof of Work1.

1 https://www.nbcnews.com/tech/tech-news/cryptocurrency-goes-green-proof-stake-offer-solution-energy-concerns-rcna1030

Orica’s mission is to accelerate wealth equality through digital assets. We first do that by opening the opportunity to sell digital artworks (NFTs) to all artists, even those using the technology for the first time. We aim for the minimal environmental impact, the simplest minting process and the lowest fees.

We then plan to make it simple for artists to share co-royalties with social impact organisations (SIOs). Every sale of every digital asset will benefit the both artist and their chosen social cause. We believe that together we can fund a fairer world.

Orica is a diverse company and over 51% of our team identifies as having a minority background. We aim to make our platform equally representative by offering residencies for underrepresented artists and for those working in social change.

Social Impact Organisations (SIOs) are the charities, projects and companies that are consciously working to address humanitarian needs and pursue the UN’s Sustainable Development Goals (SDGs).

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