Crypto.com NFT Marketplace: Beginner's Guide
Crypto.com NFT Marketplace: Beginner's Guide
The rise in the popularity of NFTs has led to businesses across the globe pouncing on the opportunity to launch their own NFT marketplace. These marketplaces make it easy for NFT traders to buy and sell all types of NFTs. One well-known company that has made its way to the NFT space is Crypto.com. Crypto.com has launched its own NFT marketplace which aims to make the process of investing in NFTs as streamlined and cost-effective as possible. In this article, we will take a look at various aspects of Crypto.com’s NFT marketplace.
What are NFT Marketplaces?
NFT marketplaces are platforms where NFTs can be stored, displayed, traded and in some cases minted (created). For anyone looking to get in on the NFT craze, an NFT marketplace is the gateway to participating in the purchase and sale of these digital assets. By using an NFT marketplace, users can purchase digital tokens representing anything, from art to music to entire virtual worlds. The best way to think of a NFT marketplace is as an Amazon of the digital realm.
Who is Crypto.com?
Crypto.com is a cryptocurrency exchange that supports trading, investing, staking, wallets, NFTs, and more. This exchange offers more than 250 different currencies, reasonable fees, and discounts for those who hold a significant stake in Crypto.com Coin (CRO). Its ecosystem of crypto-related products makes it a good choice for those looking to do a lot with their cryptocurrency.
Crypto.com NFT Marketplace
The Crypto.com NFT marketplace is a division of Crypto.com, which is one of the best cryptocurrency exchanges in the market. Anyone trading cryptocurrency has more than likely heard of Crypto.com as it has a stellar reputation when it comes to trading fees and user-friendliness. Due to the high popularity of NFTs, Crypto.com announced in March 2021 that it has decided to launch its own NFT marketplace on top of the Crypto.org blockchain.
The Crypto.com NFT Marketplace requires Crypto.com users to create an additional account to use it. Fortunately, setting up the new account only takes a few minutes. Once created, users can instantly verify their NFT account by linking it to their Crypto.com trading account using the mobile application. Overall, the process is really quick and allows users to benefit from all of the features that the Crypto.com ecosystem has to offer.
Users can purchase an array of NFTs from Crypto.com’s marketplace. The NFTs available on the platform include art, gaming, sports, and music NFTs. Each NFT is either listed at a fixed price or is part of an auction - offering buyers and sellers some purchasing flexibility. Another interesting fact about the marketplace is that Crypto.com NFTs can be purchased instantly using a debit or credit card. This separates Crypto.com’s NFT Marketplace from many other NFT marketplaces in the market which usually require cryptocurrency to facilitate payments.
This streamlined approach to purchasing NFTs has made the Crypto.com NFT Marketplace an incredibly popular choice for NFT investors and traders. Users are able to make investments through the browser-based platform or the Crypto.com NFT app, making sure that there is an option for everyone. Also, according to a recent press release from Crypto.com, the firm announced that the platform will also offer support for Ethereum-based NFTs. This move will greatly expand the potential universe of assets.
NFTs That Are Available on Crypto.com
Now that the Crypto.com NFT app and marketplace offers Crypto.org chain and Ethereum NFTs, this has provided scope for limitless potential when it comes to asset selection. With that in mind, let’s take a look at some of the main types of NFTs that are available through Crypto.com:
The Crypto.com NFT app and the browser-based platform offer a vast range of digital art to invest in. Art pieces can range from as little as $1 up to $10,000 plus. Due to the sheer number of art NFTs on the marketplace, Crypto.com allows users to filter them by blockchain, price, listing date, likes, and views.
Crypto.com also offers NFT music, usually featuring a very limited number of editions. These music NFTs tend to be supplied by artists looking to raise capital whilst providing fans with unique collectibles, such as unreleased songs or album art.
Gaming NFTs are a broad asset category that includes trading cards, characters, and game-based art. Crypto.com even offers its own NFT collection in this category called ‘CryptoCards’, which come with unique benefits – making them a must-have entry on your NFT calendar.
As the name suggests, sport NFTs are all related to specific sports, whether it is Formula 1, NFL, or soccer. Top brands such as Aston Martin have offered NFTs within this category, usually taking the form of iconic photos or videos.
Finally, Crypto.com also offers NFTs from high-profile names. In the past, celebrities such as Snoop Dogg and Boy George have dropped NFTs on Crypto.com’s platform, with other household names such as Gareth Bale and The Game currently offering their own collections.
Crypto.com NFT Fees
One of the main considerations when trading NFTs is fees. This is one area where Crypto.com stands out with its competitive NFT trading fees. However, like all other NFT marketplaces, costs will differ depending on whether you’re a buyer, lender, or creator. Let’s take a look at each of these trading fees individually.
The most important thing to note for buyers is that Crypto.com doesn’t charge the buyer any fees when an NFT purchase is made. This is one of the platform’s main selling points and contrasts with numerous other NFT marketplaces that charge a commission when making a purchase.
If you are interested in minting NFTs and selling them on the Crypto.com NFT app and marketplace, this will cost you 1.99% per NFT. This is termed the ‘Primary Seller Fee’ and only applies to the initial sale of the NFT. Notably, this used to be 15%, although Crypto.com has reduced the fee to 1.99% to attract more creators to the platform.
Trader (Reseller) Fees
Finally, if you own an NFT and wish to sell it in the secondary market, then reseller fees equate to only 1.99% per transaction. Again, this used to be priced at 5% per transaction, although Crypto.com decided to lower these fees in December 2021. Ultimately, this is ideal for investors who buy and sell NFTs regularly, as it will save them significant amounts in the long term.
How to Buy NFTs on Crypto.com
Now that you have a clear understanding of the pros and cons of the Crypto.com NFT app and marketplace, let’s turn our attention to the investment process. Investing in NFTs follows a different approach from when you buy Bitcoin, so it’s vital to understand all the steps before entering the market.
With that in mind, the steps below will show you how to buy an NFT on Crypto.com today – all from the comfort of your own home.
Step 1 – Open a Crypto.com NFT Marketplace Account
Head over to the Crypto.com NFT Marketplace homepage and click ‘Sign Up‘. Enter your name and email address on the page that appears before choosing a username and password for your account.
Step 2 – Verify your Account
Once you have signed up, you’ll have to verify your account before making an NFT purchase. You can accomplish this in one of two ways:
- If you already have a Crypto.com account – Head over to the ‘Settings’ menu of your account and opt to ‘Connect to App’. You’ll then be sent an email containing a link that you have to click to verify your NFT account.
- If you don’t have a Crypto.com account – Go to the ‘Settings’ page of your account and provide your mobile number. Crypto.com will then send you an SMS with a unique code, which you can enter on the settings menu to verify your account.
Step 3 – Browse the NFT Selection
Now you can head to the ‘Marketplace’ section and browse the list of NFTs that Crypto.com has to offer. Once you see an NFT that you are interested in, click on it to be taken to the listing page.
Step 4 – Buy NFT
NFTs will either be listed for a fixed price, an auction, or both. If it is an auction, you can place a bid and participate in the auction process. On the other hand, if it is a fixed price, you can purchase the NFT instantly. In terms of payment methods, Crypto.com allows you to use a credit/debit card to facilitate payment, or you can pay with crypto using the Crypto.com Pay gateway.
Crypto.com NFT Marketplace: Conclusion
Crypto.com is a cryptocurrency exchange that supports trading, investing, staking, wallets, NFTs, and more. Due to the high popularity of NFTs, Crypto.com announced in March 2021 that it has decided to launch its own NFT marketplace on top of the Crypto.org blockchain. Users can purchase an array of NFTs from Crypto.com’s marketplace, including art, gaming, sports, and music NFTs.
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