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In addition to launching its own exchange, Bybit, one of the fastest-growing cryptocurrency exchanges, recently joined the non-fungible token (NFT) bandwagon.
The Bybit NFT Marketplace was launched on January 20 and allows users to list, sell, buy, and trade digital collectibles. Read on for more details.
Buying and trading NFTs
The new marketplace leverages a straightforward and simple process – for both NFT buyers and sellers.
Without the need to create or import any crypto wallet, the platform allows registered Bybit customers to purchase and trade NFTs simply using assets in their Spot account.
Checking out the ownership history of listed collectibles and verifying their authenticity is equally uncomplicated since interested buyers can find all the important information by clicking the NFT’s profile page on Bybit.
Meanwhile, NFT owners can resell their NFTs to other Bybit users and are soon going to be enabled to withdraw them to their personal wallets.
Bybit currently charges buyers zero transaction fees, while only charging the seller a transaction fee of 1% per trade.
Listing and selling NFTs
As a royalty payment, the crypto exchange pays 1% of every secondary NFT sale to the original owner–apart from a revenue cut from the primary sales.
Some NFTs on the marketplace are sold as ‘Mystery Boxes’ which contain a randomized item from a collection, in different rarity levels.
As an alternative to selling them directly to other Bybit users, sellers can opt to sell their NFTs as Mystery Boxes.
While the crypto exchange currently helps NFT projects with minting, Bybit will soon enable creators and rights owners to mint and list NFTs on their own.
By listing their NFTs on Bybit, creators, developers, brands, or intellectual rights owners gain instant access to a five million trader base.
In the near future, the marketplace will also support selling through NFT auctions.
