Explore the journey of Crypto.com, a prominent cryptocurrency exchange, and its expansion into the world of NFTs with the Crypto.com NFT marketplace. Discover the platform’s features, fee structure, and its unique selling points in the NFT ecosystem.
Table of Contents
- WHAT IS CRYPTO.COM?
- PRODUCTS AND VALUE PROPOSITION
- CRYPTO.COM NFT MARKETPLACE
- The NFT Fees on Crypto.com
- Crypto.Com NFT Marketplace Exclusive Features
WHAT IS CRYPTO.COM?
What is Crypto.com NFT Marketplace? Before we explain it, let’s discuss what is crypto.com.
Crypto.com is a cryptocurrency exchange based in Singapore, which was launched back in 2016 by four founders, and rebranded as Crypto.com in 2018
In February 2021, Crypto.com had 10 million active users, but by May 2022, the platform had reached 50 million users.
However, in January 2022, the platform experienced a hack where $15 million in Ether was stolen. As a result, the company temporarily paused withdrawals but later restored them and stated that no customer funds were lost. In August 2022, it was reported that Crypto.com had laid off hundreds of employees due to the decline in the cryptocurrency market.
By October 2022, it was reported that the company had laid off over 2,000 employees, which reportedly constitutes 30-40% of their staff, again due to the cryptocurrency market downturn. In November 2022, the value of Crypto.com’s token, Cronos, lost about $1 billion due to concerns about other fraudulent activities in the industry.
The CEO of the platform, Marszalek, reassured users that the exchange was functioning normally.
PRODUCTS AND VALUE PROPOSITION
The founders of Crypto.com set out to create a platform that would empower people to take control of their finances while safeguarding their personal information. To achieve this goal, they developed a variety of innovative features, many of which are integrated into the Crypto.com App. These features include:
| Crypto Trading | On Crypto.com Exchange and App |
| Crypto Earn | Allows users to earn interest on their crypto assets |
| Crypto.com Pay | A payment service |
| Crypto Credit | Provides users with access to credit |
| Crypto.com DEFI WALLET and DEFI Swap | Enable users to participate in Decentralized Finance |
| Crypto.com Visa Card | Allows users to spend their crypto assets in daily life |
| Crypto.com NFT Marketplace | Allows users to buy and sell NFTs |
| Crypto.com App | A mobile phone app for daily crypto users |
CRYPTO.COM NFT MARKETPLACE
Crypto.com, a well-known and reputable crypto exchange, has launched its own NFT marketplace and app, built on the Crypto.org chain. The marketplace, which was launched in March 2021, is a separate entity from the exchange, but it’s available for Crypto.com users only. To use the marketplace, users are required to create an additional account, which takes only a few minutes. Once the account is created, it can be linked to their existing Crypto.com trading account through the app. This process is quick and allows users to access the features available on the Crypto.com ecosystem.
The Crypto.com NFT marketplace offers a wide variety of NFTs for purchase, including art, gaming, sports, music, and more. The marketplace has both fixed-price listings and traditional auctions, providing options for both buyers and sellers. One unique feature of the Crypto.com NFT marketplace is that NFTs can be purchased with a credit or debit card, unlike many other NFT marketplaces that require crypto payments.
The ease of use and flexibility of the platform has made it a popular choice among users. It can be accessed through a browser-based platform or the Crypto.com NFT app, catering to different preferences. Recently, Crypto.com announced that they will also be offering Ethereum-based NFTs, which will increase the number of assets available to users.
The NFT Fees on Crypto.com
When looking into using Crypto.com for NFT investments, it’s important to consider the fees associated with the platform. These fees vary based on the role you play, whether you’re a buyer, creator, or reseller. It’s important to examine the fees for each of these groups separately.
Creator Fees
If you’re interested in creating and selling NFTs on the Crypto.com NFT app and marketplace, there is a fee of 1.99% per NFT for the initial sale, known as the “Primary Seller Fee.” It is worth noting that this fee used to be 15% but has been lowered to 1.99% to attract more creators to the platform.
Buyer Fees
It’s important to keep in mind that as a buyer on Crypto.com, you will not be charged any fees when you make an NFT purchase. This is a significant advantage of the platform and sets it apart from other NFT marketplaces that charge a fee when you buy an NFT.
Trader (Reseller) Fees
If you are planning to resell an NFT you own, the fees for doing so on the Crypto.com marketplace are currently set at 1.99% per transaction. This fee has been reduced from its previous rate of 5%, making it a more attractive option for those who frequently buy and sell NFTs, as it can result in significant savings over time.
The Crypto.com ecosystem offers a variety of valuable features for traders in its NFT marketplace, including a free DeFi Wallet App that supports over 100 crypto assets and NFTs, a dedicated “Collectibles” section for showcasing and managing digital assets, a “Drops” section for upcoming NFT releases, the ability to purchase NFTs using FIAT currency, and regular giveaways. An example of a notable giveaway is the Crypto.com Arena NFT collection, which was released to commemorate the renaming of the Staples Center to the Crypto.com Arena and was airdropped to users.
Crypto.Com NFT Marketplace Exclusive Features
Crypto.com Marketplace: A Guide to Compatible Wallets
Users who purchase NFTs on the Crypto.com NFT Marketplace have the option to transfer their digital assets to an external wallet that is compatible with the Crypto.org chain and Ethereum-based NFTs. While the NFTs are stored in the user’s marketplace account on the platform, it is not considered the safest method for storing NFTs. To ensure security, many users choose to transfer their NFTs to a crypto wallet. Some of the compatible wallets include Crypto.com’s native DeFi wallet, MetaMask, and Ledger wallets. To transfer the NFTs, you can use the wallet address provided by the compatible wallet.
In summary, this guide has offered a detailed examination of the Crypto.com NFT Marketplace, examining its various features and emphasizing its advantages for traders.
Also, Read this Article
How Much Does It Cost To Create An Nft?
FAQS
How can I access the Crypto.com NFT Marketplace?
You can access the Crypto.com NFT Marketplace through their browser-based platform or by using the Crypto.com NFT app, which is available for download on mobile devices.
Does Crypto.com offer support for Ethereum-based NFTs?
Yes, Crypto.com recently announced that they will be offering Ethereum-based NFTs as well. This expansion will increase the variety of assets available for users to trade and collect.
What additional features does the Crypto.com ecosystem offer for NFT traders?
The Crypto.com ecosystem provides a variety of valuable features for NFT traders, including a free DeFi Wallet App that supports over 100 crypto assets and NFTs, a dedicated “Collectibles” section for managing digital assets, a “Drops” section for upcoming NFT releases, the ability to purchase NFTs using FIAT currency, and regular giveaways.
How do I stay updated on the latest news and updates from Crypto.com?
To stay updated on the latest news and updates from Crypto.com, you can subscribe to their newsletter and follow them on their social media channels.
Is Crypto.com NFT Marketplace available worldwide?
Yes, Crypto.com NFT Marketplace is available worldwide. Users from different countries can access and participate in the marketplace’s activities.
