Bybit is a crypto exchange that has been growing very quickly. It launched its own NFT marketplace on January 20th, 2022 and is now the one-stop shop. Users can use this platform to list, buy, sell, and trade digital collectibles.
How does the new marketplace work?
- It offers the advantage of a simple and straightforward process for NFT sellers and buyers. There is no need to create and/or import a crypto wallet. A registered Bybit customer can buy or trade NFTS by using assets in their own Spot accounts.
- Checking ownership history of listed items and verifying that they are genuine is also easy. Interested parties can find all the information they need by just going to a specific NFT’s profile page.
- Any NFT owner can resell his NFTs to other users and will have the option of withdrawing them from their wallets. As far as transaction fees are concerned, Bybit charges sellers a 1% fee. Buyers don’t have any transaction fees to deal with.
- Royalty payments to the tune of 1% are paid by the exchange to the original owner on every secondary NFT sale. This is in addition to a cut of revenue from primary sales.
- Some of the NFTs are offered as mystery boxes. These boxes contain randomly chosen items from a collection, varying in degrees of rarity.
- While the exchange currently helps with minting on different NFT projects, very soon creators and owners of rights will be able to do the same on their own.
- Listing on Bybit helps creators, brands, and developers to get access instantly to a trader base of more than five million listings. Very soon, the Bybit marketplace will also facilitate sales through auctions.