Crypto.com launched its NFT marketplace in September 2021. The NFT market provides special drops from prominent creators, NFTs from four blockchains, and a variety of payment methods for collectors.
There are no gas fees for trading NFTs while using the Crypto.com App, and all transactions on the Crypto.com NFT marketplace are recorded on the Crypto.org Chain. The Crypto.org Chain also gives you the choice of creating new NFTs.
What are NFTs?
Non-fungible tokens (NFTs) are another application of blockchain that allows creators to personalize their art and sell it to consumers directly. Just like the first cryptocurrency, Bitcoin worked on ways to eliminate third parties in transactions thereby improving transaction speed and privacy, NFTs are a way through which creators can sell their art directly to consumers.
Before the launch of NFTs, creators (art and music) required the help of third parties to sell to consumers. However, with NFTs, creators can mark and track their art hereby ensuring that every piece is unique and original.
If you are looking to start on the crypto.com NFT marketplace as a creator or collector, consider this guide a quick manual to get what you want.
How to register for a Crypto.com NFT account
Registering for a crypto.com NFT account is easy. To enjoy the full benefit of what the Crypto.com NFT platform offers, you need to link your crypto.com app to your NFT account.
Connecting the two accounts gives you the flexibility to access wallets on both accounts. To register for a crypto.com app account, download the mobile app from your Play Store or App store. Follow the registration and complete your KYC; this process only takes a few minutes.
To register for a crypto.com NFT account, click this link to go to the registration page. Fill in the important boxes and verify your account through the link sent to your mail.
Using the same email for your crypto.com app and NFT account will allow you to connect them easily.
Once the registration is done, connect the two platforms to enjoy the full suite of what the crypto.com NFT marketplace has to offer.
Read this article for steps on how to connect your Crypto.com app and NFT account and ways to purchase NFTs on the Crypto.com NFT marketplace
How to pay for an NFT on the Crypto.com marketplace
Crypto.com offers four ways to pay for an NFT on its marketplace. You can pay with a balance from your NFT wallet, your debit/credit card, fiat currency, and cryptocurrency.
Making payment from your NFT account directly requires that you must have sold an NFT on crypto.com Marketplace or paid with a debit/credit card. Paying directly from your crypto.com NFT account doesn’t require you to link your crypto.com app.
However, to make payments with fiat currency or cryptocurrency, you need to connect your crypto.com app to your NFT account. The crypto.com app gives you the flexibility to spend both fiat and cryptocurrency.
Connecting your Crypto.com app and NFT account also allows you to pay for NFT with your debit/credit card. Although, in this case, you are using your debit/credit card to buy either fiat or cryptocurrency first.
How to list your NFT on Crypto.com NFT marketplace
Creators need to list their art on the crypto.com NFT marketplace to sell art. To be a creator on the crypto.com NFT marketplace, you need to submit an application that contains your experience and portfolio. Your application can be approved or rejected, however, there is no way to resubmit a rejected application or appeal for now.
For tips on how to increase the chances of getting your application approved, read this article.
Crypto.com currently supports NFT files in JPEG, PNG, GIF, or WEBP format with a max size of 60 MB.
There are two ways to list your NFT on the Crypto.com marketplace; fixed price and auction. When you list an NFT with a fixed price, you are setting a non-negotiable price for your NFT. Therefore, interested buyers just have to pay exactly that amount.
However, listing an NFT as an auction leaves buyers with the job of being the last bidder. With an auction, the creator only sets the starting price and auction time for the NFT and leaves the buyers to determine how much they are willing to pay for the art. The buyer with the highest bid at the end of the auction time gets the art.
Crypto.com NFT market provides a platform where creators get to sell their art easily and get paid in fiat or cryptocurrency. While Crypto.com NFT marketplace watches out for the interest of the sellers, they also ensure that buyers get the originality and rarity they are paying for.
To ensure that buyers get valuable NFTs, crypto.com properly vets all its creators and also has rules and regulations that bind creators against stealing other people’s art.
Selling and buying with ease is an important attribute of the Crypto.com NFT marketplace but that is not all you gain. The platform also offers security measures to ensure that you don’t fall victim to hacks.
How to protect your Crypto.com NFT account
2-Factor authentication
2-Factor authentication (2FA) is an additional security measure that requires you to input an additional code to perform some actions. Actions that can be protected by 2FA on Crypto.com NFT include listing NFT, accepting bids & offers, requesting a payout, login in, resetting a password, and withdrawing NFT.
To set up 2FA for your Crypto.com NFT account;
- Download Google authenticator or Authy from Playstore or Appstore
- In your NFT account, go to settings and select security
- Select 2-factor Authentication and click the ‘set up 2FA button
- Scan the code with your google authenticator or copy the code and input it into your google authenticator.
- Enter the verification code that was emailed to you and displayed in the authenticator app. Click “Submit”
- You will get a confirmation message after the setup is completed.
Anti-phishing code
Anti-phishing code is used to verify the originality of an email. Setting up an anti-phishing code will let you confirm that any mail you receive is from Crypto.com and that all links contained in the email are safe.
To set up anti-phishing code;
- In your NFT account, go to settings and select security
- select anti-phishing code and click ‘create code’
- Input your anti-phishing code and confirm
Once you set your anti-phishing code, it will accompany every email that is sent to you from Crypto.com. Once you don’t find the code in the mail you receive, you can disregard the email and avoid clicking any links in the mail.
Verification code
A verification code is a security measure put in place by Crypto.com to help you protect your crypto.com account while connecting to third-party websites or apps.
With verification codes, you can create a one-time secret key and use it to link your wallet to an external site. Please keep in mind that each secret key has a 5-minute validity period.
To get your verification code when connecting to third-party sites;
- In your NFT account, go to settings and select security
- Select verification code and click on ‘generate secret key’
- Copy the secret key and connect to your third-party website
Withdrawal security measure
Apart from security measures put in place to protect your NFTs, Crypto.com also has withdrawal measures to prevent third parties from sending your NFTs and lower the risk of sending them to the wrong addresses.
These measures include whitelisting of withdrawal addresses, withdrawal lock, and mandatory whitelist withdrawal.
Whitelisting of withdrawal addresses allows collectors to whitelist withdrawal addresses. This increases convenience while lowering mistakes caused by copying and pasting addresses for each withdrawal.
By turning on 24-hour withdrawal locks, collectors can freeze withdrawals for 24 hours following the addition of a new whitelisted address or the modification of their email, passwords, or 2FA.
With mandatory whitelist withdrawal, collectors can make sure that withdrawals are only sent to addresses they have whitelisted. So, if a collector only wishes to send NFTs to only one address, this feature comes in handy.