Crypto.com is making a notable effort to bring cryptocurrency applications to everyday users. In a previous article, we featured the Crypto.com DeFi wallet, where users could use self-custody wallets, buy cryptocurrencies, use Dapps, swap tokens, and earn on their crypto.
In this article, we will discuss Crypto.com’s NFT ecosystem, which is a capital-efficient alternative compared to other NFT marketplaces. It doesn’t charge transaction fees for buyers and charges 2% on sellers compared to the 5% OpenSea NFT trade fees. Since the Crypto.com NFT market is a centralized medium, no blockchain transaction fees are attached to the trades. Previously, the gas fees were pricing out a lot of small investors at varying times and ecosystems. There were cases where the network fees surpassed the preferred NFTs’ sale price rendering the rationale behind buying an NFT illogical.
The top view of what this article and upcoming articles about the Crypto.com NFT ecosystem are: What is the Crypto.com NFT marketplace, how to navigate on an NFTs buying page, what buying options are there, how to view a live NFT drop, Crypto.com exclusive NFT brands, Crypto.com user profile, how to send an NFT to Crypto.com/NFT, how to connect to the Crypto.com customer service, how to subscribe to Crypto.com/NFT newsletter to not miss upcoming drops and opportunities, and how to become an NFT creator on Crypto.com/NFT ecosystem.
When a user gets to the homepage of Crypto.com NFT marketplace, they will see the screen below. They can navigate to live drops by clicking the View Drops button or directly going to the market by clicking on View Marketplace. There is also a navigation menu on the top-left of the page that includes the sections: Marketplace, Drops, Brands, My NFTs, and Create.
Clicking on the View Market button will bring the user to the Crypto.com NFT Marketplace. NFTs here are already dropped collections displayed as they are on sale. Crypto.com’s algorithm will show hot & trending NFTs at the top of the curated option. Filter and Sort by are alternatives for more sophisticated traders who can customize their search results for their categorization choice.
Individual NFT Display Page
A picked NFT from a showcase of Crypto.com NFT Marketplace will bring the user to its sale page. Quite a lot of information can be found on this screen, such as: how many people liked the NFT, how many people viewed the NFT, who was the creator of the project, which collection the piece is from, what is the name and a token number of the NFT in a given collection, who owns it, who owned it before, how much previous owners paid for the NFT, what are the current offers, how much royalty is charged by the creator and what are the properties that display the rarity of the displayed NFT, etc.
Generally, there are two price options on NFT marketplaces. One is the Buy Now price which enables any individual to click and buy the NFT instantly. Also, there is a Make Offer option that the given individual can make a bid with the price of their choosing to see if the sellers would accept it. If the seller doesn’t agree to it, no charges are applied.
Crypto.com NFT Marketplace Buy Now Page
As NFT buyers and enthusiasts, we have three options to facilitate the Buy Now function. We can directly buy the NFT by using a credit card. We can use Use my Crypto.com NFT balance which can be topped up with a credit card. Also, we can use crypto.com Pay by connecting to Crypto.com Exchange & App that allows users to buy with any cryptocurrency of their choosing that they have a ready balance on Crypto.com App & Exchange.
Use my Crypto.com NFT balance option needs to be topped up before the NFT purchase. However, the NFT balance can only be topped by selling an NFT. There are two ways to top it up. One is, buying an NFT with a credit card or paying with the crypto.com pay option, then reselling it on the market.
Pay with a credit card option would be most convenient for the market’s new entrants. There is a piece of additional information to be aware of for this option. There is a weekly limitation for those who want to purchase through credit cards. The official Crypto.com help page suggests that there are three tiers remarked in this link. They go as:
- $500 weekly card limit if your account is verified through SMS
- $1,000 weekly card limit if your NFT account is connected to your Crypto.com App
- $10,000 weekly card limit if your NFT account is connected to your Crypto.com App that is staking CRO and holds a Ruby Steel Crypto.com Visa Card (or higher card tier)
It should be noted that those limits renew every week. Also, the NFTs below 1000 dollars can be conveniently bought and then resold to the market. Selling their NFTs those purchased with each new week’s credit card limit would allow investors to top up their Crypto.com NFT balance slowly without upgrading their Crypto.com App account to the Ruby Steel Crypto.com Visa Card.
It is also recommended to upgrade the Crypto.com App account by staking $400 worth of CRO, entitling users to have a Ruby Steel card that offers 2% cashback on all purchases. Additional information can be found in one of our previous articles.
Pay with Crypto option via crypto.com Pay is the most convenient and straightforward way to purchase NFTs from the Crypto.com/NFT marketplace for active traders because there are no limits or caveats. When this option is chosen, it navigates the user to the Crypto.com App & Exchange to connect and select any cryptocurrency as a payment medium. If the buyer has the equivalent amount in dollar value as any cryptocurrency on their App & Exchange Wallet, they can spend it to buy the NFT of their liking on the Crypto.com/NFT Marketplace.
What we covered here, and upcoming articles about Crypto.com NFT Ecosystem
In this article, we have mentioned the fundamental properties of the Crypto.com/NFT ecosystem. We covered the NFT Marketplace and showed the display page. Then we got specific and composed a high-level view of the individual NFT display page. We broke it down to its essential parts and showed the workings of the Buy Now function.
In the following article, we will begin from where we left off and build a further understanding of other functionalities and opportunities the Crypto.com/NFT ecosystem proposes.