Crypto.com NFT Marketplace Review

NFTs, non-fungible tokens, have become extremely popular in recent times and many of them are being sold for millions of dollars.

They are digital collectibles that hold a digital entity – an image, a short GIF, a music piece, a video, etc. The unique thing about NFTs is that they are unique and offer exclusive ownership of the content that they represent. Owing to their popularity and importance, various reputed crypto exchanges are launching their own NFT marketplaces.

Crypto.com is the one of the latest upcoming crypto exchanges to launch their own NFT marketplace, allowing its traders to buy and sell NFTs alongside buying crypto and trading. In this guide we’ll review the Crypto.com NFT collections and how its marketplace platform works.

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Crypto.com NFT Marketplace overview

Crypto.com is a cryptocurrency platform that aims to contribute to the fast-changing cryptocurrency ecosystem across the globe. Crypto.com NFT Platform operates from Hong Kong. It claims to be a “one-stop-shop” for solutions concerning cryptocurrency. The products offered on this platform include the following–

1. Apps  — Buy and sell, NFTs, Metal visa card, Crypto.com credit loans, Crypto.com pay, Crypto.com Earn
2. Exchange — facilitates both spot trading and derivatives trading
3. DeFi  — Wallet, Swap, Earn

Crypto.com announced the launch of Crypto.com NFT in March 2021. Its first drop that featured a new collection by BossLogic, the celebrated Marvel artist was on 26 March 2021.

Crypto.com NFT Marketplace

Numerous popular digital artists have joined hands with crypto.com NFT to launch their exclusive artwork. These include BossLogic, Snoop Dogg, Boy George, famous Clubhouse celebrity Axel Mansoor, Klarens Malluta with Lionel Richie, Bag Raiders, Jonathan Monaghan with Nathan Evans (of #1 single Sea Shanty ‘Wellerman’ fame), KLOUD, KCamp, etc.

Crypto.com NFT Platform:  Features explained

Profile

The ‘Profile’ is where you can view your profile and edit it. You can also go through the activities of your account which include purchase and sales history, and bids. To view these, you have to simply select “Account Activity” from the profile menu.

Drops

On the ‘Drops’ section, you can find the details of live drops along with the upcoming and ended NFT drops.

My NFTs

The ‘My NFTs’ section will reflect the collectibles that you have purchased. It will also show the NFTs you have on sale and the ones that you have created.

What are Drops at Crypto.com NFT Marketplace?

A drop is an event when creators and artists release their collection of unseen digital artwork which they wish to sell. If you want to explore dropping events on this platform, go to the “Drops” tab.

The “Drops” page shows both future drops and past NFT drops. If there is an available live drop, you will find it in this section itself. To learn about the details of the drop, simply click on the drop name.

What are Live Drops?

Live drops are the released drops that are live as and when you are viewing them. Users can buy NFTs directly during a drop event. A drop of each NFT will have a limited number of editions.

The live drop details are available on the Drops page. Simply visit the page and select the available live drop. This is how you can see all the details of a drop.

On the drop details page, you can scroll down to find the drop items. These items are considered NFTs. The number of editions defines the number of copies for each NFT. Users can also view the live count of editions that are available for purchase.

For instance, if the list shows ten copies of available NFTs and five as sold out, then the remaining five editions are available for sale.

The live drop’s NFT page also has a relevant description of NFT and the editions it has. It depends on the buyer to choose the edition he or she wishes to buy.

What are Upcoming Drops?

Upcoming drops are the ones that have been scheduled for future releases. If you wish to view the upcoming drop details, go to the Drops page and simply click on any available upcoming drop. 

The drop details will have information like the artist/ creator of the NFT, information related to the drop, etc. A user needs to click on the “Subscribe” button to subscribe for a drop. This is available on the page itself.

When you subscribe for a drop, you are notified before the drop goes live. You can also view the profile of the artist/ creator by clicking on the “See Profile” tab on the page. An artist’s profile will have the collectibles created by that artist along with his/ her NFTs that are available for sale.

What are Ended Drops?

Ended drops are the ones released already and are not live anymore. If you wish to view details on the ended drops, go to the Drops page and simply click on any available ended drop.

If a drop has ended for an NFT, you cannot purchase it from a drop. However, you can approach other owners and buy it from them. These are people who bought NFT editions during a drop. You can also buy an NFT from another owner from the marketplace if it is available on sale. In that case, visit the marketplace and click on “View in Marketplace.”

An NFT Marketplace is the only place that allows you to buy NFTs of ended drops. Like other drops, the details of the available editions are can be viewed on the marketplace. On the Marketplace listing page, simply click on “Explore All Editions”.

This will have the details of editions. It also displays the present owner who has exclusive ownership of these editions. Here, you will get to know if the editions are available for resale.

To buy an edition from available ones, select whatever you wish to buy. To buy a different edition, browse through all options by clicking on “Select Available Editions.” Here, you get all the available editions that are currently on sale along with their prices.

Pros and cons

Get started with Crypto.com NFT Marketplace

The homepage of Crypto.com NFT marketplace will show all the upcoming drops. You can easily buy or sell and even create an NFT on this marketplace. For that, you will need to –

• Sign up on Crypto.com.
• Enter your full name, email id, username, and password.
• Verify your email.
• Use the same credentials to sign in to their NFT marketplace.

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How to Buy NFTs on Crypto.com NFT Marketplace

• Visit Crypto.com and select ‘NFT’ in the menu.
• Select an NFT from the ones shown on the marketplace and are available for sale.
• Use filters to choose NFTs. You can search for these based on creators, art type, gaming, sport, etc.

You can NFT editions with the processes below:

1. Place a bid.
2. Buy an NFT at a fixed price.

The seller decides whether he or she wants to sell the NFTs at fixed prices or through bidding.

1. Placing a Bid 

• Go for an NFT of your choice from the marketplace.
• Click on “Select Available Editions.”
• Decide the edition to place a bid on.
• You can look at prices and make a choice.
• Some editions will have a starting bid and some editions will have one price attached to it.
• Starting bid means that you will have to place a bid on that NFT.
• If there is just one price, it means that the edition is available for sale at a fixed price.
• To bid, click on “Place a bid.”
• Enter your bid amount beyond the starting price.
• Click on “Place bid.”

2. Buying at a Fixed Price

• Go for an NFT of your choice from the marketplace.
• Click on “Select Available Editions.”
• Decide the edition to place a bid on.
• You can look at prices
• Go for editions that have one price attached to them.
• Select your edition
• Click on “Buy For $$”

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Payment Methods on Crypto.com NFT Marketplace

“Payment methods” is one of the decisive factors for users choosing one marketplace over another. In Crypto.com NFT Marketplace, you have two options to pay:

1. Pay with a credit/ debit card.
2. Pay with crypto.

Use a Credit/Debit Card to buy NFTs

In case you do not have any cryptocurrency holdings, you can choose to pay with a credit/ debit card on this marketplace.

• Simply click on the “Credit/ Debit card” option if you want to pay with a credit/ debit card.
• Correctly enter the details of your credit/ debit card
• Click on “Pay Now” to complete the payment.

This NFT marketplace does not charge any fee on transactions. As far as information on commissions and royalties are concerned, it is reported giving 10% of the purchase price to the artist/ creator for future resales. However, there is no clarity on how they equate this with commissions on initial sales.

Credit/debit card purchase limits

There are different weekly limits for credit/debit card purchases. Depending on your purchases directly from drops and the marketplace, these limits vary accordingly.

Drop purchases:

• $10,000 weekly card limit.

Marketplace purchases:

• $500 weekly card limit upon verifying NFT account through SMS.
• $1,000 weekly card limit upon connecting NFT account to your Crypto.com App.
• $10,000 weekly card limit upon connecting NFT account to your Crypto.com App that is staking CRO or/ and holds a Ruby Steel Crypto.com Visa Card or a higher tier card.

Use Crypto to buy NFTs

The user-friendly Crypto.com pay enables you to use more than 20 cryptocurrencies to buy NFTs. These include Bitcoin, Ethereum, Dogecoin, etc.

• To pay through the Crypto.com pay, simply click on “com Pay” button.
• This marketplace supports the Crypto.com app, WalletConnect, MetaMask, and various other cryptocurrency wallets.
• Users with Crypto.com accounts are recommended to use the “com App” option. There is no network cost with this option.

To pay using the Crypto.com app-

• Open the app on your mobile phone.
• Click the “Pay” button.
• Scan the QR code.

You must not close the window, refresh, or hit the back button until the confirmation of the payment.

Once you buy NFTs successfully, go to My NFTs – Collectibles to view your purchased NFT editions.

Sell NFTs on Crypto.com NFT Marketplace

Like buying NFTs on this marketplace, it offers two ways for users/ creators to list your NFT for sale. You can do it either via bidding or at a fixed price. Whatever method you choose, you just have to follow a few simple steps to list an NFT for sale.

• Create your user account (if you do not have an account already, then simply sign up on the Crypto.com homepage and complete the process).
• The next step is to find or create an NFT. Here, you can choose to sell the NFTs that you own or the ones that have been created by you.
• Click on the “My NFTs” button on the top right portion of the screen to see the NFTs that are available for sale.
• Go to the “Collections” tab and click on a particular NFT to sell.
• The NFT page will have a “Sale” button at the bottom.
• You can also sell your NFT via a bid. In that case, users will have to place bids once you set a starting bid.
• Selling NFTs at a fixed price is easier than selling them through bidding.
• Once you put the price on the NFT you want to sell, you can confirm the listing.

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NFTs available for buying on Crypto.com NFT Marketplace

On the Crypto.com NFT marketplace, you get a wide range of non-fungible tokens that you can buy from. The categories include Art, Celebrities, Sport, Music, Gaming, and Crypto. Each of these categories has NFTs from creators across the world.

Art: The category of Arthas artwork that is digitized into NFTs. Bosslogic is among the popular artists collaborating with this marketplace to drop the first 2 collections. All the NFTs created by him were sold out in just 24 hours.

Celebrities: This Celebrities category has NFTs from popular celebrities like Snoop Dogg, Boy George, and Lionel Richie. The NFTs of celebrities sell between $80 to as high as $250,000.

Sports: NFTs in the Sports category has different sports in video format. It has soccer NFTs of football legends like Lionel Messi, Sergio Agüero, Ángel Di María, the late Diego Maradona, and many more.

Music: This category has music NFTs in either photo or video format. Famous NFTs in this category include the ones created by celebrities like Snoop Dogg, Lionel Richie, Boy George, etc.

Gaming: Gaming-based NFTs are becoming more and more popular. The current gaming NFTs on this marketplace are cards that sell at the starting price of $2. This is an upcoming category and it is suitable for beginners in the marketplace who wish to hold NFTsas it does not require much money to own these tokens.

Crypto: The Crypto category is one with the maximum number of users. This category has a wide range of visual digital collectibles and artwork that do not to belong any other.

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Creators’ Community of Crypto.com NFT Marketplace

If you want to join the creators’ community of Crypto.com NFT, you will need to get in touch with Crypto.com NFT to share your ideas and contribution to the community. Since the Crypto.com NFT Marketplace launched in 2021, there have been more than 10,000 creators coming on board.

With more creators and drops expected on the marketplace, many are thrilled to be a part of this sphere. The company wishes to deliver an even more engaging integrated experience across the Crypto.com App and Crypto.com NFT. To join the community-

• Visit the crypto.com NFT home page
• Scroll down and you will see the “Creator Waitlist”
• Click on “Creator Waitlist.”
• Click on “Talk to us.”
• Enter the information required by the platform and you can soon expect to be a part of the community after they review your submission.

Crypto.com NFT marketplace allows users to easily become creators and mint their artworks into NFTs. This is a stand-out feature of the marketplace – enabling creators to easily sign up and monetize their artwork.

Is the Crypto.com NFT marketplace legitimate?

Crypto.com NFT marketplace is owned by Crypto.com, which is a popular and highly reputed crypto company. It was launched in 2016 and is a regulated platform.

The company’s history with the crypto market indicates that it has never had any concerns related to the security of funds or user information. With over 10 million users, the platform is among the fastest-growing cryptocurrency and finance platforms. The marketplace has many strategic partnerships which also talks highly of its reliability and credibility.

Although the marketplace is new in the NFT space, its support by Crypto.com makes it a legitimate marketplace and one of the most trusted and safest NFT marketplaces around.

Comparison with other NFT marketplaces

Crypto.com vs. Binance NFT marketplace

Both these NFT marketplaces are new marketplaces that claim to offer a lot in the coming times. Both these NFT marketplaces are owned and backed by top companies. Let us understand some differences between these two NFT marketplaces.

Technology

While the Crypto.com NFT marketplace is hosted by Crypto.org blockchain, the Binance NFT marketplace is hosted by the Binance Smart Chain and Ethereum Blockchain.

Creation

As far as creating NFTs is concerned, it is better facilitated on the Binance NFT marketplace.

Accessibility

Users are required to sync Crypto.com and Crypto.com NFT marketplace to use the platform whereas they can access the Binance NFT marketplace without connecting it to Binance exchange.

Fees and charges

While Crypto.com NFT marketplace does not have any fees, Binance NFT marketplace charges a 1% fee for every transaction. While there are differences that we laid out for your clear understanding of both the NFT marketplaces, users are hopeful of both these platforms.

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Crypto.com vs OpenSea NFT marketplace

People consider both Crypto.com and OpenSea marketplaces as two reputed places to buy NFTs from. As per trading volume, OpenSea marketplace is the largest across the world. As the first platform to facilitate NFT trading in the mainstream, OpenSea has witnessed over one million users since its inception.

Technology

Crypto.com NFT is hosted by the Crypto.org blockchain, OpenSea is built on the Ethereum blockchain.

NFTs available

Both offer a wide variety of NFTs including art, in-game items, domain names, etc. OpenSea’s platform supports over 150 cryptocurrencies whereas Crypto.com NFT supports over 20 cryptocurrencies as far as paying with crypto is concerned.

Fees and charges

Crypto.com NFT has no fees on transactions whereas OpenSea charges a 2.5% transaction fee when you sell items. This has to be paid by the seller and not the buyer. However, the standard network fees are applicable anyway. OpenSea supports 14 different crypto wallets. You can link your wallets to the marketplace within a few minutes.

Crypto.com vs GameStop NFT marketplace

The GameStop marketplace has become an exciting NFT platform for NFT enthusiasts just like Crypto.com NFT. Unlike many other NFT marketplaces, GameStop seems to be focusing only on selling video games and has created a strong presence in the NFT space.

Both these marketplaces have been founded recently. GameStop was launched later than Crypto.com NFT. GameStop seeks to enable game developers to use the GameStop marketplace over others and is reportedly developing a huge fund for them.

The NFT platform is built on a Layer-2 protocol for Ethereum, Immutable X whereas the Crypto.com NFT marketplace is built on the Crypto.org blockchain.

While the Crypto.com NFT marketplace is offering an extensive range of NFTs, GameStop marketplace will mostly focus on in-game items. These include digital properties, costumes, weapons, etc. GameStop will probably partner with influential video game developers and offer NFTs to create a wide base of fans with specific franchises.

Crypto.com vs Rarible NFT marketplace

Rarible is known as a reliable NFT art marketplace. Investors are immensely satisfied with the vast selection of digital art hosted by this platform. The collection includes photography, music, games, domains, and metaverse items too. The variety is comparable to what is offered by the Crypto.com NFT marketplace to investors.

Rarible charges both buyers and sellers a 2.5% fee which is high compared to other marketplaces like Crypto.com NFT. One unique feature of Rarible is that it has multi-chain support. Hence, this marketplace hosts NFTs built on Ethereum, Tezos, and Flow.

Like Crypto.com NFT, Rarible also enables users to buy NFTs using credit or debit cards. With 190 countries on its supported list, Rarible is among the biggest NFT marketplaces. Just like Crypto.com NFT, Rarible also supports various wallets. The wallets on Rarible include MetaMask and Coinbase.

Conclusion

The Crypto.com NFT marketplace has collaborated with big names like Snoop Dogg, BossLogic, etc., and has been able to create a niche in the NFT market. These celebrities and many others have released their exclusive drops with the marketplace. Crypto.com NFT’s first drop was scheduled for March 2021.

Users on this marketplace can easily buy ended drop’s NFT editions apart from the live and upcoming drops. They can buy these editions either by placing a bid or at a fixed price. This decision remains with the sellers as far as selling their NFT editions is concerned.

Another outstanding feature of the marketplace is that it allows the use of debit/ credit cards and crypto wallets to buy NFTs. So, if you do not have any cryptocurrency holdings, then buying NFTs of your favorite artists on the Crypto.com NFT marketplace is a convenient option.

Also read our reviews of the NFT marketplaces on Bybit and FTX.

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