Bybit, a famous cryptocurrency exchange, has recently launched its non-fungible token marketplace, which will provide users with access to the worlds of NFTs, GameFi, Mystery Box (a one-of-a-kind random NFT that comes in four rarity levels: N (Normal), R (Rare), SR (Super Rare), and SSR (Super Super Rare), and the metaverse.

This launch should not come as a surprise to the artist community as many crypto exchanges are entering into the business of the NFT marketplace due to the unprecedented level of NFT’s popularity.

Users can buy and sell and list NFTs in this exclusive marketplace, which also includes interesting offers for Monster Galaxy mystery boxes, Metaverse fashion items, and ONBD artwork by nine hand-picked artists. It is home to a wide range of NFT collections, including Entertainment, Gaming, Art, GameFi, the metaverse, Curated digital art collectibles, and much more.

The marketplace includes a large number of NFTs from the art category, which includes a wide range of artwork by both well-known and unknown artists. Bybit NFT marketplace is well-known for providing NFTs from creators all over the world.

How does Bybit NFT marketplace function?

Bybit NFT marketplace provides users with easy access to the latest collections of NFTs from creators across the globe. Customers can use this platform to buy, sell, and trade their favorite NFTs, such as digital art and collectibles, as well as GameFi and metaverse NFTs. Users can also interact with exclusive NFT games, and earn exciting rewards with their play.

This marketplace only supports the minting of NFTs through the Ethereum blockchain. In other words, the Ethereum blockchain is used to create most of the NFTs traded on this platform, though NFTs that are minted on the Solana blockchain could be bought and sold easily on this platform. Artists are prohibited from selling self-minted NFTs on Bybit NFT marketplace.

For the purpose of purchasing any NFT from this marketplace, one has to go to the Bybit NFT Marketplace and select the NFT you want to buy by clicking Buy Now. Then click the Pay Now button. Your NFT has been successfully purchased once the payment is completed.

On the same lines, if someone has to sell his NFT on this marketplace, he has to visit his profile page, click List Now on the NFT that he wants to sell, and then navigate to the NFT Listing page. Then, to list his NFT, he has to do the following steps below: Select a pricing token (USDT, BIT, or ETH), Enter the quantity, choose the delisting time, and then click Submit.

On this marketplace, each NFT is associated with a single token. For example, if you buy NFT with the BitDAO (BIT) token, you cannot exchange it for other tokens like DOGE, USDT, or ETH. Users who have a Bybit Spot Account can also access the Marketplace. All the same, if you are a complete novice who has not yet created a Bybit profile, you must first set up an account before beginning the NFT trading process.

Bybut NFT marketplace offers a simple and user-friendly checkout process to its users. One simply has to pay through the token in which the NFTs are priced, let’s say, ETH, USDT, or BIT. Please not that the marketplace is not supporting any image and video on its platform.

Users can only list their NFTs for a maximum of ten times in a 24-hour period (beginning from the period that they first obtain the NFT). Every 24 hours, this limit will be reset. If the NFT’s ownership changes, the limit will be reset as well.

What are the features of Bybit NFT Marketplace?

Bybit is known to offer a user-friendly platform to all of its users, allowing them to easily make NFT purchases, sales, or trades. Bybit NFT marketplace also offers educational material in the form of Bybit Learn, where all users can become familiar with the marketplace and efficiently use the platform.

Its is full of Metaverse fashion pieces, ONBD artwork, Monster Galaxy mystery boxes, and many other NFTs from different backgrounds. Kevin Heisner, Shinji Murakami, Yasuo Nomura, Alejandro Magallanes, Ellwood Chen, Nicole Atkins (NATKINS), Yasuo Nomura, Alejandro Magallanes, Davi Russo, Ai Makita were some of the creators who had contributed immensely to the ONBD artwork.

Another great feature of this marketplace is that it allows users to browse and search for their preferred NFTs based on their budgets and other needs. The NFTs can be easily sorted out based on price on the Bybit NFT marketplace’s webpage.

When you buy, sell, or trade in NFTs on a marketplace, you are usually required to pay transaction or trading fees to the marketplace. Bybit’s fee structure has been designed in such a way that it does not impose an unreasonable financial burden on its users.

Every transaction on the Bybit NFT Marketplace incurs a 1% trading fee for all NFT sellers. Apart from this F, sellers will be obligated to pay a 1% royalty fee to the creator. For example, suppose you sell an NFT on the marketplace for 100 BIT. Then, as an NFT seller, you will have to pay 2 BIT in NFT fees.

On the Bybit NFT marketplace, there are no fees for NFT buyers. They were free to make their purchase without incurring any additional charges in the form of transaction fees. Given the overall fee structure of this marketplace, it is fair to conclude that it charges reasonable fees to its users on NFT sales or trades.

Several NFT marketplaces require users to set up an external wallet in order to complete NFT transactions. But because Bybit NFT marketplace does not require users to create additional wallets, all transactions can be done using the built-in wallet without paying any extra transaction fees.

Steps to buy NFTs on Bybit NFT Marketplace

Given below are the steps users are required to follow for purchasing NFTs on the Marketplace:

Step 1: To access the NFT trading page, simply press on the ‘NFT’ icon in the navigation bar.

Step 2: Users can find some renowned NFTs and NFT mystery boxes in the Marketplace column on the homepage, or users can go to the Marketplace and find a list of all NFTs and NFT Mystery Boxes by clicking on ‘More.’ One can narrow down one’s search for NFTs and NFT Mystery Boxes on the Marketplace by changing the following settings:

Choose from the following options: All, NFT, or Mystery Box.

Pricing units include ETH, USDT, and BIT.

Step 4: It is now your turn to pay for the NFTs that you have chosen to buy. If you do not have sufficient funds in your Spot account, you can make a deposit by tapping on the ‘Deposit Now’ button. If you have enough funds in your Spot Account, simply press on Pay Now. When the payment is completed, your NFT or NFT Mystery Box will be successfully obtained.

Step 5: Select View Now to view your NFT and/or NFT Mystery Box transaction history. You can also see your NFT trading history by pressing the button on the avatar icon in the upper right corner of the trading page and then selecting History from the pop-up menu.

There is no need to attach your crypto wallet to the Bybit NFT Marketplace at this time. Rather, please utilize your Bybit Spot Account to deposit or withdraw funds.  Fees for acquiring or disposing of NFTs will be reflected in your Spot Account.

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By: Eric Dunne
Title: Bybit launches ‘NFT marketplace’ after tasting success as an exchange
Sourced From: insidebitcoins.com/news/bybit-launches-new-nft-marketplace
Published Date: Mon, 28 Feb 2022 17:22:34 +0000