Is DMarket legit for buying and selling NFTs?
Today, thanks to legit NFT (non-fungible token) marketplaces such as OpenSea, X2Y2, Blur, LooksRare, and Rarible, it has become extremely easy to sell digital items that do not have any physical correspondence. Now DMarket is becoming popular for trading in-game items.
As the NFT market peaked in 2021, many areas of the global economy decided to cash in on the emerging space. Among them was the gaming industry, which has been producing in-game items that can be sold and bought on specific marketplaces.
One such marketplace is DMarket, which has been trending for some time. The website sees millions of monthly visitors, with users visiting around 13 pages each time and spending about five minutes on the site. This explains why it is ranked among the top 100 portals under gaming in the US.
While thousands of people have left rave reviews about the platform, it is not uncommon to come across others who are not happy with many aspects of the website's operations.
Below we consider is DMarket legit as a place to go about your buying and selling activities of in-game items tied to the NFT market.
What is DMarket?
Currently under parent company Mythical Inc. after being acquired in January 2023, DMarket was founded in 2017 as a worldwide marketplace that helps gamers exchange in-game items from video games under titles such as Team Fortress 2, Dota 2, Rust, and Counter Strike (CS: GO).
The in-game items are popularly termed “skins”. Skins are virtual goods (non-physical goods bought for use in online games or online communities).
Is DMarket legit? The pros
Many positive reviews about DMarket can be found online. As one of the few platforms to embrace the blockchain economy, it has facilitated more than 80 million transactions with over 23 million closed deals. But is DMarket legit? Let us examine some of the pros of using this platform.
It's emerging as a top blockchain-based marketplace. In a 2021 Metaverse Report by Newzoo, one of the most credible market research firms, DMarket was tagged as a top three blockchain-based marketplace. The Metaverse is gradually becoming an integral part of the Web3 economy. Video gaming plays a substantial role in the Metaverse, while items derived from engaging with objects in games can also be converted into NFTs, which can be sold for money.
Having seen the lack of interoperability in the blockchain-powered economy, DMarket provides a bridge between the virtual and real world by serving as a cross-chain platform that accumulates multiple Metaverses for broadcasters, eSports organizations, video games, influencers, and brands. This explains why it has more than one million skins in its marketplace, has a bot that guarantees easy and quick trading, and holds a 4.5-star rating on Trust Pilot.
Accessibility and numerous payment options for traders. The skins need to be bought and sold using fiat or digital currency. Payment methods available to users include e-services platforms (PayPal, Neteller, Skrill, and Payoneer), bank cards from financial services companies like Mastercard, VISA, and Union), and bank transfers. Cryptocurrencies such as Ethereum (ETH) and Bitcoin (BTC) are also accepted. Smartphone users can also access the marketplace on Google Play Store (Android) and Apple Store (iOS) and also take advantage of the many language options available in customer service.
Updated API systems. One of the most complained aspects of trading is scalability. The platform’s application programming interface (API) makes it easy to trade. Aside from that, it also helps users manage their inventory as they trade in bulk without facing technical problems.
Is DMarket Legit: The cons
While the team behind the project has created a great ecosystem where brands, influencers, players, and game developers can contribute securely to video game content while making profits in the process, many people have shed light on the platform’s 7% fee.
Many sellers have accused the company of putting profits ahead of satisfying sellers. Aside from fees, customer service response times have been rated poorly by millions of the platform's users.
Author: Raphael Minter
Raphael Minter/ Albert Zuhnden (preferred pen name) is a crypto finance writer, data miner, and fundamental analyst. Raphael has written hundreds of articles about centralized and decentralized financial instruments such as precious metals, commodities, stocks, and cryptocurrencies. He broke into digital finance in 2016 and believes digital assets and blockchain technology is the future of finance.