NFTs- Crypto.com – The Best Option for Beginners?
Crypto.com NFT subsidiary has allegedly decided to part ways with the head of its nascent NFT business Joe Conyers III.
And that’s not all. Just a few days after the biggest cryptocurrency exchange Coinbase, confirmed laying off more than 1,000 employees, Crypto.com decided to follow a similar path.
Sources said the company made the “difficult decision” to go through “targeted reductions” – more precisely, 260 people or 5% of its workforce.
In December 2021, Crypto.com launched its new feature, or, as it called it, a “highly-curated NFT marketplace” where exclusive digital collectibles and their non-fungible token can be discovered.
Conyers helped the exchange get the platform on its feet by joining Crypto.com in March 2021.
Be it as it may, the Crypto.com NFT platform directly competes with a behemoth OpenSea, but also tackles Coinbase’s nouveau offering — enabling collectible token fans to trade and mint NFTs.
How does Crypto.com NFT profit?
Like its mother platform, Crypto.com, the NFT branch profits whenever a transaction happens.
One can purchase NFTs minted on Crypto.org Chain, and safelist them from Ethereum, Polygon, and Cronos collections. CRO is Crypto.com's native token and can be used to buy NFTs, but multiple payment methods are also accepted. One of those includes paying with other credit cards that, for example, isn’t an option on OpenSea. Of course, one can pay with 20 cryptocurrencies and many supported wallets.
The user needs, however, to have an active Crypto.com account to buy or sell an NFT. The service is feeless if you decide to pay for ETH NFTs using the Crypto.com Wallet.
Crypto.com NFT offering
According to the official announcement, Crypto.com NFT offers curated collections from art, music, and sports, including Formula 1, the UFC, and Paris Saint-Germain.
Platform clients can check out these collections, buy and sell NFTs, and communicate with other users in the marketplace. Also, users can create their own NFT and share their talent with the community.
The platform itself may sound like an excellent place for beginner creatives since it's easy to use and allows young non-fungible token creators to become recognized in the broader community.
Users must go to Crypto.com/NFT and click ‘Create’ on the navigation bar to be directed to the application page.
After that, the users can introduce themselves, describe their experience, say something about past work and create specific types of NFTs on the platform.
However, if one applies to become a creator and is rejected, they cannot resubmit the application.
Minting a new NFT takes a minimum of 72 hours and there is, as already mentioned, a $3 submission fee and a 15% primary listing fee. There are no gas fees if paying with the Crypto.com App wallet. Also, there is a royalty percentage fixed at 10%.
Crypto.com's marketplace has six different categories: Art, Celebrities, Crypto, Gaming, Music, and Sports.
In the end, Crypto.com NFT may seem like a good foundation for newbies, but for more experienced creators who mint on more mainstream blockchains such as Ethereum, it could be a not-so-challenging option.
In any case, we have to wait to see if investors buy the NFT dip or listen to Bill Gates, who recently described the phenomenon of NFTs and cryptocurrencies as being “100% based on the biggest fool theory”.
Author: Teuta Franjkovic
A sincere writer with a strong will to share knowledge on all things blockchain, crypto, metaverse and DeFi. Starting out as a writer with Cosmopolitan, Teuta has risen through the ranks of business journalism, editing newspapers and websites within the fintech industry for over 15 years. She holds a double MA in Public Politics and Entrepreneurship.