Alcor Exchange Review
Alcor Exchange is a decentralized exchange offering zero-fee NFT trading. Artists can list themselves for free and sell their artwork directly on the portal. It also allows for creation of NFT tokens.
Alcor Exchange has been active since 2020.
Alcor Exchange uses EOSIO blockchain technology to integrate WAX, BOS, TELOS, EOS and Proton blockchains.
The platform also supports currency swaps. On 15 March 2021, the exchange also announced the release of new DeFI liquidity pool protocol. We will follow this closely and provide further detail on it in the future.
What is an NFT Marketplace?
An NFT Marketplace is a marketplace for NFTs. So far so good. But what is an NFT?
NFT is an acronym for “Non-Fungible Tokens”. Something which is fungible is replaceable. For instance, one kilo of 24 karat gold is – at least in theory – replaceable with any other kilo of 24 karat gold. When something is non-fungible, it means that it is unique, and not replaceable with any other item out there.
Although NFTs are conceptually similar to cryptocurrencies, these digital assets might represent antiques & artworks, collectables like trading cards, and other items with unique features. These tokens are stored cryptographically in a blockchain network for authentication and validation. Even when transacting, each token is sold as a whole, unlike cryptocurrencies which are divisible into smaller units. NFTs lose their value when split into smaller portions, however, they can be duplicated by the artist and each additional copy can be sold separately (but the total number of duplicates will then always be known).
Alcor Exchange Focus
The key focus of Alcor Exchange is the option of self-listing. Artists can create a market place for their NFTs without paying any commission or platform fees.
Artists can create their NFTs merely by inputing data sets like Name, Category, immutable and mutable data. The ownership of the NFT is assigned after creation, enabling artists to sell or transfer immediately. On this marketplace, artists can stay focused on creating artworks instead of worrying about the listing process.
Currently, Alcor Exchange supports multiple wallets including Anchor, Wombat, Lynx etc.
Layout of Alcor Exchange
Different NFT Marketplaces present their NFTs, the latest bid and the remaining time of an auction etc. in different ways. What you are most comfortable with viewing and using is up to you and no one else. The following picture is a print screen from Alcor Exchange.
Alcor Exchange Fees
Unfortunately, we have not been able to find what fees Alcor Exchange charges a buyer when purchasing an NFT. We have asked the marketplace about this and we will update this review with the correct information as soon as we have received it from them.
Alcor Exchange Payment Methods
A few of the NFT Marketplaces out there accept deposits and payments via credit or debit card, and some even accept PayPal-deposits.
Alcor Exchange doesn’t allow withdrawals or deposits through credit/debit cards or PayPal. Accordingly, you need to have a previous holding of the cryptos supported by Alcor Exchange in order to be able to interact on this particular marketplace.