BitForex NFT Marketplace Review
Cryptocurrency exchange, BitForex, launched its NFT portal on 18 February 2022. The exchange is registered in Seychelles and is operational since 2018. On 2 December 2021, the trading portal had a liquidity of USD 506 million.
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).
BitForex NFT Marketplace Focus
This marketplace plans to list artworks from different genres like collectables, arts, esports, gaming, entertainment and others. You can find images, videos as well as audio NFTs on this portal. You can look for specific genres using the Filter function.
The support section has a detailed post on how to buy or sell NFTs on this platform. Users can deposit supported NFTs too as well as participate in Live Auctions.
BitForex NFT Marketplace Fees
When you make a trade at any NFT trading platform, they typically charge you with a sales commission.
Since this is a new platform, to attract users, they have decided to waive off any trading commissions or gas fees in the early stages. However, it is unclear how long this promotional 'Zero Fee' rate will be applicable. We will surely update the fee rates as soon as the company makes an announcement.
Layout of BitForex NFT Marketplace
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 BitForex NFT Marketplace.
Although it has been barely a week since the portal launched it has already managed to list more than 20 artworks on the NFT marketplace. On the date of writing this review (22 February 2022), the highest-priced artwork listed on this platform was “WVRP #9333” for ETH 0.8 (approximately USD 2,081). Here’s an image of this artwork
BitForex NFT Marketplace 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. BitForex exchange accepts deposits via fiat funds or crypto deposits from other exchanges. Fiat can be deposited through wire transfers and credit cards.
We couldn't find any explicit mention of the deposit methods in BitForex NFT Marketplace. So, we are assuming that all supported deposit mediums in its crypto trading exchange will also be accepted for the NFT Marketplace.