Crypto.com NFT Platform Review
Crypto.com NFT Platform is an NFT Marketplace from Hong Kong. The company operating this NFT marketplace also has a Crypto.com debit card and a crypto exchange platform. It is really a "one-stop-shop" for cryptocurrency solutions.
The NFT Marketplace has been active since 2021 and it is based on Crypto.com's own blockchain, the Crypto.org Chain. In the company's own words about the blockchain:
"Crypto.org Chain is a public, open-source and permissionless blockchain - a fully decentralized network with high speed and low fees, designed to be a public good that helps drive mass adoption of blockchain technology through use cases like Payments, DeFi and NFTs."
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).
Crypto.com NFT Platform Focus
As mentioned above, Crypto.com NFT Platform is the only NFT Marketplace that is entirely based on the Crypto.org Blockchain. When launching, the platform surprised the world by, inter alia, being the exclusive provider of the F1 Collectibles issued by the Aston Martin Cognizant F1 Team, showing Sebastian Vettel and Lance Stroll in the dark green Aston Martin vehicles. Another interesting artist featured on the Crypto.com NFT Platform is Snoop Dogg who has launched a number of different NFTs here.
Layout of Crypto.com NFT Platform
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 Crypto.com NFT Platform's marketplace section. You can search based on Art, Celebrities, Gaming and Sport and you will then see previews of some of the NFTs available to buy. The order in which the NFTs are presented is not entirely clear to us.
If you zone in to one of the specific NFTs, in this case the NFT called It will be ok created by the artist BossLogic, the page layout is as follows. Here you can see the current bid, the remaining time of the auction, ownership history, rarity etc. You can of course also see a picture of the NFT you have chosen.
Crypto.com NFT Platform Fees
When you buy an NFT somewhere, it is customary for the relevant NFT Marketplace to charge a fee for enabling the sale. This fee is typically a percentage of the NFT's sale price and is normally paid by the buyer. This can be compared with how regular art galleries normally take a share of the sale of any paintings etc. hanging in the gallery when a sale is executed.
According to information we have received from Crypto.com, this platform does not charge any fees at all. Not from the artist, and not from the buyer either. We are unsure of how the platform can be profitable in spite of not charging any fees. The only information on commissions/royalties we have been able to find is that 10% of the purchase price goes to the artist for future resales, but we do not understand this to equal a commission on initial sales, which is the customary structure.
Crypto.com NFT Platform 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.
Crypto.com NFT Platform is one of them, as they accept credit card payments (but not PayPal). This makes it possible for new NFT-enthusiasts, with no previous history in the crypto world, to get into the thrilling NFT-world.