UltiArena NFT Marketplace Review
The UltiArena NFT Marketplace operates under the legal name of UltiArena Technologies Pte. Ltd and is based out of Singapore. UltiArena is built on the Binance Smart Chain and the marketplace also acts as a community platform for game developers, gaming enthusiasts as well as game artists. The platform offers chat support in multiple languages like English, Russian, Korean, Japanese and Chinese.
What is an NFT Marketplace?
An NFT Marketplace is a marketplace for NFT. 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).
UltiArena NFT Marketplace Focus
This NFT platform mobilizes the gaming community under one roof. Game art creators can network with their peers as well as with gaming enthusiasts. The marketplace has the potential to widen the artists' outreach and market their NFTs, 2D and 3D assets, UI’s, music and other merchandise successfully. A recognition from Game Development Companies on the portal also opens up future prospects for the community members. The ULTI Metaverse, a game engine based on blockchain, allows creators to make their own games on UltiArena.
UltiArena NFT Marketplace Fees
When you make a trade on any NFT Marketplace, some charge you with a commission. The commission is normally a percentage of the sale amount in the relevant trade.
UltiArena’s NFT portal charges a 6% tax on each transaction. This is split into three equal portions of which one is held in liquidity pools, one portion is burned for tackling deflationary trends and the remaining 2% is given to the ULTI token holders.
Additionally, the website has also listed a presale plan on their website. Here’s an image
Layout of UltiArena 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 NFT marketplace is still not open for all and registrations are ongoing for the pre-sales. However, it has an active merchandise store. The following picture is a print screen from UltiArena’s merchandise store:
UltiArena 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.
We couldn’t find any information that suggests UltiArena’s NFT platform accepts cards or PayPal as a payment mode.