ByBit NFT Trading Explained
Founded in 2015, Bybit is a cryptocurrency derivatives exchange with a comprehensive set of advanced tools to help you manage your cryptocurrency portfolio. It offers high liquidity, reliable no-downtime guarantees, and a unique P2P platform.
Since it was founded only a couple of years ago, it has grown rapidly into a one stop crypto destination, and has been trading over $1B worth of crypto per day.
With Bybit, you can trade leveraged margin, derivatives, and NFTs on the same platform. In Bybit's NFT Marketplace, users can list and trade Non-Fungible Tokens (NFTs) such as digital art, collectibles, game tokens, metaverses, etc. Bybit Spot Account holders can buy NFTs with ETH, BitDAO (BIT), XTZ, or USDT.
In this post, we’ll discuss the Bybit NFT Marketplace, its pros and cons, and how to begin your NFT journey on the platform.
What Is ByBit NFT Marketplace?
The ByBit platform is home to an extensive non-fungible token marketplace. This is a place where you can get early access to products that are related to the metaverse. It is also worth mentioning that their NFT marketplace has zero transaction fees. They are proud of hosting a variety of NFTs from around the world and are proud to offer early access to these.
In Bybit NFT Marketplace, you have the option of minting, purchasing, and bidding on NFTs. Users and participants have a chance to gain access to cutting-edge NFT collections from creators as soon as they become available.
Currently, the Bybit NFT Marketplace only supports Ethereum (ETH) blockchain for minting NFTs, but It can list and trade Solana (SOL) blockchain NFTs after being minted. NFTs cannot be self-mined on Bybit NFT at this time. The Ethereum blockchain is used to mint all NFTs traded on the Bybit NFT Marketplace.
It is also possible to trade GameFi and metaverse NFTs as well as digital art and collectibles as part of the marketplace. There is no hassle or complication involved in the checkout process. You can pay using ETH, USDT, or BIT, depending on the price of the NFT. In the Bybit NFT Marketplace, images and videos are the only supported media types.
A single token is used to price each NFT on Bybit NFT Marketplace. In the case of NFTs that use BitDAO (BIT) tokens as their pricing units, other tokens - such as USDT or ETH - cannot be traded.
It should be noted that Bybit NFT Mystery Boxes offer a fixed price. There are four different rarity levels available in Mystery Boxes: N (Normal), R (Rare), SR (Super Rare) and SSR (Super Super Rare) each of which contains a randomly selected NFT. In the marketplace, you will be able to trade unopened Mystery Boxes or open a Mystery Box that you have purchased at any time.
NFT marketplaces: where to buy NFT tokens?ByBit NFT Platform Pros and Cons
👍 Pros:
• Backed by a reputable crypto exchange
• Reasonable trading fees
• Exclusive collection of NFTs
• No need for an external wallet
• User-friendly platform
👎 Cons:
• Only supports Ethereum for minting NFTs
• Prohibition of self-minting of NFTs
• NFTs are priced only with a single token
ByBit NFT Fees
| Fees Paid | Fees Received | |
|---|---|---|
| Creators | NFT Minting Fee* | Receive 1% royalty fee for each trade |
| Sellers | Pay 1% royalty fee to the creator Pay 1% of trading fee |
— |
| Buyers | Free | — |
The trading fees charged by Bybit are among the lowest on the market. VIP members pay even lower trading fees. There are different fees for market makers, who add liquidity to the market, and for takers, who remove liquidity. Makers are also rewarded by the exchange through a Market Maker Incentive Program, which offers a 0.015% rebate.
How to Get Started With ByBit NFT Platform
NFT projects are currently supported by Bybit, but creators and rights holders will soon be able to mint and list their own NFTs.
Apart from the revenue cut from primary sales, Bybit pays royalty payments to the original owners of NFTs on every secondary sale. Furthermore, the Bybit NFT Marketplace charges the seller only a 1% transaction fee.
In addition to selling NFTs directly to users, sellers can also offer Mystery Boxes based on their own rarity levels and preferences. In the near future, Bybit will also support auctions.
How can users distribute or resell their digital or tokenized assets using the Bybit NFT Marketplace? You are welcome to list NFTs on Bybit NFT if you are a creator, developer, brand or intellectual right owner interested in leveraging blockchain technology to distribute digital creations.
You can list your NFTs on Bybit and gain access to a 5 million trader base, a large number of crypto fans on various platforms, and a range of marketing resources, such as influencer affiliates, to help promote your NFT.
The Bybit NFT Marketplace is accessible to users with Bybit Spot Accounts. Nevertheless, if you are a new Bybit user, you must first register for an account in order to trade NFTs.
Existing Bybit users can start trading with their Bybit Spot Accounts. Bybit's new users can take the following steps to start using NFT:
Sign up for a Bybit account.
Make a crypto deposit or purchase.
By or trade NFTs.
To purchase an NFT, go to the Bybit NFT Marketplace and click Buy Now. You will then be taken to the payment page. You have successfully purchased your NFT once the payment has been completed.
You must have USDT, BIT, or ETH in your Spot Account before trading.
To sell an NFT on the Bybit NFT Marketplace, follow these steps:
Click on List Now on the NFT you wish to sell and enter the NFT Listing page.
Decide which pricing token you want to use (USDT, BIT, or ETH).
Specify the quantity.
Select the delisting time.
Then click the Submit button.
If you are selling NFTs on Bybit, remember that listings of NFTs you have created are not supported. The secondary market is the only source for listing NFTs at this time.
Best ByBit AlternativesFAQs
Does making NFT cost money?
Size and quality of the artwork determine the cost of creating an NFT. NFTs can be created for free or artists can use their own images and designs. No matter how large the purchase is, NFT creation is affordable. Choosing a royalty percentage is the most challenging part.
How can buy NFT on Bybit NFT Marketplace?
ETH, BIT, XTZ or USDT can be used in the Bybit NFT Marketplace with your existing Spot Account. To get started with Bybit, you need to create an account. Each NFT on Bybit will only be priced with one token.
How do I withdraw NFT from Bybit?
The first step is to launch your Bybit App on your mobile device. The Home page will be displayed by default. The second step is to visit the Assets page. To withdraw, click the Withdraw button under the Spot or Overview tab.
Can NFTs be traded or exchanged?
NFTs (non-fungible tokens) are cryptographic assets on a blockchain that have unique identifiers and metadata. It is not possible to trade or exchange them at equivalency, unlike cryptocurrencies.
Team that worked on the article
Ivan is a financial expert and analyst specializing in Forex, crypto, and stock trading. He prefers conservative trading strategies with low and medium risks, as well as medium-term and long-term investments. He has been working with financial markets for 8 years. Ivan prepares text materials for novice traders. He specializes in reviews and assessment of brokers, analyzing their reliability, trading conditions, and features.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
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