One of the most well-known crypto trading platforms in the world, ByBit allows you to exchange many kinds of crypto assets, including NFTs. ByBit has its own NFT marketplace favored by many investors and traders for its vast selection of available tokens, attractive trading conditions, and low fees. In this article, we’re going to explain how this marketplace works, why so many people in the crypto industry prefer using it, and what you can do to start earning on the marketplace.
The marketplace features all kinds of metaverse-related digital assets for you to browse and trade via a convenient interface. The platform allows you to look for various NFTs from all around the world, so you can access the latest collections made by different teams the moment they become public. ByBit allows its users to buy tokens with ETH, BIT, XTZ, or USDT. The marketplace supports the Ethereum blockchain for minting new tokens.
ByBit NFT marketplace features various digital art pieces and collectibles, so you can use the built-in search engine to look for interesting assets. The platform also features so-called Mystery Boxes that are basically containers with a bunch of random NFTs. They are divided by rarity into four groups: N (Normal), R (Rare), SR (Super Rare), and SSR (Super Super Rare). The rarer your pack is, the less common and more expensive the NFTs inside will be.
The marketplace is renowned for its low fees. Buyers don’t have to pay anything at all — that’s right, you can buy all the NFTs you want without any additional fees. However, sellers have to pay 2% for each trade: 1% goes to the NFT creator as a royalty payment, and another 1% is paid directly to the platform as a trading fee. As a creator, you can actually earn with the platform: mint your own NFTs and receive those royalties from every successful trade. Just don’t forget about minting fees.
Pros and cons
The marketplace is extremely popular and reputable, and that’s not a surprise. Supported by a major crypto exchange and very novice-friendly, it seems to attract lots of new users with its decent fees, a broad variety of available assets, and convenient interface. You don’t even have to use any external wallet to trade NFTs with ByBit since there is a built-in wallet provided by the exchange. However, it only supports Ethereum-based minting, and some people criticize this as a major inconvenience.