Crypto.com is a Singapore-based cryptocurrency exchange platform. Launched in 2016, Crypto.com has strived to be one of the best crypto exchange platforms while providing excellent service to its users.
Apart from its exchange service, Crypto.com also offers many services for its users to enjoy the full benefits of the use cases and applications of blockchain technology, especially with DeFi.
In its bid to promote a user-driven ecosystem, the exchange launched its off-chain NFT marketplace called Crypto.com NFT in 2021. Since its launch, Crypto.com has featured a lot of exciting NFT collections for its users and collectors.
This guide will take you through how to buy an NFT on Crypto.com’s NFT marketplace.
Crypto.com is a top crypto exchange platform. The Crypto.com NFT is a division of the exchange platform and an NFT marketplace for collectors, creators, artists, and investors.
Crypto.com NFT gained popularity due to the high reputation and stellar user-friendliness of the Crypto.com exchange.
Built on the Crypto.org chain, the NFT marketplace allows users to trade exclusive NFT drops and collections. To get started with using the platform, users must create an account and verify the marketplace account by linking their Crypto.com trading account.
Getting started with using the marketplace is easy and seamless. Registration and verification usually take a few minutes.
Usually, Crypto.com allows its users to trade with different payment methods. This is also applicable for Crypto.com NFT users, an advantage that has helped with its growth. They can purchase NFT using their crypto, bank transfer, or credit/debit cards.
Another advantage of using Crypto.com is its easy accessibility. Users can easily use the marketplace via web browsers for desktop devices or by downloading the Crypto.com NFT app on their device stores.
Crypto.com NFT supports multiple chains, including the widely known ERC721 Ethereum NFTs, in addition to its native Crypto.org NFT. Others include Polygon and Cronos chains.
The marketplace features a wide array of the best NFT collections in six categories. They include:
NFTs can be listed by vetted creators with an option for collectors and traders to buy at a fixed price or via auction.
One important feature of Crypto.com NFT is its safelisting procedure for creators. To get rid of the scams and fraudulent activities in the NFT space, Crypto.com accepts only safelisted collections, creating a safer trading environment for users.
Unfortunately, this makes the platform unsuitable for creators. This is because many creators struggle with the strict rules regarding application and minting processes. Creators can never reapply if their application is rejected by the platform.
Meanwhile, minting also takes more than 72 hours. When compared to many other reputable NFT marketplaces like Opensea, this may be unbearable for many creators.
However, many creators still prefer it because there is no minting or gas fee to worry about. In fact, creators do not pay any marketplace fee for their collection apart from a submission fee pegged at $3. This may be a good deal if a creator wants to cut off the exorbitant Ethereum gas fee on other marketplaces.
Pros of Using Crypto.com NFT
- Little to no transaction fee when purchasing NFTs
- Multiple payment methods
- Exclusive NFT drops
- Multi-chain support
- Easily accessible on mobile or PC devices
Cons of using Crypto.com
- Restrictive minting procedure for creators
- 72-hour application review for collectors
- Limited file formats supported
Steps to Buy an NFT on Crypto.com NFT Marketplace
Buying NFT on Crypto.com NFT marketplace is as easy as using other marketplaces. Essentially, users can buy NFT minted on the Crypto.org chain or safelisted collections from other supported chains, including Ethereum, Cronos, or Polygon.
CRO token, the native token of the Crypto.com exchange, is the primary payment method. However, users can complete the payment with their cards, bank accounts or via the Crypto.com Pay app. The marketplace also supports more than 20 cryptocurrencies from multiple wallets.
If you’re a new user, you must create and verify a Crypto.com NFT account. Then, you can start exploring NFT collections.
Here’s how to buy NFTs on Crypto.com NFT:
- Sign up for a Crypto.com NFT account
- Verify your account
- Buy NFT
1. Sign up for a Crypto.com NFT account
Visit Crypto.com NFT marketplace at crypto.com/nft. Click on SIGN UP from the top left corner of the homepage.
On the sign-up page, input your full name and email address.
Choose a unique username that can be made up of alphanumeric characters.
On the last two fields, input a unique and strong password for your account.
Click on SIGN UP. Continue by verifying your email address.
If you have a Crypto.com NFT account, click on SIGN IN and log in with your email and password.
2. Verify your account
Verification is a vital step before purchasing any NFT on Crypto.com NFT. For new users, you can easily verify your marketplace account by linking it to your Crypto.com exchange account.
To do this, go to SETTINGS from your account menu and click on CONNECT TO APP.
Instructions to link both accounts will be sent to your email address. Click on the attached link to connect your marketplace account to the Crypto.com exchange account.
If you don’t have a Crypto.com account, click on ‘DON’T HAVE THE APP’ to verify your account with your phone number.
Select your country and input your phone number. Verify your phone number by inputting the six-digit verification code sent to your inbox.
3. Explore NFT collections and buy the NFT
After completing the necessary verifications, you can start exploring collections in the MARKETPLACE section.
You can use the search bar to filter any NFT or collections you’d like to buy.
Like on every other marketplace, NFTs on Crypto.com NFT marketplace are sold at a fixed price, via auction, or both ways.
Buying at Fixed Price
Fixed Price sales allow users to buy an NFT instantly on the go.
To buy an NFT at a fixed price, click on the NFT and tap “BUY FOR…” Complete payment with preferred method between Crypto.com pay, Crypto balance, or credit card.
Complete 2FA verifications to complete your transaction.
Buying via Auction
With the auction, users must bid for an NFT and wait till the auction period is over. The NFT goes to the highest bidder at the end of the auction.
Therefore, users need to monitor the bidding process to avoid being outbid. Meanwhile, since bids are locked in escrow, you cannot use credit cards for auctions.
To bid for an NFT at an ongoing auction, click on the NFT and tap PLACE A BID.
Input the bid amount and click on PLACE BID. Complete payment with available options.
Is Crypto.com NFT Safe to Use?
As mentioned earlier, Crypto.com NFT is a subsidiary of Crypto.com exchange, a reputable exchange platform worldwide.
Although the exchange got under fire after a breach that resulted in the loss of more than $30 million in user funds, the exchange has implemented more effective security measures.
After the hack, Crypto.com reimbursed victims and further announced a program called “Worldwide Account Protection Program (WAPP).” The program will see to compensating any victim of a hack with $250,000.
Therefore, it is safe to say that this is unlikely to happen since they’ve adopted stricter security measures and also performed several security audits.
It’s important to say that Crypto.com’s NFT marketplace is late to the party, especially compared to established competitors like Opensea or Raible.
Also, Crypto.com can be a little bit restrictive for collectors and artists looking to list their collections on the platform. The platform only allows a limited number of safelisted collections to safeguard its users.
Therefore, if you’re a creator, Opensea or Rarible can be a better option since they do not have strict listing rules that can stress you out.
Some of the edges crypto.com NFT can have over many other old NFT marketplaces is its numerous payment methods, making it more suitable for NFT enthusiasts and collectors of every level.
Meanwhile, using the Crypto.com NFT marketplace is straightforward. Also, you don’t have to worry about any hidden or exorbitant fees with its different payment methods.
Furthermore, the Crypto.com NFT marketplace is highly reliable and safe for collectors due to strict rules set aside for safelisting collections. This will ensure that users, especially collectors, are protected from rug pulls or scam collections.