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Crypto.com NFT marketplace Pros and cons
- Supports NFTs from four blockchains
- Multiple payment methods supported
- No gas fees with app
- Debit and credit payment supported
- Must apply to be a creator
- 72-hour review period for minting
- Only five file formats supported
- Exchange had a $30 million hack in 2022
Crypto.com is a cryptocurrency exchange based in Singapore. In 2021, it launched an off-chain NFT marketplace, called Crypto.com NFT. It's a mixed marketplace, meaning it features multiple types of NFTs.
For collectors, the market offers exclusive drops from featured creators, NFTs from four blockchains and allows multiple payment options. Transactions on the Crypto.com NFT marketplace are recorded on the Crypto.org Chain, and there are no gas fees for trading NFTs if you're paying with the Crypto.com App. You also have the option of minting new NFTs on the Crypto.org Chain.
The marketplace has its fair share of positives, but if you're a creator, this may not be the platform for you.
Our take on Crypto.com NFT
Crypto.com has over 10 million users across its ecosystem, and a new NFT marketplace that launched in 2021. It's a solid marketplace, especially for being so new. The crypto and NFT space struggles with scams and fraudulent digital assets, but since Crypto.com only accepts safelisted collections, there's less risk for buyers when browsing collections — to be clear: less risk, but never zero.
Our biggest grief with Crypto.com is the creator application and minting process. If you apply to become a creator and you're rejected, there's currently no way to resubmit your application. And minting a new NFT takes a minimum of 72-hours.
However, there's no fee for minting. And except a $3 submission fee, there are no marketplace fees or gas fees to worry about. So if you're ok with waiting three days, that could be a good trade-off.
Apart from the potential frustrations creators may run into with this platform, buyers can use multiple payment methods and a variety of wallets. Plus, you can connect a debit or credit card for NFT purchases. It's very convenient and something that other major NFT marketplaces lack — OpenSea only accepts crypto payments.
Overall, Crypto.com NFT is a good starting point for newbies looking to break into collecting NFTs, but for seasoned creators that prefer minting on more mainstream blockchains like Solana or Ethereum, you may want to look elsewhere.Image source: Crypto.com NFT
How Crypto.com NFT works
Buy NFTs minted on Crypto.org Chain, and safelisted NFTs from Ethereum, Polygon and Cronos collections. At the time of writing, there are 28 safelisted Cronos collections, 22 safelisted Polygon NFT collections and 57 safelisted ETH collections.
CRO is Crypto.com's native token, and can be used to buy NFTs, but there are multiple payment methods available including credit and debit cards, as well as over 20 cryptocurrencies and many supported wallets.
You're required to have a Crypto.com account to purchase and sell NFTs, and if you pay for ETH NFTs using the Crypto.com Wallet, you don't have to pay gas fees.
To mint, you must apply to become a creator. With each NFT submission, there's a $3 submission fee and a 72-hour review period for the platform to confirm the NFT meets community standards: no vulgarity, nudity, etc. NFTs minted on the platform are Crypto.org Chain NFTs.
Crypto.com NFT blockchain and currency
All transactions relating to sales items on Crypto.com NFT marketplace are recorded on the Crypto.org Chain. The site states it's looking into compatibility with other blockchains, but for now, transactions are recorded on Crypto.org Chain only.
Use the Crypto.com App, Etheruem wallets, Cronos wallets, Bitcoin wallets or Crypto.org Chain Wallets. The cryptocurrency you can make purchases with depends on the wallet you're using.
|Payment method||Cryptocurrencies supported|
|Crypto.com App||BTC, CRO, ETH, USDC, TUSD, USDT, DOGE, SHIB and many more.|
|Etheruem wallet||CRO, ETH, WETH, AAVE, COMP, ENJ, USDC and many more.|
|Cronos wallet||CRO, ETH, USDC and USDT.|
|Crypto.org Chain Wallets||CRO|
There are no gas fees if you're buying an NFT with the Crypto.com Wallet, but gas fees apply to all other payment methods.
How to buy NFT's on Crypto.com NFT
To buy an NFT, sign in to Crypto.com. If you need to create an account, it's a familiar process: full name, email, password and username. From there, you need to verify your account to buy, sell and create NFTs.
There are two ways to verify your account:
- Connect your Crypto.com App to your account.
- Phone number verification.
Crypto.com recommends connecting your account to the app. Both involve inputting a verification code. If you don't have the Crypto.com App, you don't need it to verify your account — you can easily verify with your phone number.Image source: Crypto.com NFT
Crypto.com's marketplace has multiple payment methods:
- Credit card
- Debit card
- Account balance
- Crypto.com Pay via Crypto.com App
- Digital wallet payments with cryptocurrency
Crypto.com doesn't require you to use a specific digital wallet. Choose between 22 different cryptocurrencies including CRO, USDC, TUSD, USDT, BTC and ETH, depending on your connected wallet.
You can also use a debit or credit card to make a purchase. However, there are limits on how much you can spend depending on what you buy.
For example, there's a $10,000 weekly limit on debit and credit card purchases if you buy a drop item. If you plan on being a big spender — more than $500 a week using a debit and credit card — then read up on Crypto.com's policies regarding credit and debit card limits.
Once you've created an account and connected your preferred wallet or payment method, you can browse through the collections. Sort by blockchain, drops, listing type, price, NFT category and more.Image source: Crypto.com NFT
There are two sale methods on Crypto.com NFT: Fixed price and auction model.
Once you find a suitable NFT to buy, select it and move forward with the purchase by selecting Buy for $[X], or Make an Offer. You're also able to see the royalty percentage that goes to the original creator.Image source: Crypto.com NFT
Compatible exchange: Crypto.com App
- Priorities security with a $750 million insurance fund
- User-friendly user interface
- Long list of features such as lending, borrowing, staking and crypto debit cards
- Poorly rated customer service
- Certain cryptocurrency support is geographically restricted
- High withdrawal fees
Fees for trading are competitive, though can be high when withdrawing to an external wallet from the exchange.
There is a detailed knowledge base available on how features work, as well as Crypto.com university that teaches about various assets.
The company prioritizes security, marketing and design, but reviews suggest that customer service is lacking.
|Deposit Methods||Bank transfer (ACH)
|Withdrawal Fees||Cryptocurrency: Fees vary|
|Trading Fees||Maker: 0%
Types of NFTs on Crypto.com NFT
Crypto.com's marketplace is mixed, so creators aren't limited to minting or selling one specific genre of NFTs on the platform. And as we've mentioned, there are Crypto.org, Polygon, Ethereum and Cronos NFT collections.
The six different categories on the marketplace are:
Easily toggle between categories while exploring the marketplace. A few popular collectors and creators on the platform include:
- Ari Hersch
- Boss Logic
- Heavy Metal
- Snoop Dog
- Ugonzo Art
How to sell NFT's on Crypto.com NFT
Select NFTs from safelisted collections or mint your own NFT. To see if a collection is safelisted, visit the help center on Crypto.com NFT to see a list of safelisted NFT collections for each blockchain and its contract address.
With the safelisted NFT in your wallet, you list your NFT for sale either with a fixed price or at auction.
- Fixed price. Seller sets a fixed price for the item.
- Auction model. Seller puts item up for sale with an end date and minimum bid amount. Buyers place the bids, and the next bidder must beat the previous bid by 5% or $10, whichever is higher. Sellers can cancel the bid, and if canceled, the highest bidder is refunded their bid. Top bidder wins. If there are no bids by the end time of the auction, the item is delisted. Items can't be canceled within 24 hours of being listed.
Minting your own NFT to sell requires a verified account and creator application. To start the process, select Create on the main navigation bar, where you can go to the application page. Complete the application, and you can start minting NFTs once you're approved.
Only five file formats are accepted: JPEG, JPG, PNG, GIF and WEBP. After you've submitted your file, there's a 72-hour approval process, and you can list the NFT for sale once it's accepted.
There's no gas fee for minting, but there is a 15% primary listing fee when your self-minted NFT is sold for the first time. Royalties for secondary sales are fixed at 10%.
New creators also have to go through a 30-day freeze period. Your NFT account balance payout is frozen for 30 days and self-minted NFTs can't be withdrawn for 30 days.
Crypto.com NFT fees
|Minting||$3 submission fee and 15% primary listing fee|
|Trading NFTs||No gas fees if paying with Crypto.com App wallet, gas fees applied when paying with any other wallet.|
|Royalty percentage||Fixed at 10%|
Crypto.com NFT drops
Drops are limited events where buyers can purchase new NFTs directly from creators. Crypto.com publishes their drop schedule and releases drop news on their social media accounts.
To access the Crypto.com NFT drops and see the schedule of upcoming drops, select Drops on the main navigation bar. You're able to see drops happening live and view the new collection.
If you want to stay in the know, subscribe to the drop newsletter with your email and signup located at the bottom of the page.Image source: Crypto.com NFT
How the Crypto.com NFT app works
The Crypto.com Wallet App is a key part of its ecosystem. Users that use the app to pay for NFTs can enjoy not having to pay gas fees — a major plus. Users can manage their NFT collectibles as well. The app is available on Android and Apple devices.
The app is available in all states except New York.
Is Crypto.com NFT legit?
Crypto.com NFT is a legitimate marketplace. However, the exchange's security came into question in January 2022 after a $30 million hack. ETH, BTC and other cryptocurrencies were stolen from 483 users' wallets. However, Crypto.com reimbursed the affected users.
Since the incident, Crypto.com has implemented "additional security protections and has called in third-party auditors to further assess its security," as reported by Wired.
The exchange announced a program called "Worldwide Account Protection Program (WAPP)" which is supposed to protect users in the event of a hack. Qualified users are able to get back up to $250,000 if a hacker gets access to their accounts, reported by Vice.
We're unsure what a "qualified" user is, but if we had to guess, it's likely a user with a verified account and history with the exchange.
At the time of writing, this is the only major, sitewide hack reported.
Other marketplaces to buy NFTs
Crypto.com's NFT marketplace is a little late to the game. Other marketplaces like Nifty Gateway, OpenSea and Rarible have a few years on Crypto.com's market. However, given the various payment methods, it may have an edge over these veterans.
There's not many fees to worry about when trading NFTs, you'll have multiple payment methods to choose from and many supported wallets. However, we don't feel this platform is well-suited for NFT artists or creators, and some collectors may feel that shopping only within safelisted collections may be too limiting.
For newer collectors wanting to avoid NFT scams or rugpulls, Crypto.com's safelisted collections could be a good introduction — again, less risk. The world of NFTs is fraught with fake listings; OpenSea admitted that around 80% of all their listings are fraudulent.
If you're a creator, OpenSea or Rarible may be a better match. But for collectors wanting to shop for legitimate NFTs in verified collections and the ability to buy assets with fiat, Crypto.com is a solid choice.
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