What Is Bybit NFT Marketplace?

What Is Bybit NFT Marketplace?

What Is Bybit NFT Marketplace?

What Is a Non-fungible Token (NFT)? 

Non-Fungible Tokens (NFTs) are unique and impossible to replicate. Each NFT contains computerized code and is cryptographically verified to substantiate the ownership of a digital or physical asset like music, art, license, or even real estate. Since they are built on smart contracts via an underlying blockchain protocol like Ethereum, Solana or Polygon, distinguishing the provenance of the assets, democratizing the identity management, and fractionalizing the ownership among multiple owners is possible. As compared to fungible tokens, they are indistinguishable, unlike NFT. 

What Is Bybit NFT Marketplace? 

Bybit NFT Marketplace is the one-stop destination mint, purchase, and bid NFTs. Users and participants can get early access to the cutting-edge NFT collections from creators, including the exclusive projects that Bybit supports. Bybit’s NFT Marketplace supports only the Ethereum (ETH) blockchain for minting NFT in phase two of the launch, while Solana (SOL) blockchain NFT’s can be listed and traded on the platform after minted. Any self-minting of NFTs on Bybit NFT is not currently supported.

Participants can buy, sell and trade their favorite NFTs — digital art, collectibles, including GameFi and metaverse NFT without additional marketplace fees. The checkout process is seamless and straightforward. All you need is to make payments using the token the NFT is priced in, including ETH, USDT, and BIT. However, do take note that the file format that Bybit Marketplace supports currently is only images and videos. 

It’s worth noting that each NFT on Bybit is only priced with one token. For example, if an NFT uses BitDAO’s BIT token as its pricing unit, you cannot use other tokens — USDT or ETH — for trade.

The Bybit NFT mystery boxes come at a fixed price and each mystery box contains a unique random NFT, which comes in four different rarity levels: N (Normal), R (Rare), SR (Super Rare) and SSR (Super Super Rare). The purchased mystery box can be opened anytime or traded without opening for a profit.

Get Started with Bybit NFT

Users who have an existing Bybit Spot Account can access the Bybit NFT Marketplace. However, if you’re a new user who has yet to have an account on Bybit need to sign up for an account to proceed with the NFT trading process. 

  • For existing users, you can begin trading with your Bybit Spot Account.
  • If you‘re new to Bybit, you can follow the steps below to start your NFT journey:
  1. Create a Bybit account 
  2. Deposit or Buy Crypto 
  3. Trade NFTs 

Note:

Please make sure you have USDT, BIT, or ETH in your Spot Account before trading.

Currently, you can trade NFTs using a Fixed Price. An additional trading method — Auction — is expected to be supported in March 2022.

Bybit NFT Fees Explained

Please refer to the following table for trading fees:

  Fees Paid Fees Received
Creators NFT Minting Fee* Get 1% royalty fee for each trade  
Sellers – Pay 1% royalty fee to the creator           
– 1% of trading fee
Buyers Free

Bybit charges a 1% trading fee for all NFT sellers. In addition, sellers need to pay a 1% royalty fee to the creator. 

*Please note that the self-minting of NFTs on Bybit NFT Marketplace is not supported. 

Example

Formula

Formula = NFT traded price x 1% trading fee + NFT traded price x 1% royalty fee 

To view the NFT trading histories, users can click the avatar icon in the upper right corner of the Bybit NFT page, and then click My History in the pop-up window to view your NFT trading history.

Limits on the Order Amount Setting

The minimum and maximum amounts that can be set are as follows:

  Minimum Amount Maximum Amount
ETH 0.001 99,999,999.999
BIT 0.000001 9,999.999999
USDT 0.01 99,999,999.99

Buying an NFT on the Bybit NFT Marketplace

Please head to the Bybit NFT Marketplace and click Buy Now on the NFT you desire to purchase. Then, click Pay Now. Once the payment is completed, your NFT has been successfully purchased.

Selling an NFT on the Bybit NFT Marketplace

Please head to your profile page, click List Now on the NFT you want to sell, and then enter the NFT Listing page. Next, please follow the steps below to list your NFT:

1. Choose the pricing token (USDT, BIT or ETH)

2. Enter the quantity

3. Select the delisting time

4. Click Submit

Note:

—Bybit charges a 1% trading fee for all NFT sellers. In addition, sellers need to pay a 1% royalty fee to the creator. 

—Listings of NFTs which you create are not supported. At this time, only NFTs purchased from the secondary market can be listed.



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