On January 20th, 2022, Bybit opened the NFT Marketplace. You can participate in the NFT Marketplace if you have a Bybit account. Since you use a Bybit account, you can easily participate without a lot of other troublesome processes.
- What are NFTs?
- Bybit NFT Marketplace
- Types of NFTs
- How to buy Bybit NFT
- Payment method
- Withdrawal method
- Bybit NFT Marketplace Features
What are NFTs?
NFT is an abbreviation for “Non-Fungible Token”. It has the meaning of a non-fungible token, anyone can sell it, and it can be bought and sold without any complicated knowledge about blockchain. When NFT is resold, the reward to the author will be included. In recent years, interest in NFTs has increased, especially among young people, because it leads to long-term profits for creators.
A feature of NFTs is that it is impossible to create a copy that is exactly the same as the original. Until now, no one could distinguish between a copy and an original by looking at digital data. However, blockchain technology has made it possible to clearly distinguish between originals and copies.
Records cannot be falsified
NFTs record information such as creators and owners, and even if you try to tamper with the information, you have to attack multiple places, making it virtually impossible. And this will make it possible to be the one and only existence, so there will be a reward for the author.
Since the owner history can no longer be tampered with, it will be given value as an asset. Perhaps from now on, the NFT market as a business may be bustling. In other words, NFT will be like a royalty business like novel writers and music writers.
Bybit NFT Marketplace
Bybit NFT Marketplace is a platform where you can sell, buy, and list NFTs, which started in 2021. Not only Bybit, but also Binance has started this attempt, and we are launching Binance NFT in 2021.
To participate in the Bybit NFT Marketplace, you must first create a Bybit account. It is essential because you use a Bybit physical account for payment. You can create an account from below. The language is Japanese by default, but you can switch languages with the globe mark on the upper right of the screen.
Users have the benefit of being able to purchase NFT works such as digital art, collectibles, and Metaverse. Not only Bybit, but other virtual currency exchanges such as Kucoin and Binance have also opened this NFT marketplace, and it is a platform that has received a lot of attention in recent years. However, to trade on the NFT marketplace, you will need virtual currency.
NFT Marketplace supports multi-chain transactions. Furthermore, Bybit has a reputation for high security and is a highly safe and reliable NFT platform, with many users listing items and transactions occurring every day. It has become.
Also, to participate in NFT, it is a condition that you have completed your identity verification. Please have your ID and proof of address ready. And all approvals must be completed. The following article summarizes how to use the identity verification method and the documents to be submitted.
Products handled by Bybit NFT
At the beginning of 2021, Bybit NFT had only three types, but the number of types has gradually increased, and now blockchain games and fashion art have already been released. You can check the lineup from the URL below.
Types of NFTs
What kind of NFT works are actually available for purchase?
Art is the most common type of NFT work. NFT digital art has become the main source of income for creators. Art created and managed using blockchain technology is guaranteed to be original and rare, so it can maintain its uniqueness.
The next most popular NFT after digital art is gaming. NFT uses blockchain technology to create and manage in-game items. Players can earn rewards in cryptocurrencies and NFTs by completing tasks and competing in-game, which can be exchanged for virtual currency, making it possible to earn money by playing games.
Metaverse NFT uses blockchain technology to guarantee the value of limited quantities of avatars and goods. It is characterized by allowing transactions within the Metaverse and mutual use with multiple Metaverse services.
How to buy Bybit NFT
Please log in to Bybit first. After that, let’s first open the NFT Marketplace from the following URL. Many products are lined up. If you change the item to “GrabPic”, the products listed on Bybit NFT GrabPic will be displayed.
You can see the amount by hovering over the item. You can also see detailed information by clicking on the NFT. Check everything and if there is no problem, press the “Buy” button.
When you press the buy button, there is a “pay now” button, so press this. By pressing this, the NFT purchase will be completed.
First, from the Bybit NFT homepage, press the blue frame mark and click the button that says “Deposit”.
The screen will transition. Choose your preferred blockchain network and wallet type. Then, the wallet screen will be launched, so enter the password to unlock it. After that, select the NFT project you want to deposit. Then select the NFT you want to deposit and press “Confirm
Open the wallet screen and copy the wallet address. After copying the wallet address, click the blue frame of Bybit NFT. Then click “Withdrawal” to appear.
When the withdrawal details screen appears, check that the withdrawal address is correct and press the “Confirm” button again. You are done. Of course, if there is a mistake in the address, you will not be able to withdraw, so please be careful.
Bybit NFT Marketplace Features
We will explain the current status and characteristics of Bybit’s NFT marketplace.
quality of work
The quality of the works on Bybit’s marketplace is guaranteed. Since it is a project NFT rather than an individual listing, it means that the quality is certain. Therefore, there are not many low-quality works.
No transaction fees
There are no fees when buying or selling on Bybit’s marketplace. Perhaps because of this, buying and selling is relatively active and the market is very active.
Few items available
NFT marketplaces are also held at other major exchanges around the world, but the reality is that Bybit’s overall number of products is not that large. Partly because of that, I get the impression that there are fewer exchanges than other exchanges.
Virtual currency that can be used for purchases
There are only three virtual currencies that can be used when making purchases on the NFT Marketplace. There are only three,
ETH'',USDT”, and “BIT”, and the virtual currencies that can be used differ depending on the NFT, so it is better to check which virtual currency can be used to purchase the NFT you want to purchase.
Are NFTs profitable?
There are two ways to make money with NFTs: create and sell works, and resell them when the price of NFTs increases. From an investment perspective, it comes down to how low you can buy and sell at a high price. NFTs purchased on Bybit can only be resold within Bybit. Not compatible with other marketplaces.