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    ByBit NFT Marketplace Scores One Success after the Other!

    ByBit, the cryptocurrency exchange platform, has been doing really well since its launch in 2018. It already has over 10 million users and is widely recognized for its security. The point is, the exchange platform already has a notable reputation in the crypto space. On January 2022, it launched the ByBit NFT marketplace which is currently exceeding people’s expectations with its success. So what is it and why is it succeeding? 

    What is the ByBit NFT marketplace?

    ByBit NFT marketplace is a one-stop destination where you can list, sell, purchase and trade NFTs that cover digital art, GameFi, collectibles, the metaverse, and more. It has a straightforward and simple process for buying and selling non-fungibles. You can pay with ETH, USDT, and BIT depending on how the digitilized token is priced. 

    Bybit NFT Marketplace collections

    It also has mystery boxes that come with fixed prices. There are four different rarity levels available in Mystery Boxes: N (Normal), R (Rare), SR (Super Rare) and SSR (Super Super Rare) each containing a randomly selected non-fungible.

    You can trade unopened Mystery Boxes or open a Mystery Box that you have purchased at any time.

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    Just like everything else, this marketplace has its pros and cons.

    Pros

    • Backed by a reputable crypto exchange
    • Affordable transaction fees
    • Offers a variety of NFTs from around the world + early access
    • No need for an external wallet
    • User-friendly 

    Cons

    • Blockchain minting limited to Ethereum 
    • Doesn’t allow self-minting of NFTs
    • Only supports images and videos NFT media types
    • A single token is used to price each NFT 

    How to buy NFTs on ByBit NFT Marketplace

    If you have a ByBit Spot account, you can access the ByBiT NFT marketplace with the same credentials. However, if you’re a new ByBit, you need to register from an account first. Before buying, you must have 

    How to buy on the platform

    If you’re all set, you can follow the below steps to purchase from the marketplace:

    1. Go to the Bybit NFT Marketplace 
    2. Pick the non-fungible you want to buy (you can pick the status, collection, type, category and the price while surfing the available nfts)
    3. Click buy Now
    4. You will then go to the payment page where you pay and finalize the purchase

    Once the payment is processed, the non-fungible token is all yours. 

    How to sell on ByBit

    The following are the steps you must take to sell on the ByBit nft marketplace. 

    1. Tap on the avatar icon available on the upper right corner of the NFT trading page to access your profile page. Then, press the ‘My Profile’ button in the pop-up window.
    2. Select the NFT or NFT mystery box that you want to sell > click on ‘List Now’ 
    3. Adjust the following steps: 
      1. select the pricing token for your item- USDT, BIT, or ETH 
      2. provide the quantity of your selling item
      3. mention the time of delisting depending upon your local time
      4. press on ‘submit’
    4. Confirm your listing details. 
    5. Click Confirm

    However, keep in mind that as a seller you must pay a 1% trading fee on your transaction along with a 1% royalty fee to the creator. You can cancel the listing at any time prior to any successful transaction. 

    Also, at the moment, you can only list NFTs that you’ve bought from the ByBit NFT Marketplace. You can’t list NFTs that you’ve created on your own. Now knowing all the important details about this platform, why is it successful?

    The Success

    The nft marketplace notable success comes from its collaborations and partnerships with various creators for projects that ended up scording big numbers.

    ByBit NFT Marketplace x Formula One x Azuki

    ByBit x Azuki

    ByBit NFT marketplace partnered up with Oracle Red Bull Racing and Chiru Labs, Azuki Creator, on a Formula One blue-chip NFT for the season finale.  The non-fungible features Lei the Lightning, an Azuki character building upon the IP of Azuki #8494.

    The latter is an original Azuki from the anime-inspired NFT collection and represents the transcending of worlds, symbolized by the real and virtual worlds. After the launch, excited fans claimed all 7,700 NFTs available within five seconds

    Best NFT Marketplace Award

    Shortly after, ByBit wins the award for Best NFT Marketplace at the Middle East Blockchain Awards in Abu Dhabi. Even though the NFT and Crypto market has been facing a severe crash adn strugglin to stay afloat, Bybit is managing to shine. 

    “Bybit has full confidence in the long-term future of NFTs and their utility. We see the recent market adjustment as a positive sign and an opportunity for the sector as it forces NFT creators to re-evaluate real customer demand and compete on innovation and value,” said Gary Hamilton-Walker, head of corporate affairs at Bybit. 

    “We believe the true catalyst to ignite NFTs is Web3. That’s where the true potential of NFTs will be realized as they evolve to help drive the hyper-connected world.” The ByBit NFT marketplace gives us hope amidst a soaring market. Check this list of NFT celebrities so you know how big names can influence the market. 

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