With non-fungible tokens achieving unprecedented levels of mainstream popularity and sales, it was a matter of time before cryptocurrency exchanges launched their own NFT marketplaces so regular crypto investors and traders can easily buy NFTs without needing to sign up to another site or platform that might not be as secure – even Opensea was recently hacked.
Adding its name to the list of these crypto exchanges, Bybit has officially unveiled its NFT marketplace. In this guide we review the newly launched Bybit NFT marketplace and answer common queries related to its transaction fees, advantages and disadvantages, and more.
Review of Bybit NFT Marketplace – New in 2022
Bybit is one of the fastest growing cryptocurrency exchanges with over 2 million registered users. The innovative crypto exchange was founded by a team of crypto enthusiasts experienced in investment banking and the forex industry. Bybit has its headquarters in Singapore, and the company has been registered in the British Virgin Islands.
Bybit has recently launched its own NFT marketplace, including creative projects, fashion design works of art, and blockchain gaming items. Following the initial announcement on January 19th, it successfully unveiled its one-stop NFT marketplace on January 20th, 2022.
Users can trade and list NFTs in this exclusive marketplace, which also has premium offers for Monster Galaxy mystery boxes, Metaverse fashion pieces, and ONBD artwork by nine hand-picked artists.
How does Bybit NFT marketplace work?
An NFT Marketplace is a one-stop-shop for buying, selling, and trading in NFTs. Bybit’s offering provides exclusive access to premium NFT collections from various artists, as well as exclusive Bybit-supported projects.
Customers can instantly buy, sell, and transact their favorite NFTs, which include digital art and collectibles, as well as GameFi and metaverse NFTs, on this platform. Bybit is also offering amazing NFT games to its users that allow them to earn exciting rewards on various stages.
Artists can sell their NFT artworks through this specialized marketplace. Buyers could search for their preferred NFTs and then bid on the item of their choice.
The checkout process is simple and straightforward. Simply use the token in which the NFT is priced, such as ETH, USDT, or BIT, to pay. The Bybit NFT Marketplace currently only supports images and videos.
Bybit NFT marketplace advertising
Every NFT on this marketplace is represented by a single token. For example, if you purchase any NFT with the BitDAO (BIT) token, you are not permitted to trade it with other tokens such as DOGE, USDT, or ETH.
Users with a Bybit Spot Account also have access to the Bybit NFT Marketplace. Even so, if you are a newbie who has not yet created a Bybit profile, you should first create an account before you can start the NFT trading process.
Users can currently only mint NFTs on Bybit NFT marketplace using the Ethereum blockchain, though NFTs based on the Solana blockchain could be purchased and sold on Bybit after they have been minted.
All NFTs traded on this platform are created using the Ethereum blockchain. The self-minting of NFTs on Bybit NFT is currently not supported.
Bybit NFT Mystery Boxes have a set rate. Each Mystery Pack includes a one-of-a-kind, randomly chosen NFT in one of four rarity levels: N (Normal), R (Rare), SR (Super Rare), and SSR (Super Super Rare) (Super Super Rare). Users could access this purchased mystery box at their own convenience, and they could also trade it unopened in the NFT marketplace.
Types of NFTs supported on Bybit marketplace
Bybit NFT marketplace is the home to a lot of different NFT collections ranging from Entertainment, Gaming, Art, GameFi, the metaverse, Curated digital art collectibles, and a lot more.
It features many NFTs from the art category, which includes a variety of artwork from both well-known and unknown artists. Bybit NFT marketplace is known for offering NFTs from creators across the globe.
The gallery of this marketplace has premium offers for its users in the form of Monster Galaxy mystery boxes, Realy Metaverse fashion pieces, and ONBD artwork by nine hand-picked artists.
Kevin Heisner, Shinji Murakami, Yasuo Nomura, Alejandro Magallanes, Davi Russo, Ai Makita, Oscar Oiwa, Nicole Atkins (NATKINS), and Ellwood Chen are among the artists who contributed to the ONBD artwork. They have backgrounds in graphic design, new media technology, singing, sculpting, painting, and other areas.
Rare NFTs on Bybit
All the gaming community members can update their NFT collection after browsing through this marketplace, as it includes items related to gaming from various creators all over the world.
The marketplace includes NFT games and mystery boxes that provide a unique blockchain experience along with exciting rewards to the users.
In the same way, you will find exclusive NFTs featuring esports items and content, which will cater to the interests of all those interested in sports and gaming. The best part about this marketplace is that it allows its users to browse and search for their preferred NFTs as per their budgets and other requirements. On the basis of price on the webpage of Bybit NFT marketplace, one can easily sort out the NFTs.
Transaction fees for NFTs on Bybit
Usually, whenever you are purchasing, selling, or trading in NFTs on a marketplace, you are supposed to pay some transaction fees or trading fees to the marketplace.
When it comes to Bybit, the fees structure is categorized into three subsections: fees paid by NFT seller, NFT creator, and NFT buyer.
NFT creators
Whenever any NFT is created on a marketplace, the creator is required to pay the NFT minting fee to the marketplace. Please keep in mind that the self-minting of NFTs on the Bybit NFT Marketplace is not permitted.
NFT sellers
All NFT sellers are charged a 1% trading fee for every transaction on the Bybit NFT Marketplace. Sellers will also be required to pay a 1% royalty fee to the creator. For example, if you sell an NFT on Bybit marketplace for a price of 100 BIT. Then, as an NFT seller, you will be required to pay 2 BIT as your NFT fees.
In this calculation, 1 BIT is charged as trading fees by the marketplace, and 1 BIT is paid as a royalty fee to the creator. As a result, Seller A earns 98 BIT from the sale of the NFT.
This entire calculation can be made easy by the following formula:
Fee Paid = NFT traded price × 1% trading fee + NFT traded price × 1% royalty fee
NFT buyers
NFT buyers are not charged with any type of fee on Bybit NFT marketplace. They could make their purchase freely without paying for any extra charges in the form of transaction fees.
Considering the overall fees structure of this marketplace, it can be fairly concluded that it charges reasonable fees from its users on their NFT sale or trade.
Limits on the Order Amount Setting
Sometimes, you set a limit on your order as per which you would buy or sell an NFT at a minimum or maximum price. At Bybit NFT Marketplace, you can impose these limits on your order in the form of minimum and maximum amounts depending upon the nature of the token involved in the transaction.
If you are using Ethereum for your NFT transaction, the minimum amount that could be set is 0.001 ETH, and the maximum amount that could be set is 99,999,999.999 ETH. On the same lines, if you use BitDAO in your NFT transaction, the minimum limit is 0.000001 BIT, and the maximum limit is 9,999.999999 BIT.
If you use Tether while making your NFT transaction, the minimum amount that could be set is 0.01 USDT, and the maximum amount that could be set is 99,999,999.99 USDT.
Advantages of using Bybit NFT Marketplace
Given below, we have discussed some of the benefits of making your NFT transaction from the Bybit NFT marketplace:
Backed by a reputable crypto exchange
Bybit NFT marketplace is operated by a reputable crypto exchange, Bybit, with over 2 million registered users. The company is also registered in the British Virgin Islands and is managed by an experienced team of individuals who are experts in investment banking and the forex market.
Reasonable trading fees
Some NFT marketplaces attempt to make profits at the expense of NFT creators and sellers by charging excessive trading fees on their NFT transactions. But, Bybit is not among those as it charges reasonable trading fees from its NFT creators and sellers. For example, NFT creators are only required to pay NFT minting fees on this platform.
In the same way, NFT sellers are supposed to pay 1% royalty fee and only 1% trading fee on their transaction. Another good part is that NFT buyers are not supposed to pay any extra charges on their purchases.
Exclusive collection of NFTs
The Bybit NFT marketplace is home to a wide range of NFT collections, including Entertainment, Gaming, Art, Curated digital art collectibles, GameFi, the metaverse, and a lot more.
It includes many NFTs from the above categories, which includes a wide range of artwork by both well-known and unknown artists. Bybit NFT marketplace is also well-known for offering NFTs from creators all over the world.
No need for an external wallet
Many NFT marketplaces require users to create an external wallet for completing their NFT transactions. But, Bybit’s NFT marketplace does not require users to make any external wallets, so all transactions can be completed using the built-in wallet without incurring transaction fees.
User-friendly platform
Bybit is recognized for providing a user-friendly platform to all its users so that they can conveniently make their NFT purchases, sale, or trade. Bybit NFT marketplace also provides learning material in the form of Bybit Learn, where all users could get themselves acquainted with the marketplace and utilize the platform effectively.
Disadvantages of using Bybit NFT Marketplace
Some of the disadvantages of conducting your NFT transaction through the Bybit NFT marketplace are discussed below:
Only supports Ethereum for minting NFTs
NFTs are based on smart contracts that run on a blockchain protocol such as Ethereum, Solana, or Polygon. Bybit NFT marketplace presently only uses Ethereum blockchain for the purpose of NFT minting.
Though the platform the listing and trading of Solana blockchain NFTs after they have been minted, the Ethereum blockchain is solely used to create all NFTs traded on Bybit NFT Marketplace.
Prohibition of self-minting of NFTs
Apart from only allowing Ethereum blockchain to mint NFTs on its platform, Bybit NFT market does not allow self-minting of NFTs.
NFTs are priced only with a single token
In this marketplace, each NFT is represented by a single token. For example, if you buy any NFT with the BitDAO (BIT) token, you cannot exchange it for other tokens like DOGE, USDT, or ETH.
Listings of only NFTs bought from the secondary market
In this marketplace, listings of NFTs created by its users are not currently supported. The marketplace is only allowing the listings of NFTs bought from the secondary market.
How to buy NFTs on Bybit NFT Marketplace: Step by Step Tutorial
Users who already have a Bybit account for their spot trading or derivatives action, can gain access to the Bybit NFT Marketplace using the same credentials. If you are a new user who has not yet registered an account on Bybit, you must first sign up for an account before you can begin the NFT trading process.
This step-by-step guide will assist you in purchasing your first NFT from the Bybit NFT Marketplace. You can buy your favorite NFTs here without paying any additional fees.
Step 1: Tap on the ‘NFT’ icon available on the navigation bar on the Bybit website.
Enter your email address and set a secure password.
Step 2: You can find some famous NFTs and NFT mystery boxes in the Marketplace column on the homepage, or click on ‘More’ for going to the marketplace and see a list of all NFTs and NFT Mystery Boxes.
At the marketplace, you can narrow down your search for NFTs and NFT Mystery Boxes by customizing the following settings:
Type: All, NFT, or Mystery Box
Pricing unit: ETH, USDT, or BIT
You can sort the available NFTs on the basis of the listing status or value of the NFTs and/or NFT Mystery Boxes. You can also set the sale time status of selected NFTs and NFT Mystery Boxes: No Time Limit or Limited Time Only.
In the same way, you can set the price range of the NFTs and NFT Mystery Boxes based on what you’re looking for to eliminate those that seem out of your price bracket.
Step 3: Select the NFT or NFT Mystery Box that you want to buy and then click on Buy Now.
Example Bybit NFT prices
Step 4: Now, it’s time to make payment for your NFT.
In case you don’t have sufficient balance in your Spot account, then you can make a deposit in your account by clicking on the ‘Deposit Now’ button.
Bybit account balance layout
Simply click on Pay Now if you have sufficient money in your Spot Account.
Your NFT or NFT Mystery Box will be successfully procured when the payment is completed.
How to buy NFTs on Bybit
Step 5: Click View Now to observe your transaction history for the NFTs and/or NFT Mystery Boxes you’ve bought. For NFT Mystery Box purchasers, you will be able to press on Open Now to view the NFTs contained within the box.
You can access the NFT Mystery Box whenever you want, and you can even trade it without opening it. Each NFT Mystery Box will include a random and one-of-a-kind NFT. These NFTs will be available in four (4) rarity levels: N (Normal), R (Rare), SR (Super Rare), and SSR (Super Super Rare).
Unique NFT Mystery Boxes on Bybit
You can also check your NFT trading history by clicking on the avatar icon available in the upper right corner of the trading page and then clicking on History in the pop-up window.
There is presently no need to connect your crypto wallet to the Bybit NFT marketplace. Rather, please use your Bybit Spot Account for the purpose of depositing or withdrawing money. Fees for purchasing or selling NFTs will be represented in your Spot Account.
Selling an NFT on the Bybit NFT Marketplace
Below are the steps that you are required to take before selling your first NFT on the Bybit NFT marketplace:
Step 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.
Step 2: Select the NFT or NFT mystery box that you want to sell, and then click on ‘List Now’ for listing it on the NFT Listing page.
Step 3: You have to list your NFT or NFT Mystery Box by adjusting the following settings: select the pricing token for your item- USDT, BIT, or ETH, provide the quantity of your selling item, and mention the time of delisting depending upon your local time, and then press on ‘submit’.
Step 4: Now, it’s time to confirm your listing details. You have to ensure that every information provided on your listing page is accurate to the best of your knowledge. Once you have gone through the details, you can click on ‘Confirm’.
Please note that, as a seller, you are supposed to pay a 1% trading fee on your transaction along with a 1% royalty fee to the creator. You have the option to cancel your listing at any time prior to a successful transaction. Also, Bybit NFT Marketplace is presently not allowing the listing of NFTs, which you have created on your own. Right now, you can only list those NFTs that you have bought from the Bybit NFT Marketplace.
Is Bybit NFT Marketplace worth it?
If you are looking to make your first NFT transaction, you must seriously consider using Bybit NFT marketplace for making your transaction.
Firstly, you will have access to the latest NFT collections from different categories; secondly, you won’t be charged with any extra transaction fees; thirdly, it is very easy to navigate in this marketplace, and all processes are extremely easy to execute.
Considering all these reasons, it is worth it to try this NFT marketplace for making your debut in the NFT space.
Conclusion
An NFT marketplace is a place where you can buy, sell or trade in NFTs. Here, you can get access to unique digital assets from different categories, including music, art, culture, entertainment, and a lot more.
Just like a traditional marketplace, NFT marketplaces are often referred to as the Amazon of digital assets. Selecting a good NFT marketplace is an important step of your trading career in NFTs, which is why a review of top NFT marketplaces like Bybit becomes helpful for the users like you who are planning to make their first NFT transaction.
Bybit NFT Marketplace is the latest one-stop-shop for buying, selling, and trading in NFTs. It is particularly well-known for its flexibility and low fees. Its marketplace provides sellers with a variety of options for displaying their works.
The only drawbacks of using Bybit marketplace are it does not support self-minted NFTs on its platform, only supports Ethereum for minting NFTs, and only allows the listings of NFTs bought from the secondary market.
Overall, Bybit NFT Marketplace comes out as a decent destination for all NFT enthusiasts which we hope will grow in size and support more NFT tokens in 2024.
Also read our reviews of the NFT marketplace platforms on Crypto.com and FTX, which supports Solana NFTs.
Read more:
FAQs
What is the Bybit NFT Marketplace?
The Bybit NFT Marketplace is a one-stop-shop for purchasing, selling, and trading NFTs. It offers exclusive access to premium NFT collections from a variety of artists, as well as Bybit-supported projects.
How can I get an NFT account on Bybit?
Users with a Bybit Spot Account already have access to the Bybit NFT Marketplace. But, if you are a new user who has not yet created an account on Bybit, you must first create an account before you can begin the NFT trading process.
What currencies are acceptable for trading NFTs on the Bybit NFT Marketplace?
ETH, BIT, and USDT are officially supported on this platform. Please keep in mind that each NFT on Bybit will only be priced with a single token. For example, if an NFT uses BitDAO (BIT) as its pricing unit, it cannot trade with other tokens such as USDT or ETH.
Which blockchains are supported by the Bybit NFT Marketplace?
Bybit only facilitates minting NFTs on the ETH blockchain. After minting, SOL-based NFTs can now be listed on the Bybit NFT Marketplace.
Are there any restrictions on Bybit NFT listings?
Yes. Each NFT could only be listed a maximum of ten times in a 24-hour period (starting from the time that you first obtain the NFT). Every 24 hours, this limit will be reset. If the NFT's ownership changes, the limit will be reset as well.
