Bybit NFT Marketplace vs. NFT Pro: Everything You Should Know

The year 2021 was when the non-fungible tokens (NFTs) wave took the world by storm. But as we crest the curl of 2024, the question on everyone's mind is: Where are we headed? Has the NFT tide receded, or are there still uncharted waters to explore?

In this article, we'll dive deep into the current sentiment for buying and selling NFTs and dissect the evolving landscape of the NFT’s utility and value. We'll also set sail on a new voyage, introducing you to Bybit NFT Pro — a platform poised to redefine the NFT experience with its innovative features and focus on a seamless trading experience.

Key Takeaways:

• NFTs indeed took a fall in trading volume, but an increasing number of NFT listings are popping up, and most importantly, NFTs are being widely adopted in both the traditional retail environment and the web3 space. 

• NFT Pro is the first CEX-based NFT Marketplace to aggregate NFTs from reputable marketplaces such as OpenSea, Blur, Rarible and more.

• NFT Pro will become home to the world’s largest collection of NFTs, in which users can trade NFTs more efficiently but also earn more rewards as they trade.

Are NFTs Still Active in 2024?

NFTs shone a bright light during the worldwide pandemic, triggering curiosity that led to a whopping rise in value of over $40 billion. But as recession loomed over the global economy in 2022, the NFT bubble burst, resulting in a fall of over 97% in trading volume.

Rumors began to circulate that NFTs were dead. However, data proves that NFTs are definitely active in 2024. In fact, we’d like to invite you to take a look at the bigger picture in order to understand the current state of the NFT and NFT marketplace, which is bound to give you a different perspective into the promise and value of NFTs. 

Market Activity

After a significant decrease in trading volume and hype in 2023, there are signs of resurgence and renewed interest in NFTs. This upward trend is mainly driven by the utility and value of each NFT. Successful projects are moving beyond just owning a digital image to offering actual benefits, such as access to exclusive communities, voting rights and in-game items. 

The participation of more major brands, such as Starbucks, Dior, Louis Vuitton and Lufthansa, indicates broader acceptance and potential for real-world application of NFTs. In addition, the rise of web3 and blockchain-based games is creating further opportunities for NFTs to become more than just collectibles.

Unlike NFTs back in 2022, which focused on play-to-earn, NFTs are evolving to put more emphasis on building sustainable and community-driven projects with long-term visions. As a result, we’re witnessing more intertwined utilization of NFTs beyond mere collectibles as they develop real-world utility, particularly in loyalty programs, music, fashion and more. 

NFT Predictions for 2024

Looking ahead, there will be a continuous evolution in NFTs and the marketplace through further development and increased awareness and adoption. As major brands enter the space and web3 technology progresses, awareness and understanding of NFTs are likely to grow, potentially attracting new users.

While no major regulations are expected in 2024, industry efforts to educate lawmakers and establish standards are ongoing.

Overall, while the NFT market might not be at the fever pitch of 2021, it's far from dead. The focus is shifting toward sustainability, utility and real-world applications, which could pave the way for a more robust and valuable future for NFTs.

What Is Bybit NFT Pro? 

Bybit NFT Pro is a decentralized NFT marketplace aggregator that connects users to the immense world of NFTs. With NFT Pro, you’ll be able to browse listings from an extensive list of NFT marketplaces. This upgraded version from Bybit NFT opens a gateway for users to list and trade popular NFT collections, with the most competitive fees available in the market. The platform aggregates leading NFT marketplaces, including OpenSea and Blur, and synchronizes bids placed on Bybit with all of the aggregated marketplaces. 

Since web3 and NFT boast dynamic usability, Bybit NFT Pro offers extensive tools to manage your NFT purchases and enables you to list and trade in bulk — all within the same platform. 

However, this NFT Pro version is currently only available on the Bybit web, with the mobile function soon to be released. As of now, the Pro version only supports ERC-721 standard NFTs. More blockchain compatibility will subsequently be rolled out. 

Bybit NFT Marketplace vs. NFT Pro

Bybit NFT Marketplace is a one-stop destination for listing and trading NFTs. Here, you can get early access to cutting-edge NFT collections from creators worldwide, including special projects Bybit supports. Users can buy NFTs that include digital art and collectibles without additional payment fees, using the token the NFT is priced in, including ETH, USDT and XTZ.

The NFT Marketplace also offers Mystery Boxes at a fixed price. Each NFT 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). Buyers can open the Mystery Box anytime, or trade it without opening it for a profit.

The key differences between NFT Marketplace and NFT Pro are as follows:

Why Should You Upgrade to NFT Pro?

Trading should be seamless, easy and convenient. During Bybit’s emergence as a leading crypto exchange, we’ve revamped our NFT Marketplace to fit the greater demands. Here are some of the tweaks we’ve made that give you manifold reasons to give NFT Pro a try. 

Fun Yet Straightforward User Interface

Bybit NFT Pro incorporates a customized user experience optimized for speed and ease. With a few clicks, users can browse Ethereum-based NFTs from multiple marketplaces worldwide while skipping the hassle of navigating through multiple marketplaces. 

The simplified interface gives users an overview of each NFT’s performance and statistics to help them make more informed decisions when buying and selling assets. While NFT Pro currently supports only the Ethereum blockchain, more chains such as Bitcoin and Solana are soon to be integrated. 

Optimized for Openness and Early Access to NFTs

NFT Pro users receive exclusive and early access to world-class, blue-chip NFT collaboration with leading global sports brands, pop-culture icons, digital art, NFT artists and more. The transparent integration of multiple NFT marketplaces also helps traders get better clarity around popular NFT collections and spot potentially high returns for investment collectibles. 

Fun, Rewarding and Unique Points Collection Feature

The newly introduced points-earning mechanics on NFT Pro will help users unlock more rewards as they trade. With every NFT purchased or traded on the platform, users can earn cumulative NFT points that can be used to redeem exclusive NFTs and exciting prizes from prize pools. More new rewards will be added regularly to the redemption catalog. Keep your eyes peeled for the latest rewards, exclusive NFTs listings and airdrops.

Featuring Exclusive and Branded Stores on NFT Pro

Bybit NFT Pro offers a simple user interface so you can easily access the “Specialized NFT Store” featuring Bybit’s exclusive Tier-1 brands–partnered NFTs. You can receive access to the exclusive Oracle Red Bull Racing (ORBR) NFTs, Franck Muller x Bybit Crafted Luxury NFT and more. Instead of having to browse these NFTs individually on the overall marketplace, NFT Pro houses all of them for easy access in a few clicks. 

How to Buy and Sell NFTs on Bybit NFT Pro

Buy an NFT on NFT Pro

Step 1: On the Bybit website, click on Web3 → NFT Pro on the navigation bar to enter the NFT Pro page. 

Step 2:Connect your wallet to NFT Pro by clicking on Connect Wallet. 

You may connect your Bybit Wallet (Web3) or any third-party wallets supported by the platform. Note: The Connect Wallet function has yet to be added to our platform. Stay tuned for the next product upgrade. 

Step 3: Click on View All Collections to browse all collections listed on NFT Pro. Click on your desired collection to enter the collection’s profile page. 

Step 4: On the profile page, you may apply filters such as Price and Traits to find your desired NFT. Click on the icon, and then click on Buy Now to purchase the NFT. 

On the order confirmation page, you’ll find relevant information such as the source of the NFT, total price and available balance. Click on Confirm Purchase to confirm your order. 

Step 5: If you have insufficient funds in your wallet, make a deposit first to your custodial wallet or Bybit Wallet (Web3). 

Sell an NFT on NFT Pro

Bybit NFT Pro supports the concurrent listing of your NFTs on multiple marketplaces. The advantage is that you’ll only need to sign off once to authorize the listing on NFT Pro, and the information will automatically be updated on other marketplaces.

Step 1: On the NFT Pro main page, click on Connect Wallet to access your own custodial wallet. 

Step 2: Select the asset to list in your custodial wallet by clicking on List.

Step 3:Select the markets on which you want to list and enter relevant information, including the listing price and order expiration date. 

Step 4: Confirm the listing of your asset(s) on designated markets by clicking on Approve, and then click on Sign. 

Step 5: Complete the listing by clicking on Sign. 

Step 6: Your NFT is listed for sale. Please check your assets for a Bybit logo in the top left corner, and ensure the correct listing price is reflected. 

The Bottom Line

As the NFT landscape continues to morph, one destination stands out — Bybit NFT Pro. While the market navigates shifting trends and evolving values, Bybit NFT Pro offers a safe harbor with zero trading fees, a thriving community and a keen focus on utility. Its intuitive interface, diverse NFT offerings and exclusive perks empower users to trade confidently, discover hidden gems and unlock the true potential of this digital asset revolution. 

In this dynamic crypto realm, Bybit NFT Pro isn't just another marketplace — it's your compass, your crew and your anchor to the future of NFTs. Set sail today and discover why Bybit NFT Pro is the marketplace you need. 

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