What Is Bybit NFT Marketplace?

What Is a Non-fungible Token (NFT)? 

Non-fungible tokens (NFTs) are unique digital files which are impossible to replicate. Each NFT contains computerized code and is cryptographically verified to substantiate the ownership of music, art, licensing or even real estate assets, whether digital or physical. 

Since NFTs are built on smart contracts using an underlying blockchain protocol such as Ethereum, Solana or Polygon, it’s possible to distinguish the provenance of assets, democratize identity management and fractionalize ownership among multiple owners. 

Unlike NFTs, fungible tokens (such as fiat currency or bitcoins) are indistinguishable, meaning one can be exchanged for another.

What Is Bybit NFT Marketplace? 

Bybit NFT Marketplace is your one-stop destination to mint, purchase and bid on NFTs. Users and participants receive early access to cutting-edge NFT collections from creators, including exclusive projects which Bybit supports. 

Bybit NFT Marketplace currently supports only the Ethereum (ETH) blockchain for minting NFTs, while Solana (SOL) blockchain NFTs can be listed and traded on the platform after being minted. Self-minting of NFTs on Bybit NFT is not currently supported. All NFTs traded on Bybit NFT Marketplace are minted via the Ethereum blockchain. 

Participants can buy, sell and trade their favorite NFTs — such as digital art and collectibles, including GameFi and metaverse NFTs. The checkout process is seamless and straightforward. Simply make payments using the token in which the NFT is priced, including ETH, USDT and BIT. Please note that Bybit NFT Marketplace currently only supports images and videos. 

Each NFT on Bybit NFT Marketplace is priced only with one token. For example, if an NFT uses the BitDAO (BIT) token as its pricing unit, you cannot use other tokens — such as USDT or ETH — for trade with that NFT.

Bybit NFT Mystery Boxes come at a fixed price. Each Mystery Box contains a unique, randomly selected 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 at any time, or traded unopened in the marketplace.

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 register an account on Bybit, you first 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. There will be an additional trading method, Auction, which is expected to launch in March 2022.

Bybit NFT Fees Explained

Please refer to the following table for trading fees:

As shown in the table above, the Bybit NFT Marketplace charges a 1% trading fee for all NFT sellers. In addition, sellers will need to pay a 1% royalty fee to the creator.

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

Formula:

Fee Paid = NFT traded price × 1% trading fee + NFT traded price × 1% royalty fee 

Example

• Seller A has sold an NFT at a price of 100 BIT.
• The fee that Seller A needs to pay is 2 BIT, according to the following calculation:
• Fee Paid = 100 BIT × 1% + 100 BIT × 1% 
• Therefore, Seller A receives 98 BIT from the sale of the NFT.

Limits on the Order Amount Setting

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

Buying an NFT on the Bybit NFT Marketplace

Please head to Bybit NFT Marketplace and click Buy Now on the NFT you desire to purchase. Then, click on 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’ve created are not supported. At this time, only NFTs purchased from the secondary market can be listed.