Crypto.com Review – Pros & Cons

Many cryptocurrency trading platforms have transformed into entire crypto ecosystems that offer crypto-earnings products, payment systems, and non-fungible token (NFT) marketplaces. Crypto.com is one such platform that even has its own native coin, blockchain, and crypto space.

In this Crypto.com review, we’ll go through what the platform has to offer in terms of NFTs by looking at the user experience, interface, and its other key features.

Crypto.com NFT Marketplace Overview

As a platform that aims to facilitate the fast-growing cryptocurrency ecosystem across the globe, Crypto.com’s NFT market is one of the latest among their crypto products and features. The actual Crypto.com platform was founded in 2016, but its NFT marketplace was launched just last March 2021.

Some of the other crypto products offered on Crypto.com are:

1. Crypto Exchange – includes both spot trading and derivatives trading of cryptocurrencies
2. DeFi – apps that facilitate navigation in the decentralized finance space such as the Crypto.com Wallet, DeFi yield farming platforms, and crypto swaps
3. Crypto Grow – Crypto savings account with Crypto.com Earn and instant crypto loans with Crypto Credit

Interestingly, the Crypto.com NFT Marketplace is the only NFT platform that uses the Crypto.org blockchain. But earlier this year, Crypto.com announced that their NFT platform supports select NFTs minted and hosted on the Ethereum blockchain.

The platform’s first drop was on 26 March 2021. It featured a new collection by BossLogic, the celebrated Marvel artist. Afterward, numerous popular digital artists have minted and launched their exclusive artworks on the platform. Big names like Snoop Dogg, Boy George, and famous Clubhouse celebrity Axel Mansoor were among the artists to release NFT content.

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Crypto.com NFT Platform: Features Explained

In this section of our review Crypto.com, let’s go through some important features that will help you browse through the NFT platform.

Profile

If you’re looking to create and trade NFTs, then your Crypto.com NFT profile will be important to curate. Here, you can view your collectibles, packs, what NFTs you’re selling, the NFTs you created, and the NFTs that you liked. You can see how the public sees your profile as well with their ‘View As Public’ feature.

Drops

The ‘Drops’ menu shows all live, upcoming, and ended drops. Crypto.com also publishes its drop schedule regularly on its official social media channels. Registered users can even subscribe to Crypto.com’s email newsletters for upcoming drops.

My NFTs

If you want to see all the collectibles, packs, and other NFTs you have for sale, you can check the ‘MY NFTs’ section of Crypto.com. Our Crypto.com NFT review has shown that you’ll also be able to view the NFTs that you created here.

What are Drops at Crypto.com NFT Marketplace?

NFT drops are limited-time events where you can purchase items and content directly from the creators you like. Based on our Crypto.com review, drops are usually exclusive and unseen digital artwork.

Let’s take a look at some of the different viewable drops in this Crypto.com NFT Marketplace review.

What are Live Drops?

Drops are scheduled so you can view all currently live drops on the Crypto.com NFT platform. During a live drop event, users can directly purchase NFT collections and packs that are offered by the artist.

Live drop details can be viewed on the ‘Current Drops’ section. Simply click on the page and choose among the live drops that are featured in the section. Then, on the drop details page, you can scroll down to find the drop items.

Generally, you can see more about the creator such as social media pages, credentials, and other work. You can also view more about the drop such as redeemable and special edition NFTs that are being sold and up for auction.

We also found  that the platform implements a queueing system for limited-time drops in order to ensure stable performance and improve the purchase experience of users.

What are Upcoming Drops?

View all upcoming drops which are drops scheduled for future releases. In the ‘Upcoming’ section, you’ll be able to see the different drop collections and artists that are sorted in terms of scheduled drop dates.

Through our Crypto.com NFT review, we found that more details of upcoming drops can be found by simply clicking on the drop image. Just like in Live Drops, you’ll be able to know more about the artist and their collection in the drop details.

Sometimes, these drops have linked videos that give a more detailed and marketable presentation of the content they’re offering. If you want to view more about the artist such as past collections and drops, you can go to their profile as well. We found based on the review Crypto.com that an artist’s profile will have the packs and content created by that artist along with their NFTs for sale.

What are Ended Drops?

Recently completed drops are shown on the ‘Ended’ section of the Crypto.com Drops page. You can easily view details of ended drops by clicking on any of the available ended drops on the section.

NFTs cannot be purchased from drops that have ended already. However, there is still a chance of buying NFTs from the artists by approaching the owners. These are the users who purchased the NFTs during the drop.

If the NFT you are looking for from an ended drop is featured on the marketplace, you can also buy it there. The NFT marketplace is the only place you can buy NFTs from ended drops. Luckily, you can easily sort and filter NFTs on Crypto.com’s Marketplace.

63% of retail investor accounts lose money when trading derivatives with this provider. You should consider whether you can afford to take the high risk of losing your money.

Pros & Cons

Trading crypto derivatives involves a high amount of risk.  You should consider whether you can afford to take the high risk of losing your money. 

Get started with Crypto.com NFT Marketplace

If you want to start trading NFTs on the Crypto.com NFT Marketplace, here’s a step-by-step guide on how to start.

Step 1: Sign up on Crypto.com

First, head on to the Crypto.com website and click on the ‘NFT’ section. Then, you can click on the ‘Sign Up’ button and fill in your name, email, username, and password.

Step 2: Verify Your Account

Upon completing the sign-up modal, you’ll receive an email to verify your account. After clicking the ‘Verify Account’ button from the email, you can now log in to your account.

Step 3: Connect to the Crypto.com App

To enjoy all the benefits of the Crypto.com NFT Marketplace, you’ll need to connect your account to the Crypto.com App. Download the mobile app for your Android or iOS device by finding it on the respective app store.

Step 4: Browse NFT Marketplace

Once you’ve connected your Crypto.com App to your NFT Marketplace account, you can now enjoy browsing NFTs. In our NFT Marketplace review, users can buy, sell, and create NFTs once this step is completed.

Capital at risk. You must be satisfied that this crypto offering is suitable for you in light of your financial circumstances and attitude towards risk. The price or value of cryptocurrencies can rapidly increase or decrease at any time.

How to Buy NFTs on Crypto.com NFT Marketplace

When it comes to buying NFTs on the marketplace, buyers generally have two options when it comes to buying NFTs on Crypto.com. They can either place a bid for NFTs in the auction or they can buy NFTs at a fixed price.

Placing a Bid

NFT artists can place NFTs up for auction which usually has an end date and minimum bid amount. Now, the buyer will usually place a bid that has to be higher than the previous highest bid by 5% or $10 – whichever amount is higher. Also, the highest bidder cannot cancel their bid.

For example, an AlmondJohn NFT artwork has a previous highest bid at $1,200. If you want to bid for this NFT artwork, your bid has to be $1,260 since 5% of $1,2000 is $60, which is higher than $10.

It’s also important to note that sellers can choose to end their auctions earlier by canceling (wherein the top bidder is refunded) or terminating the auction early with the top bidder winning the bid. However, if no user bids and the auction ends, the NFT goes back to the ‘Not for sale’ status.

Buying at a Fixed Price

If you don’t want to bid for an NFT, some items can be bought at a fixed price. This is the simplest way of buying the NFT as the seller places a fixed price for the item which you can purchase at that value.

Payment Methods on Crypto.com NFT Marketplace

Aside from user interface and usability, the payment methods of an NFT marketplace are a decisive factor when looking for an NFT trading platform.

For this section of our Crypto.com review, let’s go through each of the payment methods available.

Use Crypto.com NFT Balance

Top up your Crypto.com NFT Balance by using the Crypto.com app. From our Crypto.com app review, you can fund your account via this method which will give you ACH transfer and Wire bank transfer options.

Follow the instructions on the Crypto.com app and it should take around 1-3 business days for your account to be funded. From there, you’ll be able to use your balance to purchase NFTs.

Bank Cards

You can also buy NFTs with your credit or debit card. The Crypto.com platform has different weekly limits for bank card purchases depending on whether you buy directly from drops or from the marketplace.

Capital at risk. You must be satisfied that this crypto offering is suitable for you in light of your financial circumstances and attitude towards risk. The price or value of cryptocurrencies can rapidly increase or decrease at any time.

Buy NFTs with Crypto

Lastly, you can use Crypto.com Pay to buy NFTs on the platform with cryptocurrencies. Simply click the ‘Crypto.com Pay’ button on the payment method page to proceed to checkout. You will see a pop-up page with various wallet options.

Owing to our Crypto.com app review, we found that a pop-up QR code will appear which you can scan using your crypto wallet (e.g. MetaMask, TrustWallet). Follow the instructions on-screen to connect your wallet and complete the payment.

Sell NFTs on Crypto.com NFT Marketplace

Whether you create your own NFTs to sell or wish to liquidate some NFTs that you already own, we’ll walk you through how to sell NFTs.

As mentioned earlier, there are two ways of buying NFTs which are also the ways you can sell them. The easiest and simplest way to start selling your NFTs is by putting them up at a fixed price. Buyers can instantly purchase your item for sale at a fixed price.

If you think your NFT can be hyped up in price over a period of time, you can put your item up for auction. The Crypto.com review states that you as the seller will put the item up for auction by inputting the end date and minimum bid amount. When an auction ends, the highest bidder wins the bid.

Note that each edition can be a standalone auction, meaning that a collectible with 100 editions can at most have 100 auctions happening simultaneously. It’s also worth noting that auctions cannot be ended (canceled or terminated early) by sellers within 24 hours prior to the expiration time.

Capital at risk. You must be satisfied that this crypto offering is suitable for you in light of your financial circumstances and attitude towards risk. The price or value of cryptocurrencies can rapidly increase or decrease at any time.

NFTs available for buying on Crypto.com NFT Marketplace

There is a wide range of NFTs available on the Crypto.com NFT trading platform. Categories like art, celebrities, gaming, music, and sports are sortable to name a few.

For this portion of our Crypto.com NFT Marketplace review, let’s go through some of the NFTs available on the Crypto.com NFT platform.

Art: Topping the Arts category of Crypto.com NFTs are UgonzoArt’s PsychoKitty and PsychoMolly editions. Additionally, 10 editions of Melissa Vincent’s ‘New Beginnings’ are for sale with a floor price of $2,400.

Capital at risk. You must be satisfied that this crypto offering is suitable for you in light of your financial circumstances and attitude towards risk. The price or value of cryptocurrencies can rapidly increase or decrease at any time.

Celebrities: 335 editions have been minted for DRESSX’s ‘The big Game Feather Sketch’ which can now be purchased for $62. Not to be overlooked, Snoop Dogg’s ‘Diamond Joint’ is up for auction – starting at a $1,200 floor price.

Gaming: Own Ever Word’s Word Wizards are among the gaming NFT’s top minted editions. This is an upcoming category and is suitable for beginners in the marketplace who wish to hold NFTS since they are usually cheaper in price.

Sports: Sports-category NFTs are usually in video format and have varying ranges of utility. From UFC’s submission outcome cards to Aston Martin F1’s steering wheel airdrops, a ton of sports NFTs are available.

Music: NFTs in the music category are either in a photo or video format. Famous NFTs include those from artists like Snoop Dogg, KLOUD, and The Death Row.

Capital at risk. You must be satisfied that this crypto offering is suitable for you in light of your financial circumstances and attitude towards risk. The price or value of cryptocurrencies can rapidly increase or decrease at any time.

Creators’ Community of Crypto.com NFT Marketplace

Since launching last year, the Crypto.com NFT Marketplace has onboarded more than 10,000 creators. Their community platforms have been a resource for sharing ideas and contributing to the overall Crypto.com NFT sphere.

In order to become a creator, users will need to complete Crypto.com’s simple creator application process. All you need to do is head to the Crypto.com/NFT page and click the ‘Create’ button on the navbar. It’s recommended to let Crypto.com know your journey as a creator and give concrete examples of past work, experience, and the types of NFTs you wish to launch on the platform.

If your application is approved, you will be notified through email. However, Crypto.com does not guarantee a response to your creator application – meaning only successful candidates will be responded to. Although re-appeals are currently restricted, Crypto.com says they will enable users to apply again in the future.

Is the Crypto.com NFT marketplace legitimate?

The Crypto.com NFT Marketplace is owned by Crypto.com which is a 2016-launched reputable company based in Hong Kong. With a history of safe and secure crypto exchanges and transactions, Crypto.com is a regulated platform that is already among the fastest-growing in the space.

Despite being a new product for Crypto.com, the Crypto.com NFT Marketplace remains to be a growing product for trusted and safe NFT buying and selling. Partnering with popular artists and celebrities has only contributed to their name and establishment in the crypto sphere.

We can consider the Crypto.com NFT trading platform to be among the most trusted and safest NFT marketplaces available.

Capital at risk. You must be satisfied that this crypto offering is suitable for you in light of your financial circumstances and attitude towards risk. The price or value of cryptocurrencies can rapidly increase or decrease at any time.

Comparison with other NFT marketplaces

Now that we know the important features, crypto products, and user interface of the Crypto.com NFT Marketplace, how does the platform compare to other NFT markets?

Let’s look into the comparison points for Crypto.com and the Binance, OpenSea, and Rarible NFT marketplaces.

Crypto.com vs Binance NFT Marketplace

Many consider the Binance NFT trading platform as one of the best thanks to its easy-to-use interface, vast NFT collection, and overall functionality. NFTs on the Binance NFT platform use either the Binance Smart Chain (BSC) or the Ethereum blockchain networks.

Aside from an extensive NFT collection, the Binance platform also releases NFT mystery boxes for users to purchase. These mystery boxes are like loot boxes that have a chance to contain super rare NFTs from top collections. Mostly, however, they will drop common NFTs which can be added to your collection.

Both Crypto.com and the Binance NFT Marketplace are simple and can be navigated easily. As both platforms offer Ethereum-based NFT projects, their differences mainly lie with those looking to trade on their unique chains. As the Binance NFT platform offers BSC NFTs, those looking to trade them should use Binance.

Many exclusive NFTs are on the Crypto.org Chain such as the Philadelphia 76ers brand chain, the Aston Martin Formula One team, and even the UFC’s digital cards and posters.

Crypto.com vs OpenSea NFT Marketplace

Established in 2017 as a market for CryptoKitties, OpenSea supports multiple blockchains of over 2 million collections. They host a diverse range of NFTs, from digital art, music, game loot, domains, and more.

Owing to its community, usability, and widespread acceptance, OpenSea is one of the best NFT marketplaces. They house over 80 million NFTs and have accumulated over $10 billion in volume.

Compared to the OpenSea NFT Marketplace, Crypto.com has a tighter collection with Crypto.org Chain exclusive drops. OpenSea was built on Ethereum but also has Polygon and Klaytn blockchain networks integrated. OpenSea also accepts 241 different payment options in terms of cryptocurrencies and stablecoins.

Overall, OpenSea is more inclusive when it comes to the amount of NFTs available as they aim to help consumers trade items freely and empower creators to launch new digital works. Those already familiar with the Crypto.com platform and have a lot of Crypto.com Coin (CRO) staked, then the Crypto.com NFT Marketplace should be considered.

Crypto.com vs Rarible NFT Marketplace

Rarible is a multi-chain NFT marketplace that is based on the Ethereum, Flow, and Tezos blockchains. They want to be the NFT marketplace where anything is possible and anyone is welcome. Currently, the NFT trading platform has garnered US$274 million in trading volume, created 405 thousand NFTs, and has over 1.6 million users.

Again, inclusion seems to be the main differentiator between the Crypto.com NFT Marketplace and Rarible. Since Crypto.com started as a crypto exchange first, this is understandable. Rarible stands alone as a whole platform dedicated to being a highly inclusive NFT trading platform.

Signing into the Rarible NFT Marketplace only requires connecting through a crypto wallet like MetaMask, Coinbase Wallet, Tours, and other Ethereum based wallets. For Tezos, you can connect a Beacon and for Flow, you can connect Blocto.

Conclusion

With so many different NFT marketplaces to choose from, Crypto.com stands out well with its exclusive Crypto.org Chain NFTs, key partnerships, and extensive crypto ecosystem. It’s easy for those already accustomed to Crypto.com with their unique crypto cards and CRO staking to use the Crypto.com NFT Marketplace.

With their recent integration with select Ethereum-based NFTs, Crypto.com has a chance to contend with the popular NFT platforms out there.

Start buying, selling, and creating NFTs on the Crypto.com NFT Marketplace and experience zero gas and listing fees! Simply follow the link below and open a Crypto.com account today!

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