On September 29, OneSwap, a decentralized exchange deployed on the CoinEx Smart Chain (CSC), launched the “NFT Marketplace“, a combination of art and the innovative decentralized finance (DeFi) of CoinEx to empower artists, promote cooperation and foster creative businesses.
Of all the NFTs, the CryptoPunks can most deeply impress their followers as truly valuable avatars, despite the growing doubt behind their overnight sensation. A report by NFTGo shows that the NFT segment has a market cap of $22.56 billion, which is 18% of the entire cryptocurrency industry. During a bear market, even blue chip NFTs saw very low prices, discouraging those who dreamed of becoming overnight NFT millionaires off the market. Does the main value of NFTs lie simply in making millionaires? Compared to major derivatives such as contracts and leverage, it is clear that NFTs are not the most suitable products for building wealth quickly.
What really sets NFTs apart is their non-fungible properties, or the ability to be the single, immutable proof of ownership. Unlike the equivalent conversion of one $100 bill into another, NFTs can be considered proof of ownership of a physical good, making each physical good unique.
The ability to prove ownership of anything in the crypto world is precisely what makes NFTs irreplaceable. NFTs provide their holders with an electronic record of authenticity and ownership of virtual goods, such as avatars, pictures, and songs. Virtual goods, endowed with a unique NFT, will have the value of trade and circulation, followed by the emergence of platforms that act as a bridge for NFT transactions between buyers and sellers.
OneSwap NFT Marketplace is one such platform where artists and collectors can create and trade NFTs. A typical NFT marketplace charges up to 2.5%-15% per transaction, while OneSwap NFT Marketplace drops it to 2%. Also on the market, original NFT creators can set NFT royalties in a range between 0-10%, and users can mint NFTs after paying gas fees.
Big rewards for NFT transactions
To celebrate the official launch of OneSwap NFT Marketplace, enjoy the event and participate in great prizes!
Duration: From October 13 to 23
a. Users can earn CET rewards once they complete an NFT transaction worth more than $10 during the event;
b. An address can only participate once, and connected transactions related to this address will not be rewarded.
In addition to basic functions for minting and trading NFTs, OneSwap NFT Marketplace follows the English auction, an open-ended, bottom-up dynamic auction. During the bid confirmation period, interested bidders begin placing their respective bids for the NFT in ascending order until the highest bid wins. In the English auction there are also some special circumstances. For example, if the bidder who wins the NFT does not have enough assets at his or her address, the NFT will go to the second highest bid. If the bidder with the second highest bid is still unable to pay the NFT, it will go to the third highest. If there is no qualified buyer at the end (with a higher bid than the opening bid), the auction will end.
As the value of NFTs changes with the market, it is difficult for ordinary sellers to accurately determine the price of their NFT. Proper pricing for NFT transactions should be set so as not to discourage potential buyers or cause them losses.
The English auction can spare NFT holders the above concerns. Holders can set the NFT’s starting price at the lowest level acceptable to them, leaving other considerations to the market, and buyers will continually push the price up by bidding.
The buyers will get a pleasure similar to that of a bidding game. The balancing process between a reasonable offer and a competitive offer resembles a bargaining game. The English auction offers buyers and sellers the opportunity to jointly determine the value of NFTs, and also gives them a sense of participation and achievement.
As the first NFT marketplace on the CSC, the OneSwap NFT Marketplace will also see the listing of the CoinEx Rugby Players NFTs, a collection of CoinEx and the RLWC. We look forward to exploring and building a new era of NFT together with you.
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