Bybit Joins NFT Market Group In New Boom Market

The field of non-fungible tokens (NFTs) is thriving and everyone wants a piece of the pie.

Though far from its heyday last August, when it did more than $1.7 billion in transactions per day, the NFT industry is still booming at the moment. It surpassed $500 million in daily sales earlier this month for the first time since November, and profits have only grown gradually since.

Bybit joins NFT market group amid new boom market 3


Bybit joins the party

Naturally, crypto companies are scrambling to be a part of this commercial boom, and centralized cryptocurrency exchange Bybit is the latest to jump in.

The recently announced platform, its NFT marketplace is now live, aiming to provide users with access to not only NFT but also the emerging GameFi and Metaverse. Bybit’s ultimate goal is to connect digital artists and collectors, a statement noted.

Bybit CEO and co-founder Ben Zhou further noted that there are countless misconceptions surrounding NFT investments and that the platform hopes to increase the accessibility of the property industry. digital. He added,

“We are excited to make the leading NFT platform available to Bybit users so they can be a part of creating a new market and new world called the metaverse. ”

The Bybit NFT marketplace, as it has been named, is meant to operate differently from existing NFT markets, the statement asserts. This is because those using the platform will not have to connect an external wallet as they can trade digital collections directly from their spot account.

No transaction fees?

Furthermore, the platform does not currently charge buyers any transaction fees, it added.

As part of the launch, the marketplace will initially list popular collections from Monster Galaxy, ONBD, and Realy. The availability of mystery boxes will also be introduced on the platform soon. In addition, several popular and upcoming artists will also launch NFT exclusively on Bybit.

Bybit is hardly the first centralized exchange to enter this arena, with leading Binance and Coinbase already available. The latter has recently partnered with Mastercard as a payment gateway to make NFT transactions easier.

Inspiration for the same has certainly emerged from the success of Ethereum-based marketplaces like OpenSea and LookingRare. While OpenSea’s dominance in the space has been very well established over the past year, LookRare has taken the lead this month. The platform exceeded $400 million in revenue in just 3 days of its launch last week and conducted a $701.12 million worth of trade in the past day.

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