On September 29, OneSwap, a decentralized exchange deployed on CoinEx Smart Chain (CSC), launched the “NFT Marketplace”, a combination of art and CoinEx’s innovative decentralized finance (DeFi) to empower to artists, promote cooperation and encourage creative commerce.
Of all the NFTs, CryptoPunks are perhaps the ones that impress NFT followers the most as invaluable avatars, despite growing doubt following its overnight sensation. A report by NFTGo showed that the NFT segment has a market capitalization of $22.56 billion, which represents 18% of the entire crypto industry. During a bear market, even blue-chip NFTs saw their price drop, which discouraged those who dreamed of becoming millionaires through NFTs overnight. Does the core value of NFTs simply lie in producing millionaires? Compared to classic derivatives such as contracts and leverage, NFTs are clearly not the most suitable products for building wealth quickly.
What really sets NFTs apart are their non-fungible properties, i.e. their ability to constitute unique and immutable proof of ownership. Unlike the equivalent conversion of one $100 bill into another, NFTs can be viewed as proof of ownership of a physical good, making each physical good unique.
The ability to prove ownership of anything in the crypto world is exactly what makes NFT irreplaceable. NFTs provide holders with an electronic record of the authenticity and ownership of virtual goods, such as avatars, paintings, and songs. Virtual goods, with a unique NFT, will have the value of an exchange and circulation, followed by the emergence of platforms that act as a bridge of NFT transactions between buyers and sellers.
OneSwap NFT Marketplace is one such platform where artists and collectors can create and trade NFTs. 2%. On the Marketplace, creators of original NFTs can set NFT royalties in the range of 0-10%, and users can monetize NFTs after paying gas fees
Big prizes offered for NFT trades
To celebrate the official launch of OneSwap NFT Marketplace, welcome to the trading event and enjoy freebies!
Event Duration: September 29 – October 7
- Users can get CET rewards when they complete an NFT transaction over $10 during the event;
- An address can only participate once, and connected transactions linked to that address will not be rewarded.
In addition to the basic functions for minting and trading NFTs, OneSwap NFT Marketplace follows the English auction system, a dynamic upward open-outcry auction. During the bid confirmation period, interested bidders begin placing their respective bids for the NFT in ascending order until the highest bid wins. There are also some special circumstances in the English auction. For example, if the winning bidder of the NFT is found to have insufficient assets in their address, the NFT will be awarded to the second highest bidder. If the second-highest bidder still cannot pay the NFT, the NFT will be awarded to the third-highest bidder. If there is no qualified buyer (with a higher bid than the opening bid) at the end, the auction will be terminated.
As the value of NFTs changes with the market, it is difficult for ordinary sellers to accurately determine the price of their NFTs. An appropriate price should be set for NFT transactions so as not to discourage potential buyers or cause a loss.
The English-style auction can effectively save NFT holders from the aforementioned worries. Holders can set the starting price of NFTs at the lowest level they deem acceptable, leaving other considerations to the market, and buyers will continually drive the price up in auctions.
Buyers will take pleasure similar to that of an auction game. The process of balancing between a reasonable offer and a competitive offer is like a game of haggling.
The English auction gives buyers and sellers the opportunity to jointly determine the value of NFTs, and also gives them a sense of participation and achievement.
As the premier NFT marketplace on CSC, OneSwap NFT Marketplace will also witness the listing of the CoinEx Rugby Players NFT co-branded by CoinEx and RLWC. We look forward to exploring and building a new era of NFTs with you.
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OneSwap NFT Marketplace: When art meets DeFi –
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