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Are NFT Trades the new way for NFT collectors?

Matthew Fleischman

Some NFT Collectors are turning to new sources for purchasing NFTs in hopes of avoiding fees from other marketplaces.

As NFTs popularity continues to do nothing but climb, more and more NFT marketplaces are entering the market every day.  Each marketplace claims to offer something different from the others, some are tentpole platforms, other offering more social features, and some are mobile.  One thing that these marketplaces all seem to have in common though is fees.  Although, they do tend to vary site to site.

A specific platform, though, is attracting NFT collectors with the unique way in which  it allows users to acquire NFTs and avoid trading fees..

NFT Traders

NFT Traders is a new marketplace that describes itself as a “breakthrough in the NFT world”.  While not an original claim in the NFT world, NFT Traders does seem to have a unique approach.  If the name does not give it away, the platform lets its users swap NFTs on its market.  The platform’s decentralised peer-to-peer (P2P) structure is what allows for the like-for-like swaps.

The central idea behind the platform is nicely simplistic.  A creator chooses one of their NFTs in their wallet and then selects something from someone else’s wallet they offered up for trade.  A trading link is created, after paying a small fee, the user’s trade is submitted.  If the other user accepts the trade, it is completed and both users enjoy their new NFTS.

Since its launch, traders have been using the platform more and more to avoid much higher fees from other sites.  Just another advantage NFT Traders has over its high feed competitors like OpenSea.  OpenSea requires that users sell each NFT one by one then have the other person buy it from the marketplace, causing multiple fees.

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Community getting into NFT Trading

It seems the NFT community is not hating this new form of collecting NFTs.  NFT Traders marketplace allows community members to trade in what they cal “Cross 1:1 NFT community swaps”.  In short, this allows NFT collectors to trade NFTs that are equal in value from other collectors.

The methods NFT Traders use to facilitate trades on their platform allows their users to bypass many fees from other platforms.  When a user has to sell one NFT then buy another with the money they just made, other marketplaces tack on a number of fees.  These can be fees like 2.5-10% royalty fees to gas fees.

NFT Traders says that they do not add royalty payments to trades.  Additionally, the only payment is a small trading fee of 0.005 ETH.

The platform rose to popularity after it was used a short time ago in two record-breaking trades.  The trades were part of the Mutant Ape Yacht Club (MAYC) a spin off of the Bored Ape Yacht Club (BAYC) collection.   The trade, that twitter called Mutual Monday, saw a buyer buying two of the rarest pieces from the new collection.  The trade price totaled 740 ETH or $2.5 million at the time.  

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