What you need to know is that NFT Trader is a platform that allows traders to make simple and secure NFT swaps. Hopefully, users will be able to swap supported Ethereum assets in just one step.
One of the main challenges NFT collectors face is the lack of secure platforms that allow NFT collectors to make reliable P2P and OTC transactions. Interestingly, NFT Trader is a secure platform that allows users to cancel trades if they no longer wish to continue.
People using NFT Trader can use MoonPay to fund their ETH wallets. Users can also trade multiple non-fungible tokens (NFTs) at the same time by combining NFT trading with crypto via MoonPay.
Importantly, NFT Trader is compatible with MetaMask.
Don’t worry; just connect your chosen cryptocurrency wallet and top up with ETH via MoonPay to start trading NFTs.
Two important questions: What is a service fee and what is a creator fee?
Don’t forget there is a flat fee of 0.005 ETH + 0.5% from each trader. Importantly, as each trx is on chain, there will also be an amount of gas to be paid to approve the NFT, create and close the transaction.
In addition, NFT Trader uses the Manifold royalty registry standard used by most other NFT markets, and with this system, collection creators can set their own on-chain royalty percentage. This means that collection creators will earn this % revenue every time their NFTs are sold through any of the registered marketplaces.
MetaMask and the main results
As mentioned above, NFT Trader is compatible with MetaMask. Let’s learn more about MetaMask.
It is a popular cryptocurrency wallet known for its ease of use, availability on both desktop and mobile devices, the ability to buy, send and receive cryptocurrency from the wallet, and collect NFTs on two blockchains.
While experienced crypto traders will appreciate the ease and speed of transactions, inexperienced traders are at a higher risk of losing their tokens to malicious websites as well as other crypto-related scams.
It’s no secret that two of the main attractions of cryptocurrency are the ability to anonymously send/receive tokens in a secure environment. The aforementioned cryptocurrency wallet excels in both of these categories.
To start using MetaMask, users simply download the software and create a new wallet without providing any personal information, including name, address or social security number.
In addition, MetaMask is a non-storage wallet, which means that no data is stored in a central database and the company does not collect information about users using the wallet. Let’s continue; Once a wallet is created, the wallet can only be accessed using a password chosen by the user or recovered using a seed phrase.
It should be noted that the MetaMask wallet is a versatile product on the market that supports multiple blockchain protocols. In addition to supporting over 450,000 Ethereum ERC-20 coins, users have the ability to store NFTs in a wallet and connect them to trading platforms.
MetaMask also supports several blockchains, including Polygon and a number of other test blockchains.
MetaMask and users
However, there are some drawbacks to using MetaMask as your primary one wallet. The biggest problem is that MetaMask does not support the world’s most famous cryptocurrency, Bitcoin. Even if there are workarounds in development, they are experimental and not considered safe for beginners. Also, while MetaMask supports different blockchains, users cannot send their coins from one to another because there is no proprietary bridge.
For example, if you store a USD Coin stablecoin on the BNB Chain, you cannot send it to a wallet on the Ethereum chain because they are inharmonic. Therefore, if users want to transfer value between chains, they will either need to send value to another wallet supported by the chain, withdraw the value in fiat, and repurchase tokens on another blockchain, or use a bridge to move tokens across chains.
MetaMask’s approach to security can be said to be about user anonymity rather than traditional security measures. As you already know, since the software is optional, MetaMask does not store any user data. Instead, cryptocurrency wallets are protected by a user-generated password at setup and biometrics on mobile devices, and are recovered with a unique 12-word seed phrase.
People should remember that tech support cannot help users recover their passwords, which makes the opening phrase even more important. For example, if the user loses the opening phrase, he risks losing access to the wallet once and for all.
Since there is only one way to recover a single wallet on multiple devices, it also makes MetaMask vulnerable to hacks and malware such as banking trojans, etc.
For example, some of the most common attacks on MetaMask wallet users include viruses targeting cryptocurrency wallets or installing a fake MetaMask extension that gives hackers control over your wallet.
Last but not least, users should never give their opening phrase to anyone they don’t trust. They should contact MetaMask support immediately if users believe their wallet has been hacked.
NFT trading for beginners
From paying gas fees to royalties for creating non-fungible tokens (NFTs), we look at some of the hidden costs you should consider before trading NFTs.
People regularly hear about “NFT project”, “NFT collection” and “NFT markets”.
The popularity of NFTs has grown tremendously over the past year. For example, people have made millions of dollars trading NFT memes, artwork, music, etc. Although many people have profited from these tokens, there are still some who have suffered huge losses.
Don’t forget that there is more than meets the eye when it comes to NFT trading. For example, Robert Martin, senior content strategist at digital storytelling platform Kapwing, lost over $200 in gas fees while trading NFTs.
Robert Martin believes gas fees can be risky for new users. According to Martin, “there needs to be a lot more education.”
It’s worth noting that NFT trading goes beyond simply the price of the token you want to buy. Let’s find out more about the situation.
Gas fee and conversion fee
Let’s start with the gas bill. As a reminder, the gas fee is a fixed fee for buying NFTs.
Every time you make a transaction through the blockchain, there is a blockchain transaction fee called a gas fee. It should be noted that this is a fixed commission that does not depend on the value of the transaction.
Essentially, this refers to the amount you pay cryptocurrency miners for the computing power they need to verify blockchain transactions. A gas fee is an additional fee in Bitcoin or Ether that is required to transfer basic expenses.
It fluctuates depending on the demand as well as the supply of the cryptocurrency. For example, if demand is high, the gas fee may even exceed the value of the NFT.
First of all, to start trading NFTs, you need to create a wallet. There you will need to convert your currency into a cryptocurrency such as Ether. Interestingly, you may also want to convert from one cryptocurrency to another if needed. This will require a conversion fee from your wallet, which can be more than 1.50% of the transaction amount.
Buying and selling irreplaceable tokens
Interestingly, just as buying can be an expensive affair, creating an NFT can be the same. In the case of Ethereum, a creator may be required to pay between $100 and $500 to create a smart contract (an agreement between a buyer and a seller).
However, the cost may be lower on other blockchains, but it’s worth considering regardless. Additionally, when selling NFTs, creators may be required to pay a portion of their earnings, say 5 percent, to the market.
It’s not surprising that many people buy NFTs to sell them later at a profit. However, reselling NFTs is not that simple. Importantly, sellers must pay royalties, usually 10% to 30% of the amount earned, to the marketplace where they sell it.
When you sell a non-fungible token, you earn cryptocurrency, which you may want to transfer to your bank from a crypto wallet. To do this, you will need to convert crypto to fiat currency through a crypto exchange or peer-to-peer platform. You will need to pay blockchain fees.
Notably, blockchain fees are cryptocurrency transaction fees that are charged to users when they perform crypto transactions. Blockchain fees are charged to process a transaction on the network.
You need to pay a blockchain fee to ensure that your cryptocurrency transfers arrive without delay. It is one of the main tools used to speed up crypto transactions, which are often slow due to the high load on the blockchain network. As a reminder, the lower the blockchain fee, the lower the priority of the transaction in the blockchain network.
Even though trading non-fungible tokens can be profitable; however, be aware of hidden fees that can hurt your wallet.
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