Crypto.com NFT Review

If you’re venturing into the lively world of NFTs, you’ve likely encountered prominent names like Kraken NFT and Binance NFT. However, another contender has emerged: Crypto.com, which was primarily known as a crypto exchange that now features a dedicated NFT marketplace. So, through this Crypto.com NFT review, I'll shine a spotlight on the said platform and explore what it offers.

Here's a sneak peek: Crypto.com boasts robust security layers, implementing advanced measures like withdrawal address whitelisting and anti-phishing codes to protect users' assets. On top of that, the NFT platform is built on the native Cronos blockchain.

That said, are the security measures enough to instill confidence in users navigating the NFT space, though? Does the blockchain integration translate to faster transactions and a smoother NFT purchasing experience? Well, let’s roll up our sleeves and find out!

Verdict at a glance: Crypto.com NFT presents a dynamic NFT marketplace that leverages the Cronos blockchain for a seamless user experience. With its diverse array of features, including rarity rankings and customizable price alerts, the platform caters to collectors of all levels. However, the lack of quality customer support may leave some users feeling a bit lost as they seek information and solutions.

What is the Crypto.com NFT Marketplace?

You might have heard of Crypto.com as a global trading platform offering over 350 cryptocurrencies. However, this Crypto.com NFT review will focus specifically on its NFT marketplace, which is just one piece of a much larger ecosystem. Let me tell you about Crypto.com first, though.

Originally founded as "Monaco" in 2016 by Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo, the company was renamed Crypto.com in 2018. The rebrand happened after acquiring the domain from the cryptography professor Matt Blaze in a deal valued at $5-10 million. 

Followingly, Crypto.com’s NFT marketplace is a natural extension of its growing platform. The platform has witnessed rapid user growth, reaching over 100 million users (as of writing). This growth can be attributed to its diverse offerings, including cryptocurrency trading, an NFT marketplace, and a mobile app for managing both crypto and NFT portfolios.

The said platform has positioned itself as a prominent player in the NFT space with major branding collaborations, including partnerships with Formula One, the Philadelphia 76ers, Paris Saint-Germain, Lega Serie A, and the UFC.

In April 2024, rapper Eminem even endorsed Crypto.com in an ad campaign aired during the NBA Playoffs. This support mirrors earlier celebrity promotions, such as Matt Damon’s famous 2021 "Fortune Favors the Brave" ad.

For more insights into Crypto.com's full suite of services, you can refer to this broader Crypto.com review.

Crypto.com NFT Review: PROS

As we delve deeper into this Crypto.com NFT review, it’s clear that the platform offers some notable advantages that can elevate your NFT experience. Let’s take a closer look at the pros that make this marketplace stand out.

Cronos-Powered NFT Transactions

In many Crypto.com NFT reviews, users appreciate the marketplace for the fact that it runs on the Cronos blockchain. Built with the Inter-Blockchain Communication Protocol (IBC) protocol and leveraging Ethermint, Cronos interoperates seamlessly with both Ethereum and Cosmos ecosystems. What does this entail?

In short, this interoperability gives you faster transactions, lower fees, and a smoother NFT experience. The Cronos blockchain allows for instant finality, allowing your transactions to be confirmed in seconds, which is a plus for anyone actively trading or minting NFTs.

What makes the system even better is that Cronos supports native tokens from other IBC-enabled chains like Cosmos Hub and Osmosis. If you’re someone who likes to move assets across different ecosystems, this is a big deal. 

It’s also worth noting that the blockchain allows developers to port apps and crypto assets from other chains with ease. This expands the platform’s potential and shows just how scalable and future-proof it is. 

Multi-Layered Account Protection

One of the key strengths of the Crypto.com NFT marketplace is its focus on security. In a space where digital assets are constantly traded, strong security measures can give users peace of mind. However, what exactly makes the marketplace secure?

First off, your account is protected by cutting-edge technologies like Passkeys and FIDO2, which add extra layers of security beyond just your password.

Think of Passkeys as a more secure version of a password, while FIDO2 helps you verify your identity quickly and safely^[1]. These tools make it tough for anyone to hack your account.

For those who like to know the nitty-gritty, Crypto.com complies with several top-tier security standards. The platform is PCI DSS v4.0 Level 1 certified, which means it meets strict regulations for processing or storing credit card payments.

On top of that, Crypto.com has been independently assessed at the highest level for NIST Cybersecurity and Privacy Frameworks, along with SOC 2 Type II compliance. In short, the NFT marketplace follows the most up-to-date practices to protect your privacy and funds.

Another practical feature I'd like to highlight in this Crypto.com NFT review is the Anti-Phishing Code. If you’ve ever worried about phishing scams, thanks to this feature, it'll help you avoid cyberattacks. All you need to do is activate the feature in your security settings.

Additionally, you can set up a unique code that will appear in every email from Crypto.com. That way, you’ll always know if an email is legitimate or if it’s someone pretending to be them.

The security layers don't end there. Much like peeling seemingly endless onion layers, each feature adds more protection to your experience on the Crypto.com NFT marketplace. One such feature is the ability to whitelist withdrawal addresses, allowing you to lock in specific addresses so that any withdrawals are directed only to those you've previously approved.

Plus, there’s a 24-hour withdrawal lock that kicks in when you make changes to your security settings or add a new withdrawal address. So, this gives you time to react if something seems off.

These features, along with regular security audits from firms like Kudelski Security, suggest that Crypto.com is serious about protecting user assets. Thus, if you're browsing Crypto.com NFT reviews to gauge how safe it is, all the measures implemented showcase their commitment to keeping things as secure as possible.

Advanced Rarity Metrics

Understanding the value of an NFT can be tricky, especially when you’re browsing through countless options. That’s where Crypto.com’s rarity rankings come to the rescue.

Crypto.com NFT takes rarity seriously and employs three different sources to calculate an NFT’s ranking: their own scoring algorithm, Rarity Sniper, and the official ranking of the creator. Combined, the triad of sources gives you a comprehensive view of each NFT’s rarity status.

So, when Crypto.com’s internal system calculates an NFT’s rarity, it looks at the specific properties of each NFT—like its body, background, and outfit. If fewer NFTs in the collection have a certain property, that NFT scores higher in rarity. Once all the scores are tallied, the NFTs are ranked accordingly, with the rarest at the top.

Furthermore, with the help of Rarity Sniper, a popular tool among NFT enthusiasts, the platform's scoring system becomes more transparent and precise. As of writing, Rarity Sniper supports rarity scoring for over 1,000 NFT collections across various blockchains, including Cronos, Ethereum, Polygon, and Solana.

When you find that Rarity Sniper has scored the collection you're eyeing, you can trust that ranking will take precedence over Crypto.com’s own calculations. Think of it as the “expert witness” in the courtroom of NFT value.

Now, Crypto.com’s system isn’t the only way to rank rarity—other platforms might calculate things a little differently. But the good news is that Crypto.com gives you a clear picture by showing the rarity ranks right on each NFT’s details page.

Why does this matter? Well, having access to accurate rarity rankings can help you make smarter investment choices^[2]. If you’re looking to collect or flip NFTs, understanding their rarity can give you a significant edge.

Imagine snagging a unique piece that everyone else is overlooking—it’s like finding a rare Pokémon card! Plus, when you're armed with information about rarity, you can avoid those “I paid too much” regrets later on.

Intuitive User Interaction Tools

To elevate your experience, the Crypto.com NFT marketplace distinguishes itself by offering a range of user-friendly tools. Right from the start, as you navigate the menu, you’ll notice the “Drops” option sitting next to the Marketplace button.

This menu is where the latest and most hyped NFTs first make their appearance, offering you the chance to buy directly from creators. If you play your cards right, you could obtain some incredible collectibles at a bargain.

Once you dive deeper into the NFT collections, you’ll find that Crypto.com hosts an extensive variety of NFT types, including Art, Celebrities, Gaming, Sports, Music, Crypto, Cross Chain, and Picture-for-Profile (PFP).

To make your exploration easier, the platform includes a handy filter feature. You can choose to sort NFTs by curation, price range, listing type, chains, and categories. This level of customization is a big plus, especially if you’re looking for a specific art piece.

What's more, on the NFT detail pages, you can take advantage of the price alerts button. This feature lets you track the price of specific collections and collectibles, sending you notifications when your target price is reached. 

You can even customize how often you receive these alerts—with options for a one-time notification, daily updates, or instant alerts whenever your target price hits. That way, you’ll never miss an opportunity to buy at just the right moment. 

All these features not only make navigating the Crypto.com NFT marketplace more efficient but also reflect a genuine effort to enhance user engagement. As you read through this Crypto.com NFT review, it’s clear that such tools empower you to track, evaluate, and manage your NFT collections effectively.

Did you know?

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Crypto.com NFT Review: CONS

However, this Crypto.com NFT review wouldn't be complete without addressing some of the cons that may affect your overall experience. Let’s dive into the areas where the platform could use improvement to ensure a balanced view.

Ineffective Customer Support Response

While the Crypto.com NFT marketplace boasts a presence across multiple support channels, there’s a significant drawback when it comes to its customer service.

Since 2023, a growing number of users have reported dissatisfaction, noting that despite the company’s claim of offering 24/7 support with a response time of under 10 minutes, real-time help is hard to come by.

Users have shared that contacting support through platforms like X, Facebook, Reddit forums, and even the built-in app and website chat often results in automated responses rather than actual assistance.

Frustration mounts when users send emails, as many report that nobody responds, and if they do receive a reply, it's often from a different representative asking the same questions without following up. Even phone calls have been met with frustration, as users frequently hear, “the line is busy” without any solution in sight.

If you're exploring the Crypto.com NFT marketplace, this gap in customer service could hinder your experience, leaving you feeling disconnected and unsupported in a fast-evolving environment. If quick and responsive support is important to you, this is something to keep in mind when considering an NFT marketplace.

Crypo.com NFT Marketplace Pricing and Fees 

Continuing my Crypto.com NFT review, let's unpack the mystery surrounding pricing and fees. After all, understanding these costs is key to navigating the Crypto.com marketplace like a pro.

The good news for buyers is that there are no additional fees when making purchases. Users simply select the NFT they want and pay the exact listed price, making it straightforward to engage with the marketplace.

For those looking to sell, there's a small catch. A processing fee of 1.99% is deducted from the total purchase amount during secondary sales. This fee helps cover the operational costs of the platform while enabling creators to earn royalties on their work.

Speaking of royalties, Crypto.com fosters a supportive environment with its royalty system. Curated creators, those who have been given the thumbs up by the platform, have the privilege of setting their own royalty percentages for secondary sales. This grants them greater control over their potential earnings.

For instance, if a curated creator sets their royalties at 15% and their NFT sells for $5,000, they will receive $750 as a result of that sale. In contrast, non-curated creators have a fixed royalty rate of 10% for any collectibles created directly on the platform.

In addition to these sales fees, creators looking to mint their own NFTs should be aware of the minting costs involved. There is a base fee of $3 for using the self-creation flow.

However, if the NFT is minted on Ethereum, Polygon, or Cronos, an additional charge may apply to cover the gas fees associated with those specific chains. Importantly, this fee is assessed only once per request, regardless of how many attempts are made to successfully mint the NFT.

Now that we've cracked the fees, let's move on to the exciting part: buying and selling NFTs on the Crypto.com marketplace!

How to Use the Crypto.com NFT Marketplace

Shifting our gears, let's look at how to effectively navigate the marketplace in this Crypto.com NFT review. By following the handy steps for how to buy or sell an NFT on Crypto.com, you’ll be equipped to make the most of your experience on the platform.

How to Sign Up on Crypto.com

Before you proceed with how to buy an NFT on Crypto.com, you need to sign up, and it’s worth noting that the platform's app is currently available only for US residents only. If you’re outside the US, you’ll need to use the standard sign-up process directly on the Crypto.com NFT website.

I'll show you how to sign up for users with and without the Crypto.com App.

For users with the Crypto.com App:

Step 1: Click the "Sign Up" button on the navigation bar to access the Crypto.com NFT onboarding page.

Step 2: Open the Crypto.com App and go to "Settings", then tap on the QR Code icon.

Step 3: Scan the QR code displayed on the onboarding page. If this is your first time, grant the app access to your camera and accept the Terms & Conditions.

Step 4: Click "Authorize" on the Crypto.com App and enter your passcode to complete the sign-in.

For users without a Crypto.com App account:

Step 1: Click the "Sign Up" button on the top-right corner of the homepage.

Step 2: Enter your email address and create a password.

Step 3: Verify your email address and phone number, then provide your full name and set up a username to complete the registration process.

With your account set up, you’re now ready to explore how to buy an NFT on Crypto.com!

How to Buy an NFT on Crypto.com

The NFT buying process on Crypto.com is relatively straightforward. You can purchase items during primary sales (including drops) or secondary sales, with multiple payment options available. Here's how to buy an NFT on Crypto.com:

Step 1: Browse through the marketplace to find an NFT you want to buy. You’ll notice two pricing models for listings:

• Buy Now. If you see an item with a fixed price, click Buy or Buy Now to purchase it immediately. Alternatively, you can click Add or Add to Cart to save the item for later. When you’re ready, click the cart icon at the top right to check out.
• Auction. Place a bid on auction items by entering a bid that’s at least 5% or $10 higher than the previous highest bid. The highest bidder at the auction's end wins the item. If no bids are placed, the item returns to "Not for Sale" status.

Step 2: Purchase NFTs using your preferred payment method, such as a credit/debit card, account balance, Crypto.com Pay, or a wallet that supports ERC-20 tokens (like Ledger Nano X or Trezor Safe 5).

Step 3: Once you’ve selected your payment method and confirmed your purchase, follow the prompts to complete your transaction.

If you’ve built up some account balance on the platform, you can use it for purchases. To do so, make sure your Crypto.com App account is fully verified through the Know Your Customer (KYC) process.

With these simple steps, you can purchase your favorite NFTs on Crypto.com and expand your digital collection.

How to Sell and Withdraw an NFT on Crypto.com

If you’re looking to learn how to sell an NFT on Crypto.com, the process starts by applying to become a creator. Here's a step-by-step guide to selling your NFTs:

Step 1: Navigate to the "Create" button on the main page and fill out the application form. Approval usually takes up to 7 days, and you’ll be notified via email if successful. Keep in mind only successful applicants will receive a response.

Step 2: After you're approved, head to the "Create" section again to start minting. You’ll need to provide all required details, and can choose to mint on Ethereum, Polygon, Cronos, or Cronos PoS Chain.

Your NFT will be viewable and available for listing after the minting process, which may vary in time depending on network conditions.

Step 3: Afterward, you can list your NFT using one of two options:

• Fixed Price. Simply set the price at which you want to sell the NFT.
• Auction. Set the auction duration. However, as a creator, you can also end auctions early (up to 24 hours), decline bids, or choose the top bid at any point.

Once listed, your NFT will be available for sale on the marketplace, completing the process of how to sell an NFT on Crypto.com.

Now that we’ve covered how to sell NFT on Crypto.com, let's explore how to withdraw your NFT from the platform. There are two methods available: a standard withdrawal and a cross-chain withdrawal. Each method serves different purposes, so let’s break down the steps for both.

For a straightforward approach, you can use the standard withdrawal method, which involves moving your NFT directly to a wallet on the Cronos PoS Chain. Here’s how to do it:

Step 1: On the NFT listing page, click on the three dots next to the item and select “Withdraw NFT”.

Step 2: From the dropdown menu, select “Cronos PoS Chain” and paste your wallet address (ensure you do not enter the address manually to reduce inaccuracy).

Step 3: Input the 8-digit verification code sent to your email and hit "Submit". You may also need to complete two-factor authentication (2FA) based on your security settings.

Step 4: You’ll see a “Withdrawal in Progress” modal on your screen. Once the withdrawal is completed and confirmed on-chain, you will receive a confirmation email.

And those are the steps to withdraw your prized asset on a Cronos PoS Chain. Alternatively, if you wish to move your NFT to a wallet on a different network, the cross-chain withdrawal method is the way to go. Here’s how this process differs:

Step 1: As before, click on the three dots and select "Withdraw NFT".

Step 2: Choose your network destination from the dropdown and paste your external wallet address. For enhanced security, consider using a hardware wallet like Ledger Nano X.

Step 3: Input the verification code sent to your email and click the Submit button. Complete any required 2FA authentication.

Step 4: Review the withdrawal fee and proceed to complete the payment, making sure to do so within the 5-minute quote window.

Step 5: After a successful payment, you should see a “Payment Success” modal. Finally, once the withdrawal is confirmed on-chain, you will receive a confirmation email.

All done! You’ve successfully navigated how to sell an NFT on Crypto.com and withdraw the asset. Whether you’re moving your NFTs to another wallet or simply managing your collection, you’re now equipped with the knowledge to do so efficiently.

Conclusion

Concluding this Crypto.com NFT review, it’s evident that the platform is making strides as a competitive NFT marketplace. With its integration of the Cronos blockchain, a variety of user tools, and flexibility in payment options, Crypto.com is well-positioned to cater to diverse user preferences.

Despite that, there are a few bumps in the road, particularly regarding customer support. Users complain about waiting for days to receive attention from the team, and once they do, the response is less than satisfactory. Hopefully, Crypto.com NFT is going to address this in the future.

As Crypto.com continues to grow alongside established players like Kraken and Binance NFT, those asking if Crypto.com is the right fit for their NFT journey can feel reassured by its focus on user experience and security. Whether you're interested in buying, selling, or simply discovering digital collectibles, the Crypto.com NFT marketplace welcomes you with open arms.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. L. Lassak, E. Pan, B. Ur, et al: ‘Why Aren’t We Using Passkeys? Obstacles Companies Face Deploying FIDO2 Passwordless Authentication’;

2. A. Mekacher, A. Bracci, M. Nadini, et al: ‘Heterogeneous rarity patterns drive price dynamics in NFT collections’.