Cryptocurrency exchange Crypto.com has announced the launch of their NFT platform, which is set to go live on Mar. 26. According to the exchange, the NFT platform will be “invite-only.”
What Happened: Ahead of the launch, Crypto.com has lined up some names to collaborate, in order to create and release NFTs on the platform. They include Snoop Dogg, Lionel Richie, and Formula One team Aston Martin.
Jefferson Slack, Managing Director – Commercial & Marketing, Aston Martin Cognizant Formula One Team, said: “As a modern organization with a strong heritage, we’re excited to be the first Formula 1 team to offer a new way for our fans to own a piece of our history. The collection of NFTs we’re making available capture the very first moments of our return to F1 after more than six decades.”
Songwriter Lionel Richie was also included in the mix and will be collaborating with artist Klarens Malluta to release a digital piece on the platform.
Richie, who is a fan and collector of art, said he was looking forward to collaborating with Malluta on this new medium.
Why It Matters: To buy NFTs, users typically have to create an NFT marketplace account on a platform like Rarible or NBA Top Shot and then fund that account with Ethereum-based tokens, which is usually the primary means of payment.
According to the crypto exchange, users will have the option to buy NFTs using their credit or debit card, regardless of whether they are a part of Crypto.com’s user base.
They will also be able to acquire, trade, and resell NFTs by paying with Bitcoin, Ethereum, Dogecoin, and close to 20 other cryptocurrencies. However, given that the NFT platform is ‘invite only’, it is unlikely that users will be able to mint and sell their own NFTs at launch.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.