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    Why Do People Buy NFTs? Top 7 Reasons Explained

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    Why Do People Buy NFTs? Top 7 Reasons Explained


    Non-fungible tokens (NFTs) have gained significant attention since the 2021 bull market. As unique digital assets, they are unlike any other forms of cryptocurrency or digital items. But why do people buy NFTs? 

    In this guide, we will explore why they buy NFTs and the main reasons behind this trend, discuss whether people are still buying NFTs, and provide answers to common questions.

    Key Takeaways:

    NFTs, or Non-Fungible Tokens, are one-of-a-kind digital items stored on the blockchain, that prove ownership for items like digital art, music, and collectibles, unlike regular cryptocurrencies that can be exchanged equally.People buy NFTs for ownership, supporting creators, scarcity, investment potential, use in gaming, access to exclusive content, community belonging, meme culture, and experimentation with new technology.NFTs can be purchased on various platforms such as OpenSea, Blur, Magic Eden, Super Rare, and Rarible, which serve as online marketplaces for buying, selling, and trading digital assets.

    Why Do People Buy NFTs: Top 7 Reasons

    1. Ownership and Collectibility

    Ownership is one of the most important motivators for purchasing NFTs. People appreciate the sense of having unique and authentic items in the digital world. NFTs provide a digital certificate of authenticity that proves the buyer has the original material. This approach is comparable to collecting tangible art, rare items, or sports cards. 

    High-profile NFTs, such as Beeple’s “The First 5000 Days”, have sold for over $69 million, demonstrating the importance of exclusive ownership of digital assets. Also, the NBA Top Shot NFT collection, which allows users to purchase, sell, and trade legally licensed NBA memorabilia, has surpassed $1 billion in sales.

    2. Supporting Creators and Artists

    NFTs also allow artists to monetize their work directly. Unlike traditional models where intermediaries such as galleries or record labels take a significant cut, NFTs enable creators to sell their work with built-in royalties. This ensures they continue earning from secondary sales. 

    Emerging artists benefit significantly from this model, as it allows them to retain control of their work. For example, artists can receive between 5-10% in royalties every time their NFT changes hands.

    3. Investment and Speculation

    Many buyers view NFTs as an investment opportunity. NFTs have been known to appreciate in value, especially those tied to well-known creators or projects. Speculators purchase NFTs with the hope of selling them later at a profit. 

    For instance, Bored Ape Yacht Club NFTs originally sold for around $160 but later reached values upwards of $413,000, representing a massive return on investment​ (ROI).

    4. Virtual Worlds and Gaming

    NFTs have taken the gaming industry by storm. In-game assets, characters, and even virtual land can now be represented as NFTs, allowing gamers to buy, sell, and trade assets across different platforms. This introduces real-world value into virtual worlds. Gamers can now own rare items that they can sell for profit or use to enhance their gaming experience. 

    The use of NFTs in games like Axie Infinity, where players earn tokens by battling digital pets, has created new income streams for many players worldwide.

    5. Access to Exclusive Experiences

    Owning an NFT can unlock exclusive access or privileges, making it more than just a digital asset. Many NFTs offer additional perks, such as access to special events, VIP treatment, or early product releases. 

    For example, Kings of Leon released an NFT that provided holders with unique audiovisual experiences and even front-row seats at future concerts.

    6. Philanthropy and Social Causes

    NFTs have also been used as a vehicle for supporting charitable causes. Many creators and organizations have minted NFTs specifically to raise funds for various philanthropic efforts.

    In 2022, UNICEF launched a collection of NFTs to fund initiatives for schools in developing countries, showing how NFTs can go beyond financial speculation and serve as tools for social good.

    7. Community and Belonging

    In the NFT market, many projects build strong communities where buyers feel a sense of belonging. These communities often hold events or meetups, such as Bored Ape Yacht Club’s “ApeFest”, which attracts hundreds of attendees. The community aspect makes NFT ownership feel more like being part of an exclusive club.

    Are People Still Buying NFTs?

    Yes, despite some fluctuations in the market, people are still purchasing and trading NFTs. However, the overall demand has become more selective. The initial craze has cooled down, and buyers now focus more on quality and long-term value. Interest remains strong in niche areas such as digital artwork, gaming, and virtual real estate. 

    Based on our 2024 NFT research report, 96% of NFTs have become inactive. On average, an NFT lasts for 1.14 years, which is 2.5 times shorter than the lifespan of typical cryptocurrency projects. The year 2023 recorded the most NFT failures, with almost one-third of them becoming inactive during that time.

    However, as technology evolves, the use cases for NFTs continue to expand, which helps maintain a level of interest in the market. While it may not be as explosive as it once was, NFTs are still relevant. You can also check out our guide on the best NFTs to buy.

    Conclusion

    To sum up, people buy NFTs for different reasons, including the chance to invest and a personal interest in digital collectibles. Although the initial excitement around NFTs has decreased, many still find value in owning these special items. 

    NFTs provide a mix of digital ownership, exclusivity, and new ideas, which attract various buyers. Whether for making money, gaining social status, or joining digital communities, the hype surrounding NFTs is likely to continue in some way.

    FAQs

    Why would a rich person buy NFTs?

    Wealthy individuals often buy NFT projects for several reasons. They may view NFTs as a new investment opportunity, hoping for future appreciation. Some may also purchase NFTs as a way to support artists or showcase their digital collection, similar to owning rare physical art. For others, NFTs serve as a status symbol in the digital world.

    What are people using NFTs for?

    People use NFTs for various purposes. Some buy them to collect unique digital art or virtual items, while others use NFTs in gaming or virtual spaces. Additionally, NFTs can provide access to exclusive events, communities, or content, making them valuable for more than just ownership. Buyers also view NFTs as investment opportunities, hoping their value will increase over time.

     



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    Shardbound to Launch Open Beta on Steam and Epic Games

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    Shardbound to Launch Open Beta on Steam and Epic Games


    Popular Ethereum-based strategy card game Shardbound is set to launch its Open Beta on October 9.

    Developed by Bazooka Tango and built on Ethereum’s Layer-2 Immutable zkEVM network, the game will be available on both Steam and the Epic Games Store. This open beta phase will focus on gathering feedback to fine-tune the gameplay ahead of a full release, though the beta’s end date has not yet been confirmed.

    With its upcoming beta, the developers hope to refine core elements whilst introducing blockchain integration, although some features will be limited based on platform restrictions.

    Shardbound - Gameplay Source: Shardbound

    What is Shardbound?

    Shardbound is a turn-based strategy game that blends elements of deck-building and tactical combat where players create decks filled with unique cards, which they use to command units on a grid-based battlefield. The game offers multiple ways to win, such as through direct military engagements or by employing economic strategies to outlast opponents.

    Originally developed by Spiritwalk Games, Shardbound launched in Early Access in 2017 after a successful crowdfunding campaign but never reached full completion.

    Bazooka Tango acquired the game in 2023 and has since worked to incorporate web3 elements, particularly through the use of NFTs that represent in-game cards.

    Shardbound - Open Beta
    Shardbound - Open Beta Source: Shardbound

    What can we expect from the Open Beta?

    Beginning October 9, the Open Beta will be available on both Steam and the Epic Games Store.

    One standout feature is that viewers will be able to join mid-game, offering a more interactive experience. Bazooka Tango will use feedback from the community during this phase to enhance and fine-tune the game’s mechanics. The beta will remain open for an undetermined period, with continuous adjustments being made based on player input.

    Whilst the game is integrated with blockchain technology, some features will be limited on Steam due to the platform’s restrictions against NFT-enabled games. Players will still be able to obtain NFTs representing in-game cards through Immutable’s zkEVM network, but they will have to claim these via email codes or through Immutable’s wallet system.

    More details on future NFT integration and long-term plans will be shared in the coming weeks.



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    The Truth Behind the Alleged $56M CryptoPunk NFT Sale

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    The Truth Behind the Alleged M CryptoPunk NFT Sale


    CryptoPunk 1563 Transaction Raises Doubts

    CryptoPunk 1563 was sold this afternoon for 24,000 ETH, or $56.3 million, in what appeared to be a large transaction. However, several visible and concealed red flags arose, raising concerns about the sale’s legality.

    About $69,000 in ETH was paid in September for the purchase of CryptoPunk 1563. This raises questions as it is considered a “floor Punk,” meaning it usually sells near the entry-level price for the collection. With no rare attributes, there’s no reason to justify such an Extensive analysis of on-chain data indicates that the transaction was a component of a flash loan program. The purchase was made using flash loans, which are uncollateralized crypto loans that need to be paid back in one single transaction. The NFT buyer borrowed $24,000 in ETH from the DeFi protocol Balancer and paid it back in one transaction. Although the NFT did move between wallets, no actual money changed hands because the vendor repaid the loan. Only network fees were paid by the buyer.

    This is not the first time such an application of flash loans has occurred. Someone paid an astounding $532 million for a CryptoPunk in October 2021 using flash loans, only to return the money in the same transaction.  While the event made headlines during the NFT market boom, the sale wasn’t recognized as legitimate by CryptoPunks creator Larva Labs or other NFT data platforms.

    Source: CryptoPunk 

    There’s an unexpected twist in this case. According to the on-chain investigator 0xQuit, this latest flash loan could be tied to an upcoming meme coin called “Kamala Harris Punk.” The sale appears to be a stunt aimed at generating interest in the token’s pre-sale. The NFT in question is set to be sold to the highest bidder after a weeklong pre-sale phase. The developer seems to be betting on earning more through the combined NFT sale and token presale than the current floor price of the Punk, which is around $63,400 worth of ETH.

    While the goal is to raise interest and capital through the presale, this strategy could backfire. If the stunt fails to generate enough attention or bidders, it might end up being a costly gamble. The seller is hoping to recoup the amount raised in the presale through the final auction of the CryptoPunk, but there are no guarantees.

    Excluding today’s questionable sale, CryptoPunks have generated about $16.7 million in trading volume over the past 30 days, according to data from CryptoSlam. The highest legitimate purchase of a CryptoPunk occurred in February 2022, when one sold for nearly $24 million worth of ETH. That particular Punk was recently resold, though the exact amount remains undisclosed.



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    Beretta Unveils First NFT Collection to Celebrate 498th Anniversary – Cryptoflies News

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    Beretta Unveils First NFT Collection to Celebrate 498th Anniversary – Cryptoflies News


    8

    Beretta, the well-known Italian firearms manufacturer, is marking its 498th anniversary with the launch of its first-ever non-fungible token (NFT) collection. 

    Known as “W3bicons,” the collection features 20 AI-generated and 3D-modeled artworks, all inspired by one of Beretta’s most recognized products, the M9/92FS pistol. This iconic firearm has been a fixture in action films and video games over the years.

    The collection is divided into two categories: Luxury and Pop. The Luxury collection consists of 10 artworks, including pieces such as “Golden Marble” and “Glow Porcelain.” These pieces aim to highlight Beretta’s tradition of pushing boundaries and experimenting with new technologies. 

    On the other hand, the Pop collection, which includes works like “Graffiti Velvet” and “Oceanic Blaze,” draws inspiration from the pistol’s influence in movies and pop culture, where it has become a cinematic symbol.

    Carlo Gussalli Beretta, the company’s Digital Innovation Project Manager, described these artworks as representations of “the evolution of Beretta seen in an artistic perspective.”

    NFTs from the collection are available for purchase through a dedicated webpage. Each piece in the Luxury collection is priced at 3 ETH, approximately $7,140 at the time of writing, while pieces in the Pop collection are listed at 1 ETH, or about $2,380 each. 

    As an additional incentive, buyers of the NFTs will have the opportunity to receive an invitation to Beretta’s 500th anniversary celebration, which will take place in 2026. 

    This marks Beretta’s first foray into the world of NFTs, a move that the company says aligns with its long-standing commitment to innovation while honoring its deep-rooted history.



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    Beeple’s “Tree of Knowledge” Triptych: A Deep Dive Into Digital Art Mastery | NFT CULTURE | NFT News | Web3 Culture | NFTs & Crypto Art

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    Beeple’s “Tree of Knowledge” Triptych: A Deep Dive Into Digital Art Mastery | NFT CULTURE | NFT News | Web3 Culture | NFTs & Crypto Art


    Beeple, also known as Mike Winkelmann, has been at the forefront of the digital art revolution, bringing a blend of technology, dystopian satire, and artistic commentary to collectors worldwide. His latest release, “The Tree of Knowledge”, is a captivating triptych that explores a symbiotic relationship between technology and nature. This piece is part of a timed edition sale, ensuring exclusivity for those who engage with it during the limited 48-hour release window.

    The Tree of Knowledge: Concept and Medium

    Beeple’s “The Tree of Knowledge” is not just a print; it’s a reflection of the artist’s complex relationship with the digital world and reality. The triptych is based on Beeple’s debut generative artwork—a real-time, digital sculpture that responds to global events, cycling between three distinct states: signal, noise, and violence. Each of these states represents various interpretations of reality, and they invite the viewer to ponder on how technology influences perception.

    The static excerpts from these states have been masterfully translated into UV pigment prints by Make-Ready, a London-based printmaking studio. These prints are sealed with a satin varnish and are available on Somerset Tub Sized Radiant White paper, giving them both physical depth and a high-quality finish.

    What Makes This Piece Special

    Each of the three prints in the triptych has been carefully created to embody the distinct elements of the original generative sculpture. The symbolic use of signal, noise, and violence encapsulates the chaotic and fragmented nature of information in our digital age. Beeple’s personal touch is also present in the limited edition’s authentication, with each print being signed, dated (2024), and numbered by the artist himself.

    Beyond the art, the framing options further add to the aesthetic appeal. Buyers can choose between unframed pieces or opt for a black or white frame, both of which are painted with visible grain to enhance the print’s texture.

    Limited Edition Timed Release

    The triptych is offered as a time-limited edition, meaning its availability depends on the number of buyers within the 48-hour release window. Once this period ends, the edition size will be finalized, further cementing the exclusivity of the prints.

    The official release date is October 9, 2024, and free worldwide shipping is offered, with expected delivery between February 12-19, 2024. The packaging also reflects the high standards of Avant Arte, ensuring that each print arrives safely, whether framed or unframed, in a custom-made wooden box.

    Why Collectors Should Pay Attention

    Beeple’s rise to prominence—most notably with his landmark Everydays project that sold for $69.3 million at Christie’s in 2021—positions him as one of the most influential digital artists today. His works often delve into political satire, blending dystopian imagery with futuristic elements. The Tree of Knowledge represents another iteration of Beeple’s commitment to evolving the digital art landscape, offering both collectors and casual enthusiasts a piece of this historical moment.

    With this timed release, collectors have the opportunity to own a piece of artwork from an artist who is not only a pioneer in digital spaces but also someone who continues to challenge the norms of traditional and NFT art markets.

    TL;DR:

    Beeple’s The Tree of Knowledge is a time-limited edition print triptych exploring the intersection of technology and reality. This exclusive release, available for 48 hours starting October 9, 2024, reflects Beeple’s generative digital sculpture, with three prints representing signal, noise, and violence. Each print is signed, numbered, and available framed or unframed, offering collectors a unique addition to their art collection.

     



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    X Empire Reveals Airdrop Criteria and Launches New ‘Chill Phase’ Rewards

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    X Empire Reveals Airdrop Criteria and Launches New ‘Chill Phase’ Rewards


    X Empire has recently unveiled additional details about its airdrop and introduced a thrilling new phase for players. As the project nears completion of its token distribution, people who have helped build and test the game will be rewarded. Not only is 70% of the token supply earmarked for community distribution, but X Empire also has tacked on an additional 5% “Chill Phase” bonus. Here’s what you need to know about the X Empire criteria and the new opportunities for players before the launch of the token in October.

    Primary X Empire Criteria

    X Empire has verified that several basic contributions will form the basis of the first part of its airdrop. These primary factors will mainly concern the leading invitees—the number and quality of invited friends. Next up will be the profit per hour of the leading players, followed by the completed quests of these same primary invitees.

    The players who have brought in new, current members, increased their own earnings and completed additional in-game tasks this past season is on track to receive a bigger slice of the tokens when they are distributed. This should ensure that the most engaged players and community members get rewards for the time they have put into the game.

    Additional Factors

    Besides the basic elements, X Empire has added a group of secondary factors to assist in deciding how best to allocate the tokens. How many wallets an entity connects to, the volume of transactions it performs using the TON blockchain, and whether or not it uses Telegram Premium—all these things matter.

    While not mandatory, TON transactions—covering both donations and purchases—reflect your support for the project. These contributions have allowed X Empire to grow and expand. Anyone who participated in these activities could see an uptick in their token rewards.

    The New ‘Chill Phase’: An Additional 5% Allocation

    X Empire has reworked its tokenomics and brought in a new “Chill Phase,” with an extra 5% (34.5 billion $X tokens) allocated for the airdrop. The Chill Phase is a live competition for players, with all in-game characters fresh for a new start. It will run for only a few weeks, and both veterans and newbies will have the opportunity to battle for more airdrop rewards.

    Moreover, you don’t have to take part in the Chill Phase, and it won’t impact the 70% of tokens already allocated from the first phase. But for those who do participate, it’s not a bad chance to progress toward earning a share of the tokens still up for grabs. Veteran players can think of it as a chance to get in some seasoning and feel the thrill of progressing quickly. And newcomers to the game have a shot at making themselves relevant and earning some tokens.

    Curious about other opportunities? Be sure to check out the top TON airdrops for October to boost your rewards even further.

    Conclusion

    Thanks to the Chill Phase bonus, a total of 75% of the tokens have now been allocated for the airdrop. X Empire is in the final stage of preparations for its Token Generation Event (TGE). The listing is expected to take place in mid-October. While we don’t know the exact date yet, players should keep an eye out for developments regarding the TGE, which X Empire have said will be announced in the coming days.

    Editor’s note: Written with the assistance of AI – Edited and fact-checked by Jason Newey.

    Jason Newey

    Jason Newey is a seasoned journalist specializing in NFTs, the Metaverse, and Web3 technologies. With a background in digital media and blockchain technology, he adeptly translates complex concepts into engaging, informative articles.

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    Crypto.com Review 2024: Is It a Safe & Legit Exchange?

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    Crypto.com Review 2024: Is It a Safe & Legit Exchange?


    Crypto.com is recognized as one of the top cryptocurrency exchanges according to CoinMarketCap, thanks to its impressive trading volume, diverse features, and high liquidity. This platform provides many financial products, including a cryptocurrency exchange, DeFi services, and an NFT marketplace. In this Crypto.com review, you will learn the platform’s pros and cons, explore its various offerings, and find out whether it truly lives up to the hype.

    Key Takeaways:

    Crypto.com is a popular crypto exchange app that offers trading features such as spot, margin trading, and derivatives contracts.Crypto.com is best for users seeking instant crypto buy/sell options on the app, trading NFTs, and earning high staking rewards.The Crypto.com App charges competitive trading fees of 0.15%/0.3% (maker/taker) for spot trading and 0.02%/0.04% for futures trading.

    Crypto.com Review: At a glance

    Founded2016HeadquartersSingaporeTrading FeaturesCrypto buy/sell, derivatives, margin, NFT marketplace, Crypto.com Visa card, staking, DeFi swap, and moreFiat CurrenciesAUD, CAD, EUR, GBP, USD, USDC, BRLSupported AssetsOver 350 cryptocurrencies and 580 trading pairsNative TokenCronos (CRO)Trading Fees0.15% for maker and 0.3% for taker feesLeverageUp to 50x for derivatives and 5x for margin tradingSecurity Measures2FA, cold storage, insurance fund, regulatory compliance, ISO/IEC 27001:2013, and moreKYC MandatoryYesDeposit and Withdrawal MethodsCredit or Debit Card, Bank Transfer via SEPA, FPS, ACH, SWIFT, Apple Pay, Google Pay, and more third-party payment methodsLicensesFinCEN, ASIC, and other international authoritiesCustomer SupportEmail, live chat, and help centerMobile AppBoth iOS and Android

    What is Crypto.com?

    Crypto.com is a comprehensive crypto platform designed for trading cryptocurrencies. It supports over 350 assets and offers multiple trading markets, including spot, margin, and crypto derivatives contracts. 

    You can leverage up to 5x on margin trades and 50x on futures contracts. The platform features more than 580 trading pairs, including popular ones like BTC/USDT and ETH/CRO, enabling a wide range of transactions between various cryptocurrencies.

    The exchange emphasizes security, holding the highest security certifications in the industry, such as ISO/IEC 27001:2013, and offering multi-factor authentication (MFA) and insurance on assets held in cold storage. It also has the Crypto.com App, which has over 100 million users globally. To start trading, you must complete a registration process with KYC verification.

    Crypto.com Exchange offers competitive fees, starting at 0.15% per trade, with discounts available for high-volume traders and those staking CRO, the platform’s native token. It is also the best crypto staking platform with APYs up to 20% on crypto holdings. Available globally, it is accessible via desktop and mobile apps, making it suitable for both beginner and advanced traders.

    Crypto.com Pros

    It supports more than 350 different digital assets for tradingEarn up to 20% APY on staked cryptocurrenciesCold storage for 100% of user assets and has an insurance policyIt offers a complete ecosystem, including DeFi services, an NFT marketplace, and the ability to earn rewardsCrypto.com Visa cardholders can earn cashback in CRO tokens​Trading bots for automated trading strategies

    Crypto.com Cons

    Higher trading and withdrawal fees compared to exchanges like Binance and BybitSome features, such as margin trading, are unavailable to U.S. residents​Lower leverage in the derivatives market compared to competitors

    Cryptocurrencies Available on Crypto.com

    Crypto.com offers about 350 cryptocurrencies and around 580 trading pairs. This range includes popular coins like BTC, ETH, and XRP, as well as stablecoins such as Tether (USDT) and USD Coin (USDC). The platform also supports many new and niche tokens.

    You can find various crypto-to-stablecoin pairs, such as BTC/USDT, ETH/USDC, and XRP/USDT and crypto-to-crypto pairs, including BTC/ETH and DOT/BTC, providing flexibility for portfolio management.

    For those exploring niche markets, Crypto.com offers tokens in specific sectors. This includes NFT tokens, metaverse coins for virtual worlds, and Real World Assets (RWAs) that connect traditional finance and blockchain. Plus, You can discover various DeFi tokens and tokens related to smart contracts like APT and SOL.

    Crypto.com Features Review

    Crypto.com App

    The Crypto.com App is a mobile app available for both Android and iOS devices. It is a central tool for managing cryptocurrency. It allows you to trade all popular digital assets like BTC, SOL, MATIC, ADA, and ETH. 

    Purchases can be made using a linked bank account, debit, or credit card. The app also supports recurring buys, enabling you to automate cryptocurrency purchases at regular intervals. 

    Additional features include a fiat wallet for easy conversion between fiat currency and crypto and a price track function that helps you monitor market prices with real-time alerts. The app is also ideal for anyone looking to manage a diverse portfolio while also using crypto for payments and investments.

    Crypto.com App

    Derivatives and Margin Trading

    For those interested in trading with advanced tools, derivatives, and margin trading are available on the Crypto.com Exchange.

    Derivatives trading allows you to trade perpetual contracts with up to 50x leverage for BTC and ETH and 20x leverage for lower-cap altcoins like SOL, ADA, and CRO. Margin trading is available with up to 5x leverage. It helps you trade by borrowing funds from the platform. 

    These tools come with high risk but can amplify returns for seasoned traders. The exchange also offers a variety of other order types, such as stop-loss, take-profit, and OCO limit orders to enhance trading strategies.

    NFT Marketplace

    Crypto.com NFTs are another important feature for traders. You can purchase, sell, and trade non-fungible tokens (NFTs) directly on the site. 

    You can find a diverse selection of digital art from well-known artists and brands. The marketplace also works with Crypto.com Pay. This means you can buy NFTs using cryptocurrencies such as CRO, Bitcoin, and Ethereum. 

    Additionally, NFTs can be maintained using the Crypto.com DeFi Wallet. This provides flexibility for users who participate in both the DeFi and digital art ecosystems.

    Crypto.com NFT Marketplace

    Crypto.com Card

    The Crypto.com Visa Card offers a way to spend crypto in the real world. This prepaid card allows you to convert and spend cryptocurrency at over 60 million merchants worldwide that accept Visa. 

    Cashback rewards, known as CRO rebates, are offered on every purchase, with up to 5% back for users who stake CRO. The card also includes perks like airport lounge access, which scales based on the amount of CRO staked. This makes it an attractive option for those looking to seamlessly integrate cryptocurrency into their daily expenses.

    The Crypto.com card comes in different forms with variable reward tiers and benefits. Check the given image below.

    Crypto.com Card

    DeFi Wallet

    The Crypto.com DeFi Wallet is a non-custodial crypto wallet. It gives you full control over your cryptocurrency. Unlike the Crypto.com App, which manages your assets for you, the DeFi Wallet lets you hold your own private keys. This means you can securely manage your assets in a decentralized way, without relying on a central authority.

    You can use the wallet for various decentralized finance (DeFi) activities like staking, swapping tokens, and lending across multiple blockchains. You can even swap tokens between different networks (cross-chain swaps), which makes managing multiple crypto assets easier.

    Recently, the DeFi Wallet also added leveraged perpetual contracts. This feature lets you trade with up to 100x leverage, directly within the app.

    Crypto.com Fees

    Crypto.com offers competitive rates, especially for high-volume traders and those staking CRO tokens. On the exchange, trading fees begin at 0.15% maker and 0.3% taker fee per transaction, and users who stake CRO are eligible for additional savings. For the futures market, it charges 0.02% maker and 0.04% taker fees. 

    Here is a quick overview of Crypto.com spot trading fees for high-volume traders:

    Level30-Day Spot Trading Volume (USD)Maker FeeTaker FeeLevel 1Less than $50,0000.1500%0.3000%Level 2$50,000 and above0.1000%0.2500%Level 3$250,000 and above0.0800%0.2000%Level 4$500,000 and above0.0700%0.1000%Level 5$1,000,000 and above0.0650%0.0690%Level 6$5,000,000 and above0.0600%0.0650%Level 7$10,000,000 and above0.0000%0.0500%

    When transferring assets within the app ecosystem or depositing cryptocurrency, Crypto.com does not impose fees. When moving funds to external wallets, withdrawal fees do apply and they differ according to the coin and blockchain network. 

    For instance, the 0.0005 BTC cost for BTC withdrawals on the Bitcoin network can be high in comparison to certain other exchanges. Check the full Crypto.com fee details here.

    Crypto.com Security Review: Is It Safe & Legit?

    Crypto.com has taken stringent security measures to safeguard its users’ funds and data. A key component of their strategy is to keep all user digital currencies in cold storage, greatly reducing the danger of hacking. 

    Crypto.com also employs cutting-edge technology, such as hardware security modules (HSMs) and multi-signature keys. This means that even if one layer of security is breached, additional safeguards are in place to protect funds. Furthermore, the app has a $150 million insurance coverage that covers losses from theft, physical damage, and even certain third-party risks.

    It also takes additional precautions with user accounts by offering two-factor authentication (2FA). The platform also incorporates real-time threat monitoring, continuously scanning for suspicious activities and potential vulnerabilities. 

    On the regulatory side, Crypto.com operates under multiple international licenses. In the United States, it is regulated by FinCEN (Financial Crimes Enforcement Network), and it holds licenses such as:

    Dubai Virtual Assets Regulatory AuthorityElectronic Money Institution (EMI) license in EuropeAustralian Financial Services License (AFSL)Class 3 VFA license by Malta Financial Services Authority (MFSA)Digital Asset Service Provider in France

    Customer Service and Trading Experience

    The customer service is generally supportive and helpful. Support is available through email, live chat, and a help center. You can find answers to common questions in the help center. This makes it easy to solve simple issues quickly.

    The trading experience on Crypto.com is also user-friendly. The app is easy to navigate. The layout is customizable and the platform offers features like spot trading and margin trading. Crypto.com also receives positive reviews from customers, with a 4.4/5 rating on the Play Store and a 4.6/5 rating on the App Store.

    How to Open a Crypto.com Account

    Download the app and create an account: Check out the Apple App Store or Google Play Store. Download “Crypto.com” by searching for it. Select “Sign Up”. You’ll have to set a strong password and enter your email address.Complete the KYC: You now have to prove who you are. Enter your address, name, and birthdate. In addition, you must provide a selfie for verification along with an identity document, such as a passport or driver’s license.Deposit cryptocurrency or fiat currency: To fund your Crypto.com wallet, link your bank account or use a debit or credit card. Additionally, you can deposit cryptocurrency from other exchanges like OKX or Bybit.Start Trading Crypto: You can start trading cryptocurrencies as soon as your account has been funded and established. You can also explore variables like market trends and price charts to get more information before making a trade.

    Watch detailed tutorial: Crypto.com Tutorial | Full Beginners Guide on How To Set Everything Up!

    Crypto.com vs. Other Crypto Exchanges

    Binance, Coinbase, and Bybit are the three top alternatives to the Crypto.com exchange. Here is a quick comparison:

    FeatureCrypto.comCoinbaseBinanceBybitBest ForBuy/sell and crypto rewardsThe U.S. TradersHigh-volume crypto tradersDerivatives and day tradersSupported Coins350+240+400+1200+Trading Fees (maker/taker)0.15%/0.3%0.4%/0.6%0.1%0.10%Trading VolumeAverageHighVery HighHighLeverage TradingYesLimited (only in select regions)YesYesMaximum Leverage50xUp to 5x125x100xU.S. AvailabilityLimited (not available in New York)Available in all statesSeparate Binance.us platformNot available

    Conclusion: Crypto.com Exchange Review

    In a nutshell, this Crypto.com review reveals a platform that stands out for its robust security features, advanced features, and user-friendly design. With support for over 350 cryptocurrencies and a commitment to regulatory compliance, Crypto.com is well-suited for both novice and experienced traders. 

    While there are some drawbacks, such as higher fees compared to competitors, the overall value it provides makes it a worthy consideration for anyone looking to engage in cryptocurrency trading.

    FAQs

    Is Crypto.com available in New York?

    No, Crypto.com is not accessible in New York. It is the only state in the US where residents are unable to use the platform. The best crypto exchanges in New York are Coinbase and Gemini.

    Who is Crypto.com good for?

    Crypto.com is a good choice for traders who value security and regulatory compliance. The platform is licensed and offers high security for users. It is also suitable for NFT traders who want to buy and sell digital art and collectibles easily. Those interested in earning rewards can also benefit from staking. 

    Additionally, people who want to use cryptocurrency for daily transactions will find Crypto.com convenient, especially with the Crypto.com Visa card.

    What are the benefits of CRO tokens?

    CRO tokens provide several advantages for users. One main benefit is the ability to earn staking rewards, which allows holders to earn interest on their tokens. 

    Another advantage is that CRO tokens can be used to pay transaction fees on the Crypto.com platform, often at a lower rate than using other cryptocurrencies. Plus, users can access exclusive rewards and benefits when they hold CRO, such as higher cashback rewards on the Crypto.com Visa card. The token can also be traded on various exchanges, giving it good liquidity.



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    Lamborghini and Animoca Brands to Launch Web3 Hub for Digital Car Collectibles – Cryptoflies News

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    Lamborghini and Animoca Brands to Launch Web3 Hub for Digital Car Collectibles – Cryptoflies News


    1

    Lamborghini and Animoca Brands have provided more details about their collaboration announced in August. The two companies will work together to launch a Web3 platform called “Fast ForWorld.” 

    The platform, designed and developed by Gravitaslabs, will be Lamborghini’s central hub for digital engagement and Web3 initiatives. 

    It will allow users to play, interact, and collect digital car collectibles. These activities will come with rewards for user participation. Additionally, the platform will include a 3D wallet where users will be able to store their digital car collectibles.

    As part of the project, Lamborghini will team up with Motorverse, a global ecosystem of racing games and motorsport culture created by Animoca Brands. This collaboration will be key to the release of the first gaming experience that includes interoperable digital car collectibles.

    “Fast ForWorld” is scheduled to go live on November 7, 2024. To gain access, users will need to secure Lamborghini’s first-ever digital super sports car, the Revuelto. This digital car will be available globally during the platform’s launch month.

    In the future, users will also be able to use their Lamborghini digital car collectibles across various Motorverse games. This feature aims to expand the collectibles’ utility beyond a single platform.

    This isn’t Lamborghini’s first step into the Web3 space. The company began exploring the sector in 2022 with the launch of its “Space Time Memory” non-fungible token (NFT) project, which featured five images of a Lamborghini Ultimae heading toward the stars, honoring human space exploration. 

    Other Web3 ventures by Lamborghini include an online auction of the Lamborghini Aventador Ultimae paired with an exclusive NFT, a long-running NFT initiative called the “Epic Road Trip,” which culminated with the brand’s 60th anniversary, and a partnership with digital collectible platform VeVe to release popular Lamborghini models as NFTs.



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    WINK LEGACY: How to Earn Rewards While You Play!

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    WINK LEGACY: How to Earn Rewards While You Play!


    WINK LEGACY is an immersive Telegram game that transports players to a parallel universe, where they can explore, colonize, and build. The game combines gameplay and plot, allowing players to gather resources and use them to establish colonies. Players will embark on adventures to discover uncharted worlds and boundless opportunities. The Base serves as the central hub, providing access to essential tools such as the Tap-refiner and the Starship.

    In WINK LEGACY, players explore planets to extract valuable resources needed to establish colonies. The unique assets found on these planets help players to strengthen their empire. As players build structures and upgrade their empire, they not only expand it but also improve their ability to gather resources from the game world. This combination of exploration and resource management keeps the game immersive and dynamic.

    Earning Mechanisms and Rewards

    WINK LEGACY offers numerous opportunities to earn rewards as you explore new worlds and develop your colonies. Gathering resources is a key aspect of the game, as these can be used to enhance your empire. Top explorers receive special prizes, and they can earn additional rewards by inviting friends to join them on their adventures.

    Owning WINK DISCOVER NFTs comes with several benefits. Firstly, it provides daily access to extra Stardust, the main in-game currency. Additionally, these NFTs offer bonuses upon completing specific tasks in the game. Moreover, inviting friends to join you on Telegram can earn you bonuses in Refined Stardust, which is crucial for your upgrades. The diverse ways to earn rewards keep the game engaging and offer multiple paths to success.

    Advanced Gameplay Strategies

    For those who want to maximize their gaming experience, WINK LEGACY offers a few advanced strategies. The first one is the Simulator, where players can test their skills and win prizes. The simulator allows players to improve their skills and better understand the game’s mechanics. Another important strategy is to upgrade the Mothership, which provides an automatic boost to the extraction rate of every structure. This gives players an even greater advantage over their competitors.

    In the WINK universe, players aren’t merely gathering resources; they’re pioneering a new way to extract and refine them. The core tools needed for equipment upgrades is made by compressing Raw Stardust into the CORE in the Refinery. Players can greatly enhance their colony’s efficiency and resource collection through the adept management of resource gathering.

    To stay updated, players can review the WINK ecosystem overview. This provides them with an insight into the game’s universe and its internal operations. Upon logging in, players can access a personalized feed of videos tailored to their specific interests. These videos assist players in learning about the latest strategies and tips, keeping them one step ahead of their competition.

    WINK Finance Ecosystem

    The WINK Finance ecosystem is central to the game’s economy, allowing players to earn, trade, and invest. The in-game currency, Stardust, is at the core of the game’s economy. Players can collect Stardust while exploring the game’s worlds, building colonies, and completing various quests.

    The economy is not limited to Stardust; it also includes NFT trading. In the WINK DISCOVER economy, players can create, buy, sell, and trade real assets with actual gameplay value. These NFTs not only enhance the game but also offer daily incentives and exclusive items.

    Furthermore, participants are able to create passive income streams by staking the WINK universe’s two main assets: Stardust, the in-game currency, and NFTs. Ongoing rewards motivate players to maintain a long-term connection to the WINK universe. The blockchain technology that underpins the WINK Finance ecosystem guarantees that every transaction is both secure and transparent, creating an environment where players can trust their trades and the ownership of in-game assets.

    In addition, players have the opportunity to participate in staking and yield farming, which enables them to generate passive income by staking Stardust or NFTs. This feature offers continuous rewards, motivating long-term involvement in the WINK universe. Utilizing blockchain technology, the WINK Finance ecosystem ensures secure and transparent transactions, establishing a trustworthy environment for all trades and ownership.

    The ecosystem’s decentralized governance empowers active players to shape the future of WINK’s economic policies, creating a community-driven universe. By integrating finance, strategy, and gameplay, the WINK LEGACY mission offers a rewarding experience for all players. The governance of the WINK Finance ecosystem is decentralized, allowing active players to influence the game’s economy operations.

    Conclusion

    WINK LEGACY is an immersive game that allows you to explore new worlds and build an empire in space. More than that, it offers a great opportunity to get involved in the finance and economics of a virtual universe. As WINK LEGACY progresses, each action in the game not only allows players to earn rewards closer to WINK Finance, but also strengthens your interstellar empire. Whether it’s trading NFTs or buying assets in planets, moons, or asteroids, you’ll have plenty of great ways to earn rewards as you take part in WINK LEGACY.

    Editor’s note: This article was written with the assistance of AI. Edited and fact-checked by Owen Skelton.

    Owen Skelton

    Owen Skelton is an experienced journalist and editor with a passion for delivering insightful and engaging content. As Editor-in-Chief, he leads a talented team of writers and editors to create compelling stories that inform and inspire.

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    Unioverse Expands Ecosystem With N-Fusion Interactive Partnership

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    Unioverse Expands Ecosystem With N-Fusion Interactive Partnership


    A partnership has formed between Unioverse, a Web3 gaming platform, and N-Fusion Interactive, a seasoned game development studio. This partnership intends to speed up the creation of new games within the Unioverse ecosystem and provide new opportunities for people to interact with blockchain-based game experiences.

    N-Fusion Joins Unioverse’s Development Team

    Created by Random Games, Unioverse has created a community-owned, decentralized model where video game developers can contribute to the platform without paying the usual royalties. With a traditional Web2 gaming experience and a Web3 vision, N-Fusion has joined the party to enhance the Unioverse gaming experience.

    Founded in 1997, New Jersey-based N-Fusion Interactive has been deep in the game development business for over 27 years. It has lots of experience in developing games, not just for consoles like Nintendo, Xbox and PlayStation, but also for mobile and PC. These years of experience have seen N-Fusion pick up numerous awards across a range of gaming platforms.

    Eric Peterson, Chief Creative Officer of Unioverse, praised the collaboration: “We are proud to be partnering with such high-quality developers like N-Fusion, who have a distinguished catalogue of producing stellar video games.”

    With N-Fusion joining the development team behind Unioverse, it brings a wealth of expertise to this partnership. N-Fusion is known for rebooting hit franchises such as the popular Deadly Dozen. Furthermore, they bring years of experience working with powerful engines like Unreal and Unity alongside their custom engines.

    N-Fusion CEO Jeff Birns shared his excitement: “N-Fusion are thrilled to be collaborating with Random Games on the groundbreaking Unioverse project. We look forward to bringing this universe to life together.”

    Strengthening the Unioverse Ecosystem

    The Unioverse community, which has grown to over 250,000 members, stands to gain from these developments. As more AAA-quality games join the platform, where players can utilize the $UNIO token to unlock exclusive content and gaming experiences, further enhancing their interaction with the growing Unioverse ecosystem.

    Overall, as the Unioverse ecosystem keeps on growing, bringing on board this N-Fusion team promises new and exciting games that push new limits of what Web3 gaming can offer.

    Editor’s note: Written with the assistance of AI – Edited and fact-checked by Jason Newey.

    Jason Newey

    Jason Newey is a seasoned journalist specializing in NFTs, the Metaverse, and Web3 technologies. With a background in digital media and blockchain technology, he adeptly translates complex concepts into engaging, informative articles.

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