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Last Updated: Feb 7, 2022

NFTrade

New York, United States

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4.9
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NFTrade Marketplaces Review

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Kresimir Ilicic

Expert Analyst & Reviewer

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icon Updated on: Feb 7, 2022

NFTrade is the first cross-chain NFT marketplace. What does that mean? Basically, you can buy and sell NFTs from four different blockchains, while almost every other marketplace supports only one blockchain. Keep reading if you want to see a full NFTrade NFT marketplace review.

Spec

TOTAL NFT -
Total Sale Volume $16.04 Million+
Number of Categories 4
Tokens ETH, POLYGON, BSC, AVAX
Wallets Supported ETH, POLYGON, AVAX, BNB
Fee 0%
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OVERALL
RATING

4.9
Visit Website

PROS

Cross-chain support

Low amount of traders

0% Fees

User-friendly design

Rapidly growing

CONS

Low amount of traders

Requires smart contract for royalty fees

NFTrade NFT marketplace PROS

We are happy to see an NFT marketplace that has cross-chain implementation. Usually, you can find marketplaces that support multiple tokens, but on the same blockchain. NFTrade supports blockchains that are completely different from each other such as Binance Smart Chain and Avalanche.

This is a great upside of using this NFT marketplace. Users can choose from multiple options based on their preferences. When we compare this to some other marketplaces where Ethereum is the only option, NFTrade is definitely a winner.

Another great thing about NFTrade is that there are 0% marketplace fees. We believe this is a strategy to attract new users, but it’s awesome regardless.

You can choose if you’ll use your MetaMask wallet or WalletConnect. Since WalletConnect is compatible with almost any WEB3 blockchain wallet, you don’t need to worry about wallet compatibility.

The website is very user-friendly, you will easily navigate through it. Even if you don’t have experience with NFTs, you’ll easily register and start trading NFTs.

Even though there aren’t that many traders if we compare NFTrade to other marketplaces, the number of users is growing rapidly every day. More and more people are searching for alternative blockchains to Ethereum.

Most likely because Ethereum transaction fees are extremely high.

NFTrade NFT marketplace CONS

Right now there aren’t that many traders on NFTrade. That means you might have lower chances of selling your NFT art than you would have on other marketplaces. Still, as we already mentioned, NFTrade is growing every day.

Another downside we found is that you can’t add royalty fees without a smart contract. Most NFT marketplaces either got royalty fees automatically built-in or you can edit them in the settings.

However, NFTrade doesn’t support such a thing. If you want to add royalty fees to your collection, you’ll need to program them into a smart contract. If this sounds complicated, it is.

Beginners and people who just want to sell their art are going to have a hard time adding royalty fees on NFTrade unless they know how to write smart contracts. That’s why this is a downside to using the NFTrade marketplace at this moment.

What blockchain is NFTrade working with?

This is the best part about this marketplace because NFTrade is working with 4 different blockchains. Users can purchase all kinds of NFTs from all over the blockchain. Blockchains available on NFTrade are:

  • Binance Smart Chain (BSC) – Blockchain made by the most popular cryptocurrency exchange, Binance. Plenty of different NFTs are published on this one.
  • Ethereum (ETH) – The most popular blockchain for NFTs. The current issue with Ethereum is that transactions costs are too high.
  • Avalanche (AVAX) – Less known blockchain, but it’s actually one of the fastest smart contracts platform. Low costs and fast transaction speed, what else do you need?
  • Polygon – ERC-20 token known for super low transaction fees. There are already several NFT marketplaces supporting Polygon, including the biggest one, OpenSea.

It’s worth noting that if you got an NFT collection on another marketplace, you can also use it on NFTrade. For example, if you have a collection built on Polygon blockchain, you can just use the same wallet you have used on OpenSea and your NFTs will show up on NFTrade.

That’s because blockchain is the same everywhere, it’s not like each marketplace is using its “own version” of blockchain. However, what might differ is the royalty fees.

As you may know, OpenSea supports royalty fees that are added through their website. You just need to edit the collection. On the other hand, NFTrade only supports royalty fees that are added through a smart contract.

Are there any minting fees?

You only need to pay for the transaction fees that take place when you mint an NFT. There are no additional minting fees on NFTrade marketplace. If you want to minimize those fees, use AVAX or Polygon blockchains.

If we compare minting fees on Ethereum vs. Polygon, it costs approximately $70 to $100 for minting fees on ETH and only 0.001$ on Polygon. That’s a HUGE difference as you can tell.

Now imagine how much it would cost to create a 10,000 NFT collection on Ethereum vs. Polygon or AVAX. That’s exactly why having cross-chain support is super important.

Is there a listing fee?

No, listing your NFT doesn’t cost anything. You just need to pay for the blockchain minting fees and you are good to go. Not just that, but you don’t even have to pay for any marketplace fees when you trade NFTs.

The current marketplace fee of NFTrade is 0%. We believe it won’t remain at 0 forever, but only while they are trying to grow their marketplace.

Also, if you are sending your NFTs to someone, you’ll pay the transaction fees. However, that’s not related to the marketplace, but to the way the blockchain works.

What file formats are supported on the NFTrade marketplace?

Before you sign up for an NFT marketplace, you got to know what file formats are supported. Some marketplaces support many different file formats, while some support only images. NFTrade marketplace supports these formats:

  • JPG
  • PNG
  • GIF
  • WEBP
  • MP4
  • MP3

As you can see, there are four different NFT categories on NFTrade. These categories are Images, Animations, Videos, and Music. So, we got 4 different blockchains, and 4 different categories on NFTrade.

We’d love to see support for 3D objects as well, but since some marketplaces have only one or two supported categories, this is also great. Perhaps NFTrade will expand their supported categories in the future.

Can I decorate my collections on NFTrade?

Yes, you can decorate your own collections on NFTrade. The collection page is not as customizable as on the MakersPlace marketplace, but rather looks like the one on OpenSea.

There are a few different attributes you can edit in the collection. These attributes include:

  1. Name of the collection – You can name your collection however you want. When you are creating a collection you need to choose a name and symbol.
  2. Blockchain – Choose from one of four blockchains available. This solely depends on what you want. If you want a low transaction fees blockchain, go with Polygon or Avalanche, but if you want a more popular blockchain, go with Ethereum or Binance Smart Chain.
  3. Description – Provide a description of your collection. You can explain what your collection is all about.
  4. Your links – Add official links to your website, discord server, telegram, Twitter, and other locations. This will help all future buyers to avoid scams and only visit the official links.
  5. Profile picture – Choose whatever profile picture you want for your collection. This is usually a picture related to the art of the collection.
  6. Cover image – Banner image on top of the collection page. This image is much wider than the profile pictures and serves as a decoration.

Also, there are attributes that you cannot edit. These attributes are statistic ones like Floor Price, Highest Sale Price, Average Sale Price, Total Sales Volume. Based on that you can see how active a certain collection is.

Pipemoon Capsule on NFTrade
Pipemoon Capsule on NFTrade

What NFT wallets are supported on the NFTrade marketplace?

As previously stated, NFTrade supports two different wallets, MetaMask and WalletConnect. However, WalletConnect is compatible with almost every WEB3 blockchain wallet. That means there are actually many more NFT wallets supported.

We prefer when there are multiple wallets that are directly supported, but WalletConnect is still a better solution than having no options at all.

Supported wallets on NFTrade
Supported wallets on NFTrade

Does NFTrade support auctions?

No, at this moment auctions are not supported on NFTrade marketplace. However, it is always possible to place an offer for NFT you like. The seller can then decide if he’ll accept the offer or not.

Other than offers, you can only purchase NFTs by paying the listing price. The listing price is determined by the NFT owner. Since there are no marketplaces fees on NFTrade, you pay exactly the amount you see, and that’s the exact amount the seller will get as well.

PSKoalas on NFTrade
PSKoalas on NFTrade

Some collections will have a message like the one you can see on the image above “This NFT is not part of a verified collection click to report fraud”. What is that for? Well, there are “verified” collections on NFTrade and unverified.

What is a verified collection?

Basically, this is a protection mechanism against fake collections. As you may know, someone can easily download images from a certain collection and re-upload them. That’s why NFTrade warns its users when a collection is not verified.

However, that doesn’t mean that collections with this warning are automatically fake. In fact, the majority of collections on NFTrade will have this warning because “verified collections” are actually manually verified by NFTrade staff.

You can also verify a collection by taking a look at its smart contract. Most collections that are made on other marketplaces will automatically have this error. However, you can contact NFTrade and have them verify the collection.

Who is a perfect client?

NFTrade is built for everyone, from beginners to experienced users, so everyone is a perfect client of NFTrade. Whether you are a creator or a trader, you’ll find your spot on this NFT marketplace.

There are four different categories, and that benefits both creators and collectors. You can create digital images, animations, music, and videos. If you are multi-talented, you can create multi NFTs as well. Whether you’ll add them to the same collection or create a new one for each, that’s up to you.

On the other hand, if you are a collector, there are plenty of different NFTs to choose from. Since NFTrade automatically adds collections from other marketplaces, you’ll be able to buy NFTs that were not initially created on NFTrade.

The website is user-friendly, so newcomers will easily find their way. You can use many different wallets due to WalletConnect integration. Also, there are 0% marketplace fees, so you don’t have to worry about additional costs.

If you are new to the NFT world and want to test how it works, we suggest using NFTrade and one of their two blockchains with low fees, Polygon or Avalanche. That way you don’t risk almost anything as transaction costs per NFT on these two blockchains are under $0.1.

Does NFTrade provide any support?

NFTrade provides support through e-mail. There are no help articles like on other marketplaces. We feel this is a downside to this marketplace because of newcomers who are not familiar with the process of buying or creating an NFT.

However, there is the “Frequently Asked Questions” section. It has short answers to some of the questions you may have.

Sure, you can send them an e-mail, but they could take a long time to respond and it’s hard to get a full answer through one message.

Luckily, we have NFT University where you can learn about the NFT Basics and more complex topics as well.

Are there any partner programs?

It seems NFTrade only does partnerships with other blockchain companies at this moment. There aren’t any options for creators or collectors at this moment.

NFTrade has already partnered with blockchain companies such as GovWorld and Altura. Also, they are partners with the founders of blockchains supported on their marketplace such as Polygon.

How does NFTrade compare to competitors?

NFTrade has the biggest number of supported blockchains amongst its competitors. Most NFT marketplaces only support 1 blockchain, and a few support 2-3 blockchains.

When we take a look at marketplace fees, it’s clear that NFTrade is better than almost any other NFT marketplace because the fees are 0%. We believe that won’t be the case forever, but who knows.

There is a smaller number of traders on NFTrade when compared to the top NFT marketplaces. Still, their userbase is growing rapidly because of the cross-chain support and 0 fees.

If we take a look at the web design, it’s easy to see how simple the design is. That’s not the case with some other marketplaces such as AtomicHub or (now defunct) Hic Et Nunc.

One of the downsides to NFTrade is the inability to add royalty fees directly to the collection. On other marketplaces, you can either edit the collection and specify your royalty fees or they are automatically added. However, the only option on NFTrade to do it is to create a custom smart contract and then import it.

The average number of categories on other NFT marketplaces is 4, the exact same amount as NFTrade has. We’d love to see the 3D objects category added to this marketplace, but even these 4 are okay.

To conclude, NFTrade is a great marketplace suitable for both experienced and beginner users. Marketplace fees are 0% and there are 4 blockchains to choose from. If you just want to test the NFT world, this is a great marketplace to do so.

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