Cryptocurrency trading platform Crypto.com has rolled out a Non-Fungible Token or NFT marketplace with exclusive content from popular artists, musicians, athletes, and sports. The exclusive content will be auctioned on the invite-only marketplace in the form of digital NFT.
The platform will auction exclusive content from Aston Martin Cognizant Formula One, Axel Mansoor, Bag Raiders, BossLogic, Boy George, KCamp, KLOUD, Klarens Malluta with Lionel Richie, Mr. Brainwash, OPUS, Snoop Dogg and more.
In early March, Crypto.com inked a multi-year sponsorship deal with Aston Martin Cognizant Formula One Team as they return to Grand Prix racing. Crypto.com’s logo will be emblazoned on the Aston Martin Cognizant F1 Team car at the races.
Crypto.com is now partnering them to introduce NFTs as the team returns to F1 for the first time in 60 years. The team will exclusively offer their content via Crypto.com/NFT.
At launch, users will have the option to 1-click buy using their credit or debit card. Any collector or fan will be able to acquire, trade, and resell NFTs through the platform, regardless of whether or not they are a Crypto.com user.
Crypto.com users will also be able to pay for NFTs using the Pay feature of the app, and of course Crypto Pay will be available, offering users the ability to pay with over 20 cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and even the popular Dogecoin (DOGE).
NFT is a crypto token, which is non-fungible, meaning that it can neither be transferred like money nor replaced with something else. This type of token is gaining popularity among artists and content creators as this can protect their pieces of art like painting, songs, videos, tweets, etc.
NFTs are pieces of tokenized content that are verifiably unique, with the authenticity, rarity, and scarcity, and are secured on blockchain. They are typically built of Ethereum, though other blockchains like TRON and NEO can be used. The NFT transaction is executed on blockchain using smart contracts to store and record their unique information.
When a person buys an NFT of a collectibles and rare items of art and music, he receives a token containing the same only and does not get ownership rights. NFTs are currently the hottest product in the digital asset space, with celebrities launching NFTs for their art and music collections as another revenue stream for their work.
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