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.
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