Crypto.com is playing catch-up in the NFT space as it partners with Cronos-based Marketplace Minted
Quick take:
- Minted was launched in partnership with Crypto.com.
- It allows Ethereum-based blue-chip NFTs to be listed alongside Cronos-based ones.
- Minted will be a secondary marketplace for all Cronos-based NFTs originally sold on Crypto.com.
Minted, an NFT marketplace accelerated by Cronos Labs, launched on Thursday in partnership with Crypto.com.
On Minted, Ethereum-based blue-chip NFTs such as Moonbirds, Otherdeeds and others can be listed alongside Cronos-based ones. The marketplace will support over 10 million NFTs across 2,800 projects. Crono’s blockchain is developed by Crypto.com, which announced a Web3-focused $100 million accelerator in June.
As part of the partnership, Minted will be a secondary marketplace for all Cronos-based NFTs originally sold on Crypto.com. Users who list their Ethereum-based NFTs on Minted can earn the platform’s native token, $MTD, as a reward. Those displaying blue-chip NFTs will earn greater rewards than others.
To prevent wash trading like that seen on LooksRare, a Minted project manager who goes by the pseudonym Marco told The Block that the platform has parameters in place to discourage users from milking rewards. One way is to provide larger rewards to users who list their NFTs at a reasonable price. For example, those who list NFT at twice the floor price will receive fewer points than those who carry it at 1.1 times the floor price.
Cronos CEO Ken Timsit told The Block that Minted intends to be a multi-chain platform starting with Ethereum and Cronos. Minted and Crypto.com’s partnership is perhaps yet another example of an NFT platform’s attempt to take on Ethereum’s market leader, OpenSea. Earlier this month, Magic Eden announced its expansion to the Ethereum blockchain after raising $130 million at a valuation of $1.6 billion.
According to data on Dune Analytics, OpenSea remains the leader in terms of total transactions and number of users compared to LooksRare, and Coinbase’s NFT marketplace.
The key points from comparing OpenSea, LooksRare and Coinbase’s NFT marketplace.@DuneAnalytics dashboard off @hildobby_ pic.twitter.com/E3v7SI6yHo
— NFTgators 🐊 (@NFTgators) 23 July 2022
While Crypto.com is a hugely popular cryptocurrency exchange boasting over 10 million users across the ecosystem, the NFT marketplace launched last March is still lagging behind. OpenSea, X2Y2, Magic Eden and LooksRare are listed in DappRadar’s top 25 NFT marketplaces by transaction volume in the last 24 hours, while Crypto.com is nowhere to be seen.
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