What Can You Do With NFTs?
How and Where Can You Swap NFTs?
The fundamental benefit of many of the top NFT marketplaces is the large order books of items and bids from which to choose. Anyone can purchase and sell NFTs from anyone else without ever having to communicate with their counterparty.
When you want to purchase and sell NFTs for ETH or other cryptocurrencies, this is a perfect option. However, when trading NFTs for other NFTs, or negotiating a transaction with your counterparty, it falls short. So, instead of using a centralized marketplace, we’re looking into platforms that are specifically designed for trading NFTs in a Peer-to-Peer (P2P) fashion.
What Are Peer-To-Peer Swaps (And How They Differ From OTC)
NFT P2P platforms let unidentified users securely and confidently swap their NFTs without the need for a middleman. All actions are carried out on the blockchain, assuring the highest levels of security and verification. Users can trade their NFTs without the need for a central authority’s interference and do not have to worry about potential counterparty risk.
These platforms follow the peer-to-peer model of popular decentralized crypto marketplaces. Before executing the trade, anyone can check which tokens will be traded. NFT P2P platforms have a few differences from the ‘traditional’ NFT marketplaces. Some of them are:
Trustless: All trades executed on NFT peer-to-peer swaps are trustless in that they do not need each party to know or trust the other user while still guaranteeing a fair and safe trade. While OTC platforms have a centralized third party that controls most of the trading activities, trustless platforms work directly between traders with an added layer of safety.
No Counterparty Risk: On NFT P2P platforms, users can trade their assets with other anonymous users with confidence, avoiding misrepresentation and the risk of fraudulent activities from counterparties.
P2P Swaps for Gamers and Multiplayer Games
Trading loot and items is an integral aspect of practically any video game, especially in multi-player and interactive gaming worlds. It’s all part of the process of learning, improving, and honing your skills, but the fact remains that players don’t really have full ownership or control over the items.
NFTs provide a solution to this, allowing users to completely own verifiably unique items and loot that have been acquired in the game. Players can easily trade with other gamers in role-playing games (RPGs), just like you can in traditional gaming, but now you can realize the value of the objects you’re exchanging. Gamers can take their hobby to the next level with peer-to-peer NFT trading.
With P2P NFT trading, gamers can now transact with whichever user or party they choose through a fluid trading procedure that only involves the persons involved in the transaction. This is done off-chain with no transaction charge with swaps, making the exchange as frictionless and straightforward as possible to perform.
This creates a huge opportunity for gamers, as there is now a truly open market where they can sell their loot and get a fair value. This functionality will be available throughout the duration of a gamer’s online experience, and the value that these kinds of transactions can generate should not be underestimated.
Users can navigate a game world in a much easier manner with Peer-to-Peer NFT swaps, completing transactions in a form that matches the real world. Furthermore, P2P swaps eliminate the need for the exchange to waste transaction fees, improving the outcome for both trading parties.
Before NFTrade’s peer-to-peer swapping feature, the only way to trade NFTs was via an over-the-counter (OTC) deal, which comes with inherent counterparty risk that should be avoided at all costs. Now, with our innovative swapping application, we have created a trustless way for anyone in the cryptocurrency space to easily, safely, and efficiently swap their NFTs with anyone else.
Check it out here: https://nftrade.com/swaps