Swap your NFTs on Riverex with ease
What is NFT swap?
In recent years or so, NFTs have exploded in popularity and interest in non-fungible tokens has significantly increased.
Swapping an NFT refers to the process of exchanging one non-fungible token (NFT) for another NFT or cryptocurrency. This can be done on decentralized exchanges (DEXs) that support NFT trading. Swapping NFTs can allow collectors and investors to diversify their portfolios and acquire new assets without having to purchase them with fiat currency.
It is important to be cautious when swapping NFTs, as there are risks involved such as price volatility and potential fraud or theft.
However, it’s worth mentioning that NFT swaps are typically conducted through decentralized exchanges (DEXs) which provide a higher level of security than centralized exchanges. As a result, it reduces the risk of fraud or theft and provides a safer trading environment for NFT holders.
As the NFT owner is the only person who can transfer, sell and trade the NFT and according to the point that NFTs ownership is recorded and stored on blockchain, they cannot be copied or exchanged for other tokens or assets.
How swap an NFT?
To do an NFT swap, you will need to follow these steps:
1. Choose a decentralized exchange (DEX) that supports NFT trading like Riverex.
2. Connect your digital wallet to the DEX. You will need to have a compatible wallet such as MetaMask or Coinbase Wallet.
3. Select the NFT you want to swap and the NFT or cryptocurrency you want to receive in exchange.
4. Confirm the transaction and pay any associated fees.
5. Wait for the transaction to be processed and for the new asset to appear in your wallet.
It is important to note that NFT swaps can involve significant risks, including volatility in asset prices and potential fraud or theft. It is important to do your research and only trade with reputable exchanges and trusted counterparties.
NFT swap in a decentralized exchange
An NFT swap in a crypto exchange refers to the exchange of one NFT for another NFT or for a cryptocurrency to make more profit.
This process allows NFT holders to trade their unique digital assets for other assets that they may find more valuable or desirable. The process involves connecting to a decentralized exchange (DEX) that supports NFT trading and making a transaction through a cryptocurrency wallet.
One of the best and secure exchanges which support NFT swapping in the world is Riverex. Riverex is a cross-chain decentralized exchange to securely execute crypto transactions. It provides users with many valuable and practical features.
The exchange will allow collectors around the world to sell and swap their non-fungible tokens for other NFTs and potentially increase their returns.
Riverex NFT swap platform
Riverex as the only cross-chain decentralized exchange with an in-chat peer-to-peer feature provides crypto traders and holders with trustless and safe transactions through chat, swap, and pool.
One of the most unique feature provided by Riverex now is its NFT swap platform, allowing users to trade their favorite NFTs with ease and directly with others users.
Riverex users are now allowed to exchange their NFTs to NFTs, NFTs to Tokens, or Tokens to NFTs transactions. The transactions are executed in a smart contract which in turn guarantees the security and transparency.
The platform adheres to ERC-721 and ERC-1155 NFT standards, enabling users to make multiple NFTs transactions in a single contract.
NFT Swap Fee
Riverex users can do their NFT Swap currently on three blockchain networks: Binance, Ethereum, and MoonBeam.
While executing an NFT swap transaction on the platform, users can pay for their transaction fees with the utility token of Riverex, WELLE.
There are 3 types of NFT swapping fees n Riverex platform, including:
- NFT to NFT Swap Fee
Users who execute an NFT to NFT swap transaction will both be charged 100 WELLE tokens. - NFT to Token Swap Fee
In an NFT to Token swap transaction, the user who receives the NFT will be charged 100 WELLE tokens. On the other hand, the user who receives the token will be charged 0.03% as a platform fee. - Token to NFT Swap Fee
In a Token to NFT swap transaction, the user who receives the NFT will be charged 100 WELLE tokens. On the other hand, the user who receives the token will be charged 0.03% as a platform fee.
At the end, it’s noteworthy that NFT swapping serves significant features including flexibility, liquidity, price discovery, access to new assets and security.
NFTs swapping is the way artists and creators monetize their digital creations. They provide a secure and transparent way to verify ownership and transfer of digital assets, opening up new revenue streams for those who previously struggled to monetize their work.
However, it is crucial to conduct thorough research and exercise caution when dealing with NFTs or any cryptocurrency transactions, as their value can fluctuate rapidly, and scams or fraud are always a possibility.
Swap your NFTs on Riverex platform now. https://riverex.io/