2022 was the year I discovered that NFTs have the same trading potential as penny stocks. Even though recent months have been bad for blockchain technology, I think that potential is still there.
How do you trade NFTs? You can follow the same strategies that I teach for penny stocks. As Matt puts it: “You don’t have to be a fan of digitized doodle art to profit from NFTs. That’s the beauty of trading. You just follow the money.”
When it comes to trading NFTs and digital currencies, Crypto.com is one of the most recognizable players in the blockchain industry, thanks to big moves like signing Matt Damon as a brand ambassador and rebranding Staples Center as the Crypto.com Arena.
Beyond all the pomp and circumstance, is Crypto.com a good blockchain platform for NFT and crypto traders? Read on to find out!
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Trading on Crypto.com
Crypto.com is a Singapore-based cryptocurrency exchange where you can trade over 250 crypto coins and countless NFTs.
Crypto.com’s NFT marketplace features major NFT collections like Art Blocks, Bored Ape Yacht Club, and Azuki, in addition to hosting hundreds of NFT drops. Over the years, Crypto.com has worked with big names like Snoop Dogg and the Philadelphia 76ers to launch exclusive NFT collections.
The site boasts a 24-hour trading volume of over $370 million at the time of writing, making it the 12th-most active crypto exchange worldwide.
In cryptocurrency, maker and taker fees start at 0.075%, and go progressively down from there. That gives Crypto.com some of the lowest transaction fees in the market — for comparison, look at Wealthsimple Crypto, where trading fees can reach up to 2%.
I’ve always said that a good trade should be worth the cost of commission. But the difference between Crypto.com and some of the other options is massive. It’s the difference between a platform meant for trading, and one made for long-term investing.
I don’t trade crypto assets myself. But some of my top students, like Bryce Tuohey and Matt Monaco, do.
This coin rocketed to 15 times its value and promptly fell, just like the trashiest penny stocks out there. My students have a strong foundation in penny stock trading, so they understand what was happening. They’ve created crypto strategies that have made me a believer.
Can I Buy NFTs on Crypto.com?
You can buy NFTs on Crypto.com. The site’s robust NFT marketplace features thousands of pieces from both major and obscure NFT collections.
Crypto.com features exclusive NFT drops, where you can be first in line to grab a just-minted NFT. These pieces can sometimes be flipped for quick gains.
Growing Your Trading Account With the NFT Marketplace
So, how do you grow your trading account with the NFT marketplace? I spoke with Adam Jarrett, one of my top students who trades in NFTs, and he’s got these tips to share:
- Sign up for whitelists to get early access to hot NFT projects.
- Study the NFT and crypto market to know which projects might get traction and which ones won’t go anywhere.
- Join the Tim Sykes NFT Club, where Adam shares his NFT picks.
- Do the research… and be ready whenever a trading opportunity presents itself.
Essentially, you’re applying my penny stock strategies to NFT trading. NFTs are like penny stocks in that they can jump quickly and crash just as quickly. To make profits from trading NFTs, you need a tight trading plan and ALWAYS cut losses quickly.
How to Find NFTs on Crypto.com
Finding NFTs on Crypto.com is as simple as it gets. The landing page displays upcoming NFT drops, trending NFT collections, and top creators, so you get a good overview of the current NFT market. You can also sign up for a mailing list for NFT drop notifications, so you don’t miss out.
When you go into the main marketplace page, you’ll find filters and sorting features to search NFTs by the date listed, price, likes, and other criteria.
Crypto.com NFT Fees
Crypto.com’s NFT marketplace charges 1.99% per NFT transaction. This falls in the middle of the road for NFT marketplaces — on the higher side is Openseas at 2.5%, while Binance charges only 1%.
This can be deceptive however — gas and royalty fees get added on to transactions on some platforms. Crypto.com doesn’t charge a gas fee, but NFTs minted and sold on the platform rate a 10% royalty fee.
Make sure you understand all the fees on your trade BEFORE you trade. The high, variable fees on NFTs can make the difference between profit and loss.
The NFT market and the penny stock market share a lot of similarities. Like Matt and Adam, a penny stock background can give you a head start on NFT trading.
If you’re already trading high-tech stocks in sectors like artificial intelligence and electric vehicles, you’ll be right at home trading NFTs and crypto assets. These are all hot sector assets — macro developments can play a big part in their trading potential.
Want to learn more about NFT trading? Join the Tim Sykes NFT Club today! Members will get lots of perks like free NFTs, video masterclasses, and monthly webinars. It’s a good way to cut through the hype and learn how to trade this wild new market.
Are you an NFT trader? Share your experiences with me in the comments below!