The trading platform for NFTs, The MonkeyFirm is offering an exceptional approach of token payment prevention of scams and also escrow throws a token supported NFT wrapping. This allows you to exchange NFT directly. Several sellers depend on escrows to play the role of mediator between receiver and sender, thus securing the NFT transaction.
The MonkeyFirm seeks to simplify the process by letting one mint and even exchange NFTs that are token-backed. Minting is adding your digital item or article (token) to the eltherium blockchain thus making it available publicly as a purchase.
Is The MonkeyFirm For You?
You can judge if the MonkeyFirm is right for you. You can ascertain how well MonkeyFirm holds up against various crypto platforms.
Several crypto platforms offer a multitude of NFT facilities including Rarible, OpenSea, and The MonkeyFirm, but they have different fee structures. OpenSea and Rarible are firm in their support of the creation, purchase, and sale of digital art collectibles using the NFT platform. Additionally, both OpenSea and Rarible charge 2.5% fees from the sellers.
The MonkeyFirm additionally offers an exchange service for sellers and creators of NFTs. It charges just 1% from the sellers and has a strict policy to eliminate escrow and scams by initiating NFTs that are backed by tokens.
Trading Through The MonkeyFirm
All transactions at the peer-to-peer level involve several steps for both sellers and buyers. Normally this involves finding someone who exchanges their digital asset, then establishing trusts, figuring the transaction terms, finding the escrow service that could help you secure the transaction, and finally working simultaneously across several time zones for a full transaction.
But then, if you happen to be a creator of digital assets, there remains the danger of scams. There is also the issue of not wanting to undergo the escrow process of any transaction.
Here is just where it stands out. In place of shelling out additional escrow fees, creators can dispose of the digital assets through the system of ‘wrapping’ them in NFTs. This allows the smart contracts of MonkeyFirm to fulfill transactions.
Smart contracts are computer programs that are self-executing and utilize blockchain technology for transactions relying on pre-established conditions.