When you perform transactions online, a service fee is applied in order to process the transaction. Oftentimes, the fee is a percentage of the cost of the transaction which is charged by the host platform. This same procedure holds true for all transactions on NFTb.
When an NFT is bought or sold on the marketplace, a 10% service fee is charged. This excludes gas fees that might be charged from the BNB Chain network when completing the transaction.
Please note: Gas fees vary depending on network activity.
It’s worthy to note that 10% is relatively low compared to the rates some other NFT platforms charge and most certainly competitive when stacked up against physical art galleries. In many cases, physical galleries can charge up to 30% or 50% in gallery fees.
In the world of NFTs, each marketplace is unique with peculiar processes. In some marketplaces, credit or debit cards are acceptable payment methods while some others accept Ethereum but this is not so with NFTb. All transactions - minting, selling or buying, are performed using BNB or NFTB token and your wallet needs to be adequately funded to engage in transactional activities on the marketplace.
Want to save on platform fees?
By choosing to accept NFTB as payment, users will no longer have to pay for any service fees when transacting on NFTb. This makes transacting on NFTb compared to other platforms attractive at a time when many platforms are taking up to 20% of the transaction value in service fees.
A user can list an item for sale on NFTb and choose to accept the NFTB token by clicking on the drop-down when setting a price.