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** Personal Finance Insider typically includes a Better Business Bureau rating for an investment platform in this grade, but The MonkeyFirm does not have a BBB profile at this time.
Is The MonkeyFirm Right for You?
formerly Mimi Farm, monkey It is an NFT trading platform that offers a unique approach to token payment fraud prevention and escrow: the token-backed NFT shell. Although you can exchange NFTs directly, some sellers rely on escrow services to act as intermediaries between the sender and receiver to secure their NFT transactions.
monkey It simplifies this process by allowing you to mint and exchange NFT data backed by tokens (minting involves adding a token or digital art/item to the Ethereum blockchain to make it publicly available for purchase).
Not sure if The MonkeyFirm is right for you? Keep reading to see how it stacks up against other crypto platforms.
How does MonkeyFirm compare?
Rarible and OpenSea strictly support the creation, buying and selling of digital art holdings through NFTs. Additionally, they both charge sellers a 2.5% fee. monkey It also offers exchange services for NFT creators and sellers, but only charges sellers at 1%, and is strictly aiming to crack down on payment and escrow fraud by offering NFTs backed by tokens.
Trade routes with The MonkeyFirm
NFTs backed by tokens
Peer-to-peer token transactions typically involve multiple steps for buyers and sellers. This typically includes finding someone to exchange digital assets with, establishing trust and defining the terms of the transaction, locating an escrow service to secure the transaction, and working across multiple time zones to complete the transaction.
But if you are the creator of digital assets, this process does not completely protect you from scams. Additionally, you may not even want to go through the escrow step of the transaction. This is the place monkeyThe NFTs that are supported come from the token.
Instead of paying an additional fee for escrow, content creators can sell their digital assets by “encapsulating” them in NFTs and allowing MonkeyFirm smart contracts (a smart contract is a self-executing computer program that uses blockchain technology to complete transactions based on specified conditions) to fulfill the transaction(s).
monkey It only charges 1% for both technical NFT transactions and token-backed NFT transactions. This is how the company says the 1% fee is broken:
- 0.25% for liquidity
- 0.25% for speculators
- 0.25% for APEcoin (APE) exchanges
- 0.25% for MFRM exchanges
However, another advantage of using The MonkeyFirm is that you can donate a percentage (between 0% and 99%) of each sale to charity. In addition, APE and MFRM assets are available on the decentralized crypto exchange Busta DEX.
The process of inserting and inserting NFT
In order to sell your assets through monkeyYou will need to create a digital crypto wallet using MetaMask. Cryptocurrency wallets Provide secure storage for your assets and protect them from things like theft and hacking.
Once you set up your Metamask wallet, you only have two more steps to complete:
- Create your own tokens in NFT Backed Tokens. As mentioned earlier, minting involves attaching previously purchased tokens to a unique digital asset. You can choose the tokens you want to transfer before the funds are approved.
- Fill out any important information, including the amount and cost of the digital assets you’re selling. Once this step is completed, MonkeyFirm smart contracts will handle the transaction.
The image below accurately captures the process as well:
Is The MonkeyFirm trustworthy?
Personal Finance Insider assesses the credibility of investing apps by reviewing each platform’s Better Business Bureau (BBB) rating. The BBB evaluates companies by examining factors such as time in business, customer complaint history, licensing and government procedures, and advertising issues.
but, monkey He does not currently have a BBB profile. However, it is still wise to do your due diligence when considering investment applications, because office ratings do not guarantee reliability or performance.