FAQ

Loopz will bring new functionalities into the platform and the ecosystem. We will update this guide once everything will be setup properly. This guide is related to the current platform functionalities.

What is NFT Trader (Loopz)?

NFT Trader (Loopz) is a trustless peer-to-peer over-the-counter (OTC) trading protocol specifically designed for NFTs (Non-Fungible Tokens). The platform emphasizes security and community, allowing users to trade NFTs without intermediaries. By using smart contracts, NFT Trader ensures that trades are secure, transparent, and immutable on the blockchain.

How does it work?

NFT Trader (Loopz) operates through a simple and user-friendly interface. To start trading, users should refer to the "How To Trade" guide available on the website. For more detailed assistance and community support, users are encouraged to join the NFT Trader (Loopz) Discord server, where they can interact with other traders and seek help from the support team.

Which browser is best to use and can we use it on mobile?

NFT Trader (Loopz) is designed to be responsive and compatible with all modern web browsers. However, for the best user experience on a PC, it is recommended to use Google Chrome. The platform is also accessible on mobile devices, ensuring that users can trade NFTs on the go.

Which wallet can I use to trade?

NFT Trader (Loopz) supports several popular cryptocurrency wallets, including Metamask, Coinbase Wallet, Wallet Connect, and more. The platform continually works on integrating more wallets to provide users with a broader range of options for secure and convenient trading.

Should I speed up transactions to make the trade?

It is advisable to follow the gas fee recommendations provided by the wallet you are using to trade. Additionally, users can check current gas prices on the EthGasStation website to ensure they set an appropriate gas fee for their transactions. This helps in processing trades efficiently without unnecessary delays.

What is the service fee?

NFT Trader (Loopz) charges a flat fee of 0.01 ETH (or 5 MATIC) when bartering NFT for NFT. In cases where native tokens are involved in the deal, there is a 0.5% fee applied only to the counterparty. Since all transactions are executed on-chain, users also need to pay gas fees for actions such as NFT approvals, cancellations, and trade closures.

What are Creator Fees?

NFT Trader (Loopz) uses the Manifold royalty registry standard, which is commonly adopted by most NFT marketplaces. Through this system, creators can set their own on-chain royalty percentages, ensuring they earn a specified revenue percentage every time their NFTs are resold on any registered market. This provides a continuous revenue stream for creators.

I can’t find the trade which I created or which I want to close?

To locate trades, including those that are pending, users should visit the "Your Hub & Trades" page on the NFT Trader (Loopz) website. This section displays all active and historical deals, making it easy to manage and close trades.

I am trying to trade an NFT which is in my wallet but I do not see it in the list of collections?

If the NFT collection you wish to trade is not listed, you can manually add it by entering the Collection Address in the "Add NFT Collection" box. This allows users to include their specific NFT collections for trading on the platform.

Can I cancel a trade?

Yes, any party involved in a trade can cancel it at any time before the counterparty trader closes the deal. This feature provides flexibility and control over the trading process, ensuring that users can back out of trades if necessary.

Are ERC20 tokens supported?

Currently, NFT Trader (Loopz) supports only native tokens. Announcements regarding the support of new tokens, including ERC20 tokens, will be made once they become available. Users should stay tuned for updates to expand their trading options on the platform.

Feel free to reach out if you have any more questions or need further information!