How to use NFTTrader.io | Peer-to-peer NFT swaps

Updated: Oct 1, 2021

Trusting random people you meet on the internet is difficult especially when dealing with expensive NFTs. I recently made my first peer-to-peer trade on NFTTrader.io and the process couldn't have been easier.


NFTTrader uses a smart contract acting as a Trusted-Third-Party to secure its swaps. This means the NFTs being swapped are entirely handled by code - not an individual - which enables the trade to be trustless and without risk of fraud.


Benefits:

  • No fraud risk

  • Many-to-many NFT trades

  • ETH can be added to balance trades

  • Ability to cancel swap


How does it work?

Using the platform is simple. Simply choose which NFT(s) you want to trade as well as the assets you are looking to receive from your counterparty. You can send and receive as many NFTs as you want in a single trade. Not only this, but you can also add ETH to your trade to help make it more fair. This is useful for balancing out trades in the event that one NFT is more valuable than the other.


The screenshot below shows an example of trading 1 BAYC ape for another ape + BAKC dog. The ape I deposited is on the left and the ape/dog combo that I'll be receiving is on the right.


Once the NFTs in your trade are selected, your next step is to approve and confirm the transaction. A small transaction fee is used to create a private link which you will need to send to the person you're trading with. This private link is used by your counterparty for them to confirm that everything in your offer is accurate. Once they approve this, the trade will be finalized. At any time in this process if you get cold feet, the transaction can be canceled.


Once the transactions are confirmed on the blockchain, each asset will appear in the wallet of its new owner. It's that simple!


Watch the video below for a complete walkthrough.



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