Axie Infinity's average monthly trading volume exceeded $100 million in 2021, kicking off the GameFi craze and NFT's expansion into the GameFi space. In the same year, Bored Ape Yacht Club took only a few months to go from a minting price of 0.08 ETH to a floor price that quickly exceeded 100 ETH. It was a shred of evidence to prove the huge potential in the NFT market, completely igniting the market dynamics.

As a result, many traditional well-known companies such as Gucci, Coca-Cola, McDonald's, etc. collectively flooded into the NFT field. When it comes to transaction volume, however, things are not as good as they could be. One of the reasons is the high cost of on-chain gas resulting in inactive NFT trading. But things always take a turn for the better - the emergence of NFT swapping made a difference.

What is NFT swapping?

NFT swapping is a new transaction format on the PlaNFT marketplace. Users can exchange NFT directly with each other just like trading cryptocurrencies. As a result, intermediate transactions decrease and NFT transactions become more efficient. Additionally, GameFi equipment, skins, props, and more can be exchanged directly among users in the metaverse.

Currently, there are 4 types of NFT swapping as follows:

• A NFT for B NFT

• A NFT + n ERC20 tokens for B NFT

• A NFT for B NFT + n ERC20 Token

• A NFT + n ERC20 Token for B NFT + n ERC20 Token

Benefits of NFT swapping

Simplifying transaction process

Compared with traditional NFT transactions, NFT swapping simplifies the trading process, tremendously improving the liquidity of NFT.

It is relatively cumbersome and complex to execute traditional NFT transactions. Suppose A has a Moonbirds NFT worth 70 ETH, and B holds a BAYC NFT worth 100 ETH. They both want to buy the NFT from each other, so they need to sell the NFT they possess first, and then trade NFTs with each other. For selling and buying, the NFT owners have to conduct two transactions.

Having the NFT swapping function, they do not have to be so troublesome to trade: A can directly exchange the Moonbirds NFT (worth 70 ETH) plus 30ETH with equivalent BAYC NFT from B, greatly improving the efficiency of NFT transactions.

Saving gas fees

As we all know, whether you are trading cryptocurrencies, conducting DeFi pledge mining, or executing NFT transactions, as long as it is needed to interact with the chain and requires miners to pack orders into the block, you have to pay a certain amount of gas fee. This means that the more you trade, the more gas fees you pay. More than 70% of the projects are deployed on Ethereum, so it is very likely to have network congestion. In such a situation, the gas fee on the Ethereum blockchain can be as high as more than 1,000 wei, which is a striking expense for NFT traders who trade frequently.

NFT swapping realizes that NFTs can be directly exchanged, with only one transaction process, which can significantly save gas fees while remaining the liquidity of NFT. For now, the average gas fee users have to pay for every NFT transaction is about 12 wei (the smallest denomination of Ether), according to the data from block explorer Etherscan.

This means that an NFT transaction requires a gas fee of about $1. Using traditional trading methods, if A and B want to exchange NFTs, they need to sell their own NFTs first, and then buy each other's NFTs. The result is that they need to make two transactions, each paying a gas fee of $2. But with NFT swapping, they only need to trade once and pay $1, which can save half of the gas fee. This is a great boon for NFT holders who trade dozens of NFTs a day. Since the on-chain gas fee is changing in real-time, the exact gas consumption is changing accordingly.

How to swap NFT on PlaNFT

Only a few NFT marketplaces support the NFT swapping function. PlaNFT is one of them. So, how to Swap NFT on PlaNFT?

Go to PlaNFT official website and connect your wallet

After the page of Connect Wallet pops up, connect to the wallet where the NFT assets are stored, such as Avatar Wallet, Metamask, or other wallets.

If you are a newcomer, Avatar Wallet is highly recommended. Compared to Metamask, Coinbase, and other Web3 wallets, Avatar Wallet does not require downloading and installing web extensions or Dapps, nor do you need to register a separate wallet or backup your private key. You can simply log in to Avatar Wallet with your Google account. The whole process is executed through a smart contract that generates a unique wallet address on the chain.

Avatar Wallet supports the direct purchase of cryptocurrencies via debit and credit cards, management of crypto assets, tokens, and NFTs transfer. In addition, it also supports native cross-chain bridge transactions, enabling cross-chain asset exchange, which is easier and more suitable for novice operators.

Select NFTs to swap

Go to the page of Swap, find the NFTs you like, add them to the shopping cart, and then go to the cart to check the NFT you want to swap with others.

Swap NFT

Click Go to cart in the NFT swap marketplace. You can track the NFTs you want to swap in the cart. Click Deal or Check out to confirm. You will be redirected to the Order Summary page to select the NFTs from your wallet that meets the payment terms. If you have available and sufficient wMATIC or wETH in your account, the NFT swapping can be done easily.

Of course, you can also list your NFT to the market for swapping. Click the button Sell an item, select the NFTs you want to swap, fill in the detailed information of the NFT you want, and then click Complete Listing to complete the process. If someone likes your NFT and also holds the NFTs you want, you can swap with each other.

The emergence of the NFT swapping function offers a great solution for the poor liquidity of NFT and high gas fee, enabling NFT to be traded just like cryptocurrency. Therefore, GameFi, Metaverse, and Web3 social will be able to exchange crypto assets directly with NFT in the future.

PlaNFT hopes to become the access portal for Web2 users into Web3 and has been at the forefront of the whole crypto world in terms of technological innovation, expanding the application scenarios and improving the commercial value of NFT.

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