Pros, cons and who it is for
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** Personal Finance Insider normally includes an investment platform’s Better Business Bureau rating in this line, but The MonkeyFirm does not have a BBB profile at this time.
Is The MonkeyFirm Right For You?
Formerly MemeFarm, The MonkeyFirm is an NFT trading platform offering a unique approach to token payment scam and escrow prevention: token-backed NFT packaging. Although you can trade NFTs directly, some sellers rely on escrow services to act as mediators between the sender and the recipient to secure their NFT transactions.
MonkeyFirm strives to simplify this process by allowing you to mint and trade token-backed NFTs (minting involves adding your token, or digital art / item, to the ethereum blockchain to make it accessible. to the public for purchase).
Unsure if The MonkeyFirm is right for you? Read on to see how it compares to other crypto platforms.
How does The MonkeyFirm compare?
MonkeyFirm, Rarible, and OpenSea are all crypto platforms that offer a range of NFT services. However, the costs and products are different for everyone.
Rarible and OpenSea strictly support the creation, sale and purchase of digital art collectibles through NFTs. Additionally, both charge sellers a 2.5% fee. The MonkeyFirm also offers exchange services for NFT creators and sellers, but it only charges sellers 1% and is strictly aimed at eliminating payment scams and escrow by offering token-backed NFTs.
Ways to trade with The MonkeyFirm
Peer-to-peer token transactions typically involve multiple steps for both buyers and sellers. This typically includes finding someone to exchange the digital asset with, establishing trust and determining 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’re a digital asset creator, this process doesn’t completely protect you from scams. Plus, you might not even want to go through the escrow step of the transaction. This is where The MonkeyFirm’s token-backed NFTs come in.
Instead of paying additional fees for escrow, creators can sell their digital assets by “wrapping” them in NFTs and authorizing smart contracts from MonkeyFirm (a smart contract is a self-executing computer program that uses technology blockchain to carry out transactions based on determined preconditions) to carry out the transaction (s).
The MonkeyFirm only charges 1% for NFT art and NFT token-backed transactions. Here’s how the company says the 1% fee is broken:
- 0.25% for liquidity
- 0.25% for the tramlines
- 0.25% for APEcoin exchanges (APE)
- 0.25% for MFRM exchanges
However, another benefit of using The MonkeyFirm is that you can donate a percentage (between 0% and 99%) of each sale to charity. In addition, its APE and MFRM assets are available on the decentralized crypto exchange BUSTA DEX.
NFT typing and registration process
In order to sell your assets through The MonkeyFirm, you will need to set up a digital crypto wallet with MetaMask. Crypto wallets provide secure storage for your assets and work to protect them against things like theft and hacks.
Once you have configured the Metamask wallet, you will only have two steps to complete:
- Hit your chips into a chip backed NFT. As mentioned earlier, coinage involves attaching previously purchased tokens to a single digital asset. You can choose which tokens you want to convert before approving the funds.
- Fill in all the important information, including how much digital assets you are selling and how much they cost. Once this step is completed, The MonkeyFirm smart contracts will handle the transaction.
The image below also accurately captures the process:
Is The MonkeyFirm trustworthy?
Personal Finance Insider assesses the reliability of investment applications by reviewing the Better Business Bureau (BBB) rating of each platform. The BBB assesses businesses by looking at factors such as time spent in business, history of customer complaints, licensing and government actions, and advertising issues.
However, The MonkeyFirm does not currently have a BBB profile. Nonetheless, it is always wise to exercise due diligence when reviewing investment applications, as desktop ratings do not guarantee reliability or performance.