ParaSwap Launches Peer-to-Peer NFT Trading App

ParaSwap, a decentralized exchange (DEX) aggregator, has released a peer-to-peer non-fungible token (NFT) trading app, making it the first of its kind on Apple's App Store. The app enables sellers to create customized orders for their NFTs, which can be directly sent to buyers. Using ParaSwap's DEX engine, both parties can transact using their preferred tokens.

The app also features its own native wallet and integrates with Ramp as a fiat on-ramp. As a promotional offer, the app will have zero trading fees for the first three weeks or until $500,000 is spent. Additionally, gas fees for non-Ethereum transactions on the platform will be permanently refunded.

Unlike popular NFT marketplaces, ParaSwap operates as a token exchange for NFTs rather than a marketplace. This distinction allows them to navigate around the issue of Apple's 30% cut on in-app purchases, including digital goods sales.

The app is initially open to 10,000 beta testers who do not need to own or stake ParaSwap's PSP token. Beta testers are selected based on their social media participation. In September 2020, ParaSwap raised $2.7 million in a seed round led by Blockchain Capital, Alameda Research, and Arrington XRP Capital.

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