How to make an NFT barter transaction?

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bartersmartplace

4 min readMay 24, 2022

In one of our recent articles, we talked about why barter is becoming more and more relevant in the current economic realities. Sanctions, inflation, huge market volatility, the crisis of the existing monetary system — all this makes barter transactions an attractive alternative.

For the Russian crypto market, barter transactions are of particular importance, since while the cryptocurrency is prohibited as a means of payment, it is possible to exchange cryptocurrency for other property as a barter transaction. One way or another, the legal field in Russia has recently been very friendly to cryptocurrencies.

The value of NFT technology for barter transactions cannot be overestimated, especially when it comes to multilateral barter. If you mark a real asset using NFT, this makes barter transactions much more convenient. For example, the blockchain can store information about who is the creator of the asset, who owns it, and what logistics and production processes the product went through. All this simplifies the paperwork. Let’s look at these arguments in more detail.

Why use NFT barter Now?

One of the main arguments in favor of the NFT barter exchange is the instability of both the traditional monetary system as well as the crypto market. If in March the dollar reached 140 rubles, then in May its price was below 60. The crypto market has long been known for its volatility, but after the tremendous collapse of Terra by 99.99%, stablecoins do not look so stable. According to some reports, more than $10 billion worth of USDT has been cashed out in the last week. Barter asset exchange here can be a good way to get around the volatility in the financial sector.

Secondly, due to the global crisis, there are fewer solvent buyers, people simply do not have money, but they have a variety of assets from real estate and transport, to digital art, shoes and clothes, and other personal items. In this situation, the economy can be revived if you use a platform for barter exchange, and NFT technology comes in handy here. Users can mark their property and put it on the marketplace.

Another unique feature of the barter exchange of non-fungible tokens is the simplification of the exchange of digital and real assets. With NFT, you can tokenize both digital and real assets and barter them on the same platform. Already now it is quite possible to imagine a situation where digital art is exchanged for a pair of sneakers, for example.

What to trade as an NFT?

Anything can be marked with NFT — real estate, digital assets, financial assets, services. The main criterion now is that the asset you are going to mark has intrinsic value. 2021 has been a hype year for digital art, but now just a pretty picture might not be enough to grab attention. NFT, in fact, is just a way to certify an asset on the blockchain. Tokens enable interoperability for trading and other transactions on secure blockchains. Thus, it is possible to exchange virtual assets from the metaverses for real assets in the real world.

How to make a barter deal on Smartplace

You will need to take a number of sequential steps — installing a web 3.0 wallet, registering on the site, creating an NFT, and then the barter transaction is directly made.

So, you have registered on the site, you already have an NFT for exchange and you have connected a web 3.0 wallet. Now click the “Search” button in the header of the site

Now you need to set the search parameters. Specify the type of transaction you are interested in (Barter or Sale — in this case we are interested in Barter). Then, specify the network in which the transaction will be carried out — BSC or Velas. Next, you need to specify the price range and type of assets accepted for exchange. Let’s say you need to exchange digital art — specify this in the search parameters.

You can also set delivery terms below:

After setting the search conditions, click the “Apply” button.

Find the asset you are interested in on the bulletin board, and then click the “Send request” button. You can discuss the nuances of the transaction in the internal chat by clicking the “Write to seller” button.