What is Coincheck NFT (beta version)? How to register and how to use it, explained in detail!

Launched on March 24, 2021, Coincheck NFT (beta version) allows you to buy and sell NFTs using a wide variety of virtual currencies.

In this article, we will explain what Coincheck NFT (beta version) is, its features and benefits, and even how to get started.

What is Coincheck NFT (beta version)?

This section provides an overview of Coincheck NFT (beta version) and its features.

Overview of Coincheck NFT (beta version)

Coincheck NFT (beta version) was launched as the first NFT marketplace in Japan.

It is a marketplace where users can exchange NFTs and crypto assets with other users operated by crypto asset exchangers.

The marketplace is mainly designed to improve the following issues that have been considered challenges in NFT trading.

  • High transaction fees
  • Difficult purchase methods for beginners

If you register with CoinCheck, you can buy or list NFTs with no fees.

As of March 2022, the following pieces are available

  • CryptoSpells
  • The Sandbox
  • NFT Trekkers
  • Sorare
  • Meebits
  • TOMO KOIZUMI

These six NFT projects are on the list and more will be added in the future.

Three Features of Coincheck NFT (beta version)

Coincheck NFT (beta version) has the following features

  1. No transaction fees
  2. Support for more than 10 currencies
  3. Easy to trade

① Zero fees for listing and purchasing NFTs

One of Coincheck’s most unique features is that all commissions for listing and purchasing NFTs are free.

Normally, NFT transactions take place on the Ethereum blockchain, so there is an Ethereum fee called the gas fee.

Recently, due to the increase in the number of users, this gas fee has become very expensive and a headache for new users.

Coincheck solves this problem.

② Support for more than 10 currencies

The second feature of Coincheck NFT (beta version) is that it is linked to a virtual currency exchange, so more than 10 different virtual currencies can be used.

As of April 2022, the following currencies are supported

  • BTC
  • ETH
  • LSK
  • XRP
  • XEM
  • LTC
  • BCH
  • MONA
  • XLM
  • QTUM
  • BAT
  • IOST
  • ENJ

③ Easy to trade

The third feature is easy trading.

Coincheck NFT (beta version) can be easily started from My Page if you have a Coincheck Exchange account.

How to register for Coincheck NFT (beta version)

Now, we will explain the specific registration procedure.

Please refer to the following two cases.

  • If you have not yet registered with Coincheck
  • If you have already registered with Coincheck

If you are not registered with Coincheck

If you are not registered, please click here to create an account.

You will receive a confirmation email, click on the link.

Once you click on the link, you will be taken to the identity verification.

Regarding identity verification, please confirm the following conditions.

  • Residence in Japan
  • You must be at least 20 years old and less than 74 years old.
  • Verification documents such as driver’s license, passport, residence card, etc. are required.

If you are already registered with Coincheck

If you are already registered, it is easy to get started.

Once logged in, you can proceed by clicking on the arrow button below.

How to use Coincheck NFT (beta version)

Once you have opened an account, we will explain how to use it.

  1. To deposit items
  2. To list an item for sale
  3. To purchase items

1. When depositing items

To deposit items, you need a wallet such as MetaMask.

① Install MetaMask

MetaMask is required for entering and exiting NFTs.

First, log in to Coincheck NFT (beta version).

Once you have accessed the site, click on “My Page”.

② Connecting MetaMask to Coincheck

Once your MetaMask (MetaMask) is created, you can connect it to Coincheck.

When the linkage is completed, the address of MetaMask (MetaMask) will be displayed.

③ Entering the CoinCheck NFT (beta version)

Now it is time to deposit your money.

Click on the “Enter from MetaMask” button.

First, select the NFT (game title) you would like to retrieve.

Next, enter something called a Token ID.

This Token ID can be found on Etherscan, a site that tracks Ethereum transactions.

From the MetaMask, select the NFT for which you want to know the Token ID and click on the arrow in the upper right corner.

From here you can view the transaction.

Once you move to Etherscan, you will be taken to the following screen.

Paste the Token ID to the right of “Tokens Transferred:” in the “Token ID” section of the screen where the TokenID confirms the incoming contents.

To list an item for sale

To list an item for sale, first go to My Page.

Next, select the item you wish to list from the list of NFTs in the warehouse.

Confirm that the item is what you want to list, and click “List”.

Finally, decide and select the following

  • Currency to receive
  • The amount of the item to be sold

Note that only the currency selected in the Currency to Receive can be used.

To purchase items

Items can be purchased easily.

First, select the item you wish to purchase from the list of items on the Coin Check NFT.

This home screen shows all NFTs that have entered the market, and only those that are currently on display can be purchased.

Click on the NFT you wish to purchase and you will be taken to the purchase screen.

The amount is displayed in the unit of the currency that the seller has selected as the “Currency to Receive.

You can only purchase in the currency that the seller has selected as the “Currency to receive”.

After confirming the details, click “Confirm Purchase” and then “Purchase” to complete your purchase.

Coincheck’s usage fees and products handled

This section introduces usage fees and products handled.

Regarding Coincheck’s fees, customers are responsible for the gas fee for depositing products, but there is no listing fee.

  • Listing fee : Free
  • Selling commission : 10% of the selling price
  • Withdrawal fee : 0.01 ETH

CoinCheck does not charge any fees to list an item for sale, but does charge a withdrawal fee.

The listing fee is a tiered fee, which increases in steps depending on the amount of ETH you withdraw, as shown below.

Withdrawal FeesNetwork Fee
0.01ETHLess than 0.01ETH
0.02ETHMore than 0.01ETH but less than 0.02ETH
0.04ETH0.02ETH or more but less than 0.04ETH
0.08ETH 0.04ETH or more but less than 0.08ETH
0.16ETH 0.08ETH

If any of the following conditions are met, the applicable fee will be charged

  1. If the network fee exceeds the current fee, the tier corresponding to the current network fee will apply
  2. If the average network charge over the past week is less than 50% of the current fee, the next lower tier will apply

List of products handled by Coincheck NFT (beta version)

The following is a list of products handled by Coincheck NFT. (as of 3/29/2020)

  • CryptoSpells
  • The Sandbox
  • NFT Trekkers
  • Sorare
  • Meetbits

CryptoSpells

CryptoSpells

CryptoSpells is a Japanese blockchain game that was officially released on June 25, 2019.

Its genre is trading card name and its first day sales exceeded 20 million yen.

Coincheck NFT (beta version) allows users to trade digital cards used in CryptoSpells.

The Sandbox

The Sandbox is a real estate metaverse and game built on the Ethereum blockchain.

Game users can create their own original games, items, characters, and services by land in a fancy dress, called LAND, purchased on the metaverse platform.

These LANDs are limited in number, making them scarce.

NFT Trekker

Trekker

NFT Trekker is a trading card game on the blockchain by coinbook, Inc.

The NFT Trekker project is as popular as CryptoSpells.

Trading cards are especially famous in the entertainment, music, and sports industries, with the idol group SKE48 being a popular example.

The project has also made a splash with its collaboration with CryptoSpells.

Sorare

Sorare is a fantasy soccer game involving collectible and tradable soccer players from real life.

Use free cards for beginners or purchase tokenized cards to create a five-player soccer team.

Earn points and level up for each game won, goal scored, or other event completed.

You can trade rare cards on Coincheck NFT (beta version).

Meebits

Meebits is a new project released in May 2021 by Larva Labs, the developer of the famous NFT art project CryptoPunks.

Meebits’ NFT is built on the Ethereum blockchain and features around 20,000 gallators.

Summary of Coincheck NFT (Beta)

This is a summary of this article.

  • CoinCheck NFT allows NFT listings and purchases with no fees.
  • There are 6 pieces listed, and NFT Trekkers are particularly popular.
  • With MetaMask, it is easy to list and sell your items.

Coincheck NFT currently offers only six products, but more will be added in the future. Expect further development in the future.