Q: Do both parties have to propose a swap?
A: No. One party proposes the swap to the other. The counterpart then just goes to open swaps on SwapSense and continues the process.
Q: What happens with my NFTs during the swap?
A: Your NFTs are transferred into SwapSense escrow contract. Once the swap is accepted, the NFTs are swapped. You can of course cancel at any stage of the swap. A cancellation will transfer your NFTs back into your wallet.
Q: How do I know that the NFTs of my counterpart are legit?
A: We are vetting each contract individually and we will add a verification mark to NFTs from a contract address you can trust.
Q: Which tokens are supported?
A: Currently we support ERC-721 and Ethereum, but we are working hard on adding more standards to the swap.
Q: Does SwapSense support NFT sales?
A: No. Our service is a swapping service. You can swap NFTs + ETH for NFTs.
Q: What wallets are supported?
A: We are supporting MetaMask, and basically all mobile wallets via WalletConnect.
Q: Does SwapSense charge fees?
A: Yes. A swap costs you currently 0.0025 ETH.
Q: Why do I need to approve my NFTs?
A: To make swapping possible, we need to be able to transfer tokens on your behalf and only once per contract. This is standard procedure for ERC721 and similar for ERC20. Our smart contract can’t change your token’s behaviour or do something else with the token.
