ParaSwap, a decentralized exchange (DEX) aggregator, announced Monday the release of the first peer-to-peer non-fungible token (NFT) trading app on Apple's App Store.

Sellers can use the app to create custom orders for their NFTs, which can then be sent directly to buyers. Both parties can transact in their preferred token using ParaSwap's DEX engine on the backend.

The app also promotes its own native wallet, with Ramp serving as a fiat on-ramp. As a promotion, the app will have no trading fees for the first three weeks (or until $500,000 is spent), with gas fees on the platform for non-Ethereum transactions permanently refunded.

‍

"We started ParaSwap in the middle of the bear market in summer 2019, so we're always shooting features regardless of market conditions," Mounir Benchemled, founder of ParaSwap, told CoinDesk in an interview. "There is nothing like this product in the NFT space in terms of privacy."

Popular NFT marketplaces have largely avoided taking their business to the App Store, owing to Apple's 30% cut on all in-app purchases, including digital goods sales.

According to Benchemled, ParaSwap falls into a different category because it is a token exchange for NFTs rather than a marketplace.

The app has been made available to 10,000 beta testers who are not required to own or stake the company's PSP token, with their position in line determined by social media participation.

In September 2020, the France-based company raised a $2.7 million seed round led by Blockchain Capital, Alameda Research, and Arrington XRP Capital.