About Ftx NFT
Ftx NFT was launched in 2019 with the support of Alameda Research, a well-known quantitative cryptocurrency trading company. It has built a name for itself in the trading arena by providing industry-leading derivatives trading and a comprehensive range of volatility-related products. It has also recently established a new NFT marketplace for Solana in 2021, before adding Ethereum-based NFTs too in 2022. The company’s CEO Sam Bankman-Fried announced the debut by urging people to develop and showcase their own NFTs.
Ftx NFT Platform is a Bahamian crypto exchange with over a million users and $10 billion in trading volume, with 22 cryptocurrencies available on FTX’s US platform, FTX.US. Alongside its crypto exchange is a seamless, decluttered NFT marketplace. It features renowned Ethereum (ETH) projects like World of Women, Bored Ape Yacht Club and Doodles. As well as Solana collections like SolDoge Strays, Degenerate Ape Academy and Thugbirdz. Plus, users can buy FTX-minted NFTs for USD.
Basic Details Of Ftx NFT Platform
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What are NFTs?
NFT stands for a non-fungible token, which represents unique, irreplaceable assets that live on the blockchain. In-game assets, digital art, and collectible-related projects are the most prominent NFT use cases today.
NFTs are also generally one of a kind, or at least one of a really limited run, and have unique relating laws. “ Constitutionally, NFTs result digital shortage, ” says Arry Yu, speaker of the Washington Technology Industry Association Cascadia Blockchain Council and managing director of Lily-livered Umbrella Fliers. In contrast, fungible assets have units that are interchangeable with one another, such as bitcoin or the dollar bill.
How to buy NFTs on FTX marketplace
Buying an NFT on FTX.US is pretty straightforward:
- Sign in to your FTX account.
- Deposit the currency you need (SOL, ETH or USD).
- Select the NFT you want to purchase by bidding at auction or buying at a fixed price.
To fund your wallet, select the Wallet tab at the top of the navigation bar. There you can choose between the six different deposit methods, including:
- Credit or debit card
- Bank transfer (ACH)
- Silvergate Exchange Network (SEN)
- Wire transfer
Card funds may be held for seven days before you can withdraw them from your account. ACH deposits may also be held for up to 30 days, and ACH and wire transfer fees vary depending on your bank.
How to sell NFTs on FTX marketplace
To sell an NFT, you can either deposit an NFT from a safelisted collection, or mint your own to sell on the marketplace.
To sell an existing NFT, follow these steps:
- From your NFT Wallet, select either Deposit Solana NFT or Deposit Ethereum NFT.
- Follow the steps to deposit the NFT and input the correct wallet address. You’ll need either SOL or ETH to cover transaction fees.
- Choose Sell NFT when viewing the asset, and select either a fixed price or auction.
Solana NFTs must be listed for sale for SOL, while those from an Ethereum collection must be listed for ETH.
To mint and sell, follow these steps:
- Upload file. Selecting Choose File uploads your file. Then, completing fields such as issuer, collection and the NFT’s name, description and attributes (if applicable) for the file that will become an NFT.
- Wait. There’s a $3 nonrefundable submission fee and 72-hour review period, where the FTX team reviews your submission to either accept or reject it.
- Sell. If the NFT is accepted, navigate to your FTX wallet, select the NFT and choose Sell NFT. Complete the steps to list it such as its details, price and your chosen currency. Creators who mint NFTs on FTX.US can list it for either SOL, ETH or USD with a verified account.
FTX marketplace fees
FTX supports transactions on Solana and Ethereum, and allows for ACH and card deposits. These are the various fees to be aware of:
- NFT sellers of existing NFTs are charged 2% of the listing price, plus creator royalties.
- Nonrefundable $3 NFT minting submission fee.
- Card deposit fees: $0.30 + 0.29% of the amount deposited.
- Fee of $0.50 per ACH deposit. However, there’s no fee if:
- The deposit is your first.
- The deposit is over $100.
- The deposit is over $10 and you deposited via ACH within the last week.
Also, there are no deposit fees for blockchain transfers, except for ERC-20, ETH and OMNI token withdrawals. FTX.US subsidizes a portion of the gas costs when withdrawing ETH NFTs — and this amount varies depending on the current network speed. This means that you don’t pay for all the gas fees incurred while interacting with the ETH blockchain, but the amount you and FTX pay varies.
FTX marketplace NFT drops
FTX doesn’t have a homepage outlining its own exclusive drops. In reality, exclusive NFT drops may not be in the cards right now for FTX, considering their marketplace is much newer than competitors like Nifty Gateway, OpenSea or Foundation.
One of the main draws of FTX.US is its extremely low trading fees. The exchange uses a tiered fee structure based on your trading volume, and the highest fee amount is 0.20%. Overall, those rates are better than what many of the best cryptocurrency exchanges charge, so you can save money trading on FTX.US.
What makes the FTX NFT Marketplace unique?
In certain areas, the FTX NFT market differs from most others. The site is not a moderated market, and anyone can trade and mint NFTs on it. Users are not tied to the marketplace where they bought their digital assets, as is the case with many other sites. It enables the open market trading of tokens.
Users can also buy, sell, and mint NFTs on the Ethereum and Solana blockchains via the FTX NFT marketplace. Smart contracts will connect the two blockchains and allow for cross-chain transactions.