As the NFT frenzy surges, more and more crypto exchanges are diving into the NFT market, giving users more options for trading their digital assets and collectibles.
This guide comprehensively examines the essential steps to mint and deposit NFTs on FTX. In addition, you’ll discover all you need to know about buying, selling, or withdrawing NFTs on the platform.
How To Successfully Mint NFTs on FTX for Ethereum and Solana
Minting NFTs on FTX means you upload and list your digital arts—Ethereum or Solana NFTs—on the FTX marketplace. You can do these in a few easy steps.
Step 1: Register an FTX.US account
To do this, visit FTX.US, sign up, and complete the KYC. This shouldn’t take more than 5 minutes, depending on your internet speed.
Without KYC, you cannot access FTX’s marketplace.
During registration, you may choose an individual or institutional account. From their names, you may guess that individual accounts are for private creators, whereas a team may create the institutional account.
Enter your email and password. Then proceed to do the basic KYC where you fill out your full legal name, home or permanent address, and phone number.
FTX will send an OTP to the phone number you provided earlier. Enter the OTP in its column to confirm the phone number.
You may then do the level 2 KYC, which requires you to upload your proof of identity and residence.
Step 2: Navigate to the NFT homepage
After completing registration and KYC, navigate to the NFT homepage. Here you will find many NFT projects.
Since our primary concern is minting your art piece, simply locate “create” at the top of your desktop screen (top of the page for mobile screens).
Step 3: Start minting your NFT
After tapping the “create ” button, you should find “mint” in the dropdown bar. Here you can fill in all the necessary fields that include:
- Issuer: As a first-time creator, you must enter a new public name with which your prospects will identify you. Subsequently, you will use this name or create a new issuer to start another project.
- Name (Collection): This is where you name your collection. Every NFT you create under a said series will bear this name.
- Quote currency: FTX supports three primary currencies for buying and selling NFTs. The first is the supported network’s currencies (Eth or SOL), then the US dollar.
If you upload an Ethereum NFT, your quote currency must be ETH, while Solana-based NFTs require SOL to be the quote currency.
However, if you’re depositing the US dollar, you must convert it into the base currency for the network powering the NFT.
- Description: Advanced creators should be familiar with this. However, for the sake of beginners, NFTs are assigned descriptions that collectors use to identify them. You can describe your art piece in a few words for easy identification.
- Attribute: You may avoid this field. However, for promotional purposes, you may consider it. Here, you can describe the NFT’s costume, design, or any other feature you find interesting to share.
Afterward, upload your digital arts in Jpeg, GIF, MP4, or MKV. To upload your art piece, click the “Choose File” button below the fields you filled out and tap Upload. Endeavor to read FTX’s terms of service before completing the upload.
You may navigate to “Submitted NFTs” to track the minting progress. Your NFT appears on the “Approved” section if FTX approves it.
Otherwise, you will find it in the “Rejected” section. Meanwhile, you will find your pending transaction in the “Awaiting Review” section after a successful listing.
How To List Your NFTs on FTX
If FTX approves your NFT, the next step is to list it in its marketplace. Listing it means you’re placing it on the market or are ready to accept bids.
In the “Create” section mentioned earlier, you will find a dropdown menu containing “Apply for Listing,” click it to list your NFT.
You may choose to “Sell” at a fixed price or “Auction” the NFT.
During auctioning, you’re to set a floor price. No bids go below the floor price, which helps you keep the profits or capital you invested while running the project.
You may also set the reservation price, which is the price at which the best bid cannot go below. The reservation price allows you to cancel a bid even if it goes above the floor price. Otherwise, you can accept the bids if you want to.
How To Deposit NFTs on FTX for Ethereum and Solana
If you have a ready-made Ethereum or Solana NFT, you may deposit or list it on FTX. Here are the steps to follow to do this successfully:
1. Go to your NFT wallet
You should find the NFT wallet option at the top right-hand corner of your desktop screen (top of the page for mobile users).
Depending on the blockchain backing the NFT, choose between Deposit Solana NFTs and Deposit Ethereum NFTs.
2. Copy the unique token address
These are alphanumerics you find when you tap either “Deposit Solana or Ethereum NFTs.” It is unique and different for every FTX user. So don’t send your tokens to someone else’s address in the hope that it reflects on yours.
3. Send tokens to the copied address
Like normal P2P crypto transactions, you can send and receive NFT tokens.
Go to the NFT wallet containing your assets (Ethereum NFT wallet for ETH NFTs or Solana NFT wallet for SOL-based NFTs) and choose your preferred NFT.
Afterward, click send to uncover the recipient column. Paste the address you copied from the previous step and click send again.
Pay the network fees, and wait for the transaction to complete. This shouldn’t take more than 10mins.
If successful, you should find the sent NFTs in your FTX wallet. Go to My Wallet, then click “Deposits” to see it/them.
How To Withdraw Your NFTs on FTX
You must own an NFT on FTX before you may qualify to make withdrawals. Also, asset value must be equivalent to withdrawals made.
For instance, if you own an NFT worth $50, you must withdraw exactly $50 or less after considering the network, minting, listing, or selling fees.
To withdraw an NFT on FTX,
- Click the preferred NFT,
- Below it, you will find Withdraw NFT to (Ethereum or Solana).
- Copy the deposit address from your preferred NFT wallet, and paste it in the column provided on FTX.
- Pay the network fees, and you’re set!
Requirements to Mint and Deposit NFTs on FTX
1. You must have an account with FTX.US
Unlike Opensea, which requires you to sign up using a Metamask wallet, you need a verified account to start minting or selling NFTs on FTX.
FTX is a centralized exchange primarily known for trading cryptocurrencies and derivatives. Every centralized exchange requires you to complete at least level 1 KYC.
2. You must fund your account with underlying tokens
Since FTX allows only Ethereum and Solana NFTs at the time of writing, collectors must fund their accounts with the underlying tokens to successfully bid or buy them.
For example: if you wish to buy an Ethereum NFT, say, CryptoPunk, you must fund your wallet with ETH to proceed. In the same vein, buying a Solana-based NFT requires you to fund your account with SOL.
On occasions where you don’t have these tokens, you may use the USD. However, you must swap it for ETH or SOL on FTX’s crypto exchange before buying or bidding for NFTs on the marketplace.
3. Gas fees distribution
Gas fees are common with NFTs and crypto transactions. They are almost inevitable because they help speed up transactions by compensating validators on the blockchain.
To reduce the gas fees spent on the platform, FTX introduced an off-chain protocol that allows collectors to interact and perform transactions without paying gas fees. Instead, they pay service charges for the crypto art they buy.
FTX Fees for NFTs
FTX charges 2% fees from purchases made on an NFT: 40% from this fee returns to the crypto art creator as royalties, and the rest is remitted to the platform for running the protocol.
FTX has a great marketplace for minting, buying, and selling NFTs. The fees are quite small (2%) compared to popular marketplaces like SuperRare charges up to 15% in commissions and fees.
The platform is user-friendly and easy to access. Beginners may not find it hard to use the platform without help from experienced users.
Meanwhile, ensure you understand NFTs and how they work before using FTX. Asides from that, you’re all set minting your first crypto art on FTX (FTX.US).
Supported Ethereum NFTs include:
Bored Ape Yacht Club
Mutant Ape Yacht Club
World of Women
Supported Solana NFTs include:
Anti Social Robot Club
Anti Artist Club
Alpha Ronins, etc.
FTX NFT marketplace appears to be legit. Considering FTX.US’ reputation and regulation, it is easier to trust the platform.
However, ensure to carry out due diligence before using the platform, as you’ll bear the consequences of any problem you face on the platform.
You may fund your FTX wallet with USD, ETH, or SOL. However, when purchasing NFTs, you may need to convert your USD to either ETH or SOL, depending on the NFT involved.
FTX runs a primary and secondary market because you can mint an NFT and deposit or resale an already minted NFT from another marketplace.
At the time of writing, this feature is not available. However, there may be improvements in this area in the future.