- In September of last year FTX launched its Non-Fungible Tokens trading platform.
- This platform allows you to create, buy and sell NFTs in auction mode or at fixed prices.
- The FTX marketplace is one of the first cross-chain NFT marketplaces on the market as it hosts the Ethereum and Solana blockchain.
The NFT market hovers around $6 billion dollars monthly, so it is normal that we are all thinking about whether or not to invest in the world of Non Fungible Tokens.
There are many markets in which the user can enter the world of NFTs, so the question could be, how to choose between them? One of the best ways to choose is to know the platform and that it can offer us compared to another, that is why in Bitcoin Mexico we bring a tutorial on how to mint and trade NFTs in FTXeasily.
Arrival of FTX to the NFT market
The crypto exchange FTX, based on the Caribbean island of the Bahamas, continues to set its own course within the world of cryptocurrencies, but doing so in the world of Non Fungible Tokens (NFT) is something else entirely.
In the NFT market there are already consolidated platforms such as Open Sea Y LooksRare, which move the majority of the daily volume of the NFT market. But nevertheless The crypto exchange has wanted to enter this world in its own way, bringing together the best of all worlds on a single platform.
On one side has integratedas is more common, the ethereum blockchain to be able to trade on the blockchain that hosts the most NFTs at the moment.
However, its high transaction costs, minting (mint), sale and so on, make it a high barrier to entry for most new users who want to enter this world, for this reason FTX has also added the Solana blockchain (SOL) within its platform becoming one of the first NFT marketplaces to add it.
Having the Ethereum and Solana blockchains within its marketplace, all in the same portal, making it, in addition, one of the first cross-chain NFT marketplaces on the market. This has not only caused its other competitors to get down to work, but also many of the new users have migrated to FTX for its low commissions.
But, this is not all, but it has also joined its existing crypto exchange within its NFT market, so that you will not only be able to sell, buy and mint your NFTs, but, without going to another application, you will be able to buy, sell , save and trade cryptocurrencies, either Spot, with leverage and even futures, as well as endless other options.
So, do you want to learn how to sell, buy, deposit and mint your NFTs on the Ethereum or Solana network easily? Then keep reading and in Bitcoin Mexico we will show you how.
How to start in FTX?
The first thing we should always do is have an account on the platform, therefore, the first step will be to open an account in FTX.
An important point here is that the NFT mint and deposit option is currently only available for the US market, that is, on FTX.us. This is a point that must be kept in mind when opening the account.
No need to worry though, as according to the FTX team, users from almost all regions of the world are allowed within their US platform.
Also, it is important to note that you need to have successfully completed the platform’s KYC in order to continue. In this part you will be asked for: address, a valid identity document, and some selfies to verify identity.
In addition, you will be asked to have activated 2FA, either by SMS, some software (Google Authenticator) or by hardware (Yunikey).
Have a wallet compatible with ETH and SOL
One of the main requirements in the crypto world is to have a wallet and of course in the NFT market it is the same. To trade NTFs in FTX it is necessary to have a decentralized wallet, in this case one that is compatible with ETH and SOL.
Some options could be MetaMask or Phantom. Metamask will help if you want to trade NFTs on the Ethereum blockchain. On the other hand, if you intend to do it with Solana, then it is advisable to have the Phantom decentralized wallet.
How to deposit your NFTs in FTX.
If you are already a lucky owner of one, or several, NFTs and want to deposit them to FTX, there are several options depending on where your NFTs are.
It doesn’t matter where you keep your NFTs, be it in your MetaMask wallet, Phantom, OpenSea or LooksRare, the FTX team has made available the “Deposit NFTs”of SOL or in ETH. The difference? Network transaction costs.
In the case of SOL, the FTX team gives this alert:
“Only Solana Metaplex NFTs should be sent to this address! Sending any other NFT may result in the loss of your assets!”
In the case of Ethereum (ETH), it launches the following alert:
“Only ERC721 and ERC1155 NFTs should be sent to this address! Sending any other NFT may result in the loss of your deposit. (Punks and cryptokitties are also welcome.)”
You must be sure what network and asset type your NFTs are before sending them to FTX.
Create, buy and sell NFTs on FTX
How to buy NFTs?
If you want to get started in the NFT market or grow your collection, you can easily do so on the FTX NFT platform.. You simply have to find the NFT you want in SOL or in ETH, and of course it fits your budget
For example, to acquire this NFT from the BoredApe Yacht Club, you must have 1,569 ETH in your wallet, plus the cost of GAS, buy or offer the amount you want, and wait for the owner to accept or deny, and that’s it. holder of an NFT.
Once purchased, the NFT will be automatically redirected to the platform wallet, from there you can do whatever you want with your new digital asset.
How to sell NFTs?
The world of NFTs is currently full of users who buy, but also sell NFTs as a daily habit. According to the latest figures from the page specialized in crypto data analytics, dunesthere are more sellers than buyers of NFTs.
To sell your NFTs on FTX, first, of course, it is necessary to own one, either having bought it on the same crypto exchange or, failing that, having deposited it.
Once you have your Non Fungible Token in your wallet, you can put them up for sale for ETH or SOL, depending on the network where your assets are located, either selling them at a fixed price, or activating the auction option to the highest bidder.
In addition, you can cancel the order at any time. Emphasizing that FTX will charge 5% of the sale price, without counting the respective commission costs of each network.
How to mint your own NFTs?
One of the options not normally included in the bigger and more famous NFT markets is to mint your own NFTs, either put them up for sale or give them to your friends as a present.
It is because of that the FTX team has opened the opportunities to those who wish to lie your own NFTs on the Solana or Ethereum blockchain, without the need to have all the technical knowledge to do it themselves.
You simply have to go to the MINT option on the page of the NFT section of the crypto exchange and start registering the data that will be stored for life in the blockchain, then, be very careful when adding the data since a simple spelling error will not be solved.
It is worth noting that the NFTs will not be directly published on the platform, since the FTX team will approve or deny them at their discretion and depending on whether they meet the basic conditions of the platform and just like that, the NFTs are minted on FTX. simple right?
What are you waiting for to start the path of Non Fungible Tokens in a crypto exchange that brings everything integrated?
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