FTX NFT Marketplace Review – How to Make Use Of It (Fees and the Wallet)
What exactly is FTX NFT Market?
FTX, which is among the most well-known cryptocurrency derivatives exchanges has just launched the new marketplace for NFTson its platform. The launch was announced by the CEO of the company inviting the users to build new NFTs of their own. The marketplace is accessible both on the FTX International as well as the FTX.US sites and users can trade as well in creating (mint) fresh NFTs through the platform.
Sam Bankman-Fried, the CEO of the company, tried out the new feature by creating his own artwork which is comprised of hand-written words “Test” on white background. The NFT was sold for $270,000.
FX marketplace was launched in a time where the NFT market is in a boom The spamming scandal proves exactly that. Shortly after its launch the marketplace was targeted by users who were posting photos of fish which led to the establishment of a fee of $500 for NFTs submitted. The price was however, criticized by the developers and the cost was reduced to just $10.
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What is the reason for NFTs?
Whether you think NFTs are overhyped and getting too much attention leaving other projects neglected or you think NFTs are the next big thing in the crypto space, you cannot deny the fact that they indeed have some great uses.
In the present, NFTs are most popular with artists and their followers. Because NFTs grant ownership to a person digital artists, they can offer their artwork through NFTs to those who want the feeling of owning their most loved artwork.
Another intriguing use for NFTs recently being discussed has been in the gaming sector. The game’s assets are issued as NFTs, which allows players to trade them in any market and make a real-world profit from their time into the games.
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What is it that makes FTX marketplace different from the other NFT markets?
FTX NFT marketplace is different f rom most other marketplaces in some ways. The platform is not a curated marketplace and allows anyone to trade and mint NFTs. Users aren’t locked on the marketplace they purchased their digital assets like they are on a lot of other platforms. It allows for trading tokens in an open market.
Additionally it is furthermore, the the NFT marketplace permits users to purchase and sell and also mint NFTs across Solana as well as Solana blockchains. Cross-chain trading between blockchains will be accomplished by using smart contracts to connect both chains.
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How do you create your own NFT
So you decided to create your own NFTs, but don’t know how? While there’s no one size fits all option, the following steps will guide you in the right direction:
- Choose what you would like to coin in NFTs. NFTs simply keep details about content on blockchain. All digital content, and even physical items can be transformed into NFTs. However, today NFTs of digital multimedia files are among the most commonly used ones.
- Choose the blockchain you would like to have your NFT to be based on. Different chains have strengths and weaknesses such as Ethereum is the largest and most well-known one that sees lots of activity, however, the cost of gas can be quite high. Solana is another cryptocurrency, has very low fees , but is still relatively new to the market.
- Most likely, you will require an amount of cryptocurrency for charges, so keep that in your wallet.
- Select your wallet if need to store your NFTs once you have minted them. Metamask as well as TrustWallet are among the best options.
- Select the right marketplace. Based on the blockchain present, there are a variety of marketplaces that allow you to create NFTs. Marketplaces such as the FTX NFT Marketplace also offer the possibility of trading across chains among Ethereum as well as Solana.
- You’ll have to sign up for an account with the marketplace you prefer.
- You can upload your files, then mint your NFTs, and then trade them.
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How do I purchase an NFT using FTX?
- If you don’t already have an account on FTX , go ahead and sign up for a new account. You may need to complete KYC.
- Deposit funds in your account.
- Go to the NFT page of FTX by going to the menu and selecting NFTs.
- Now browse through and find an NFT that you like.
- Once you find an NFT you like you can buy it from there or place a bid if it is an auction.
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How to Sell an NFT on FTX NFT Marketplace
Before you can sell an NFT, you need to have it on your FTX NFT wallet so go ahead and deposit the NFT or mint a new one on the marketplace itself.
Once you have your NFT in your FTX NFT wallet, you can select it and from there you can either choose ‘Sell NFT’ which allows you to set a sell now price, or ‘Auction NFT’ which allows you to set an initial price and days and hours to run the auction for.
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How to mint an NFT on FTX
Follow these steps to create your own NFT on FTX :
- Go to the NFT homepage on FTX and clock on ‘Mint’.
- Fill in the fields with relevant information.
- Issuer: Public name for the creator of this NFT.
- Collection: Name for the category of this NFT.
- Name: Name for the batch of NFTs that this NFT belongs to.
- Description: A description of this specific NFT.
- Attribute (Optional): The attribute of your NFT and corresponding value.
- Upload your NFT by selecting Choose File.
- Once you submit, you’ll need to wait for the team to approve your NFT submission.
- Once the NFT is approved, you will have your successfully minted NFT.
FTX NFT Marketplace Fees
Fees are slightly different based on whether you are on the FTX international of FTX US .
For FTX international, there’s a 5% fee on each sale or trade.
For FTX US , there’s a 2% fee on each sale or trade. Listing/minting your own NFTs will cost you $1.
In addition to the fee, royalty specified in the NFT will also be deducted. FTX caps maximum royalty at 40%.
FTX NFT Marketplace Payment Methods
Purchasing and bidding on NFTs can be done using cryptocurrencies, ACH bank transfers, wire transfers or credit cards.
NFTs that are minted on the FTX marketplace can be listed in either ETH, SOL, or USD.
FAQs
Here are answers to some of the frequently asked questions.
What is an NFT Marketplace ❓NFT marketplaces are platforms where NFTs are traded. Some platforms even allow minting which is the process of creating new NFTs. These marketplaces are like other online marketplaces but are specially designed for NFTs. They have the NFTs displayed for potential buyers to choose from.
Marketplaces can be either curated where some sort of verification is required to list new NFTs or they can be open where anyone can list new NFTs.
What is a Mystery Box ❓
As the name suggests, the contents of a Mystery Box are a mystery until you receive it. These boxes can be purchased from some places and are sometimes also given as a reward. They give you a chance of getting surprise NFTs of varying rarity levels.
Why Are NFTs So Valuable ❓
NFTs are valuable because they are one of a kind or very limited in number.
Something to note here is that the market currently is very new and speculative, it will settle down as it matures. Moreover, there are millions of new NFTs being created and not everything is valuable.
