Non-Fungible Tokens (NFTs) can be minted on both Ethereum ETH/USD and Solana SOL/USD through the FTX cryptocurrency exchange. The popular feature was launched on September 6, 2021 and represents a key area of growth for the firm.
Since its launch, the FTX NFT marketplace has grown significantly, and currently features over 4,000 NFT collections and over 70,000 NFTs.
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On Monday, FTX confirmed it raised $400 million in new capital, part of which will be used to acquire NFT-centric firms, according to Bloomberg.
If you are interested in minting your own NFTs on FTX US, keep reading for a step-by-step guide that teaches you everything you should know about this process.
What you’ll need prior to getting started
Before you get started, ensure that you meet all of the requirements up-front so you don’t get sidetracked down the line.
Make sure that you have:
- An FTX Exchange account. If you do not already have an account, you can sign up with FTX.com here. Depositing and minting of NFTs is a feature that is not supported on FTX International, only on FTX US.
- A supported cryptocurrency wallet.
- Something that you want to make an NFT out of.
Things to keep in mind:
- All NFT submissions on FTX US are subject to a non-refundable $1 submission fee.
- FTX US charges a 2% fee to the seller on each sale or trade.
- It can take up to 72 hours for the FTX US team to review and approve an NFT submission.
- FTX US moderates the NFTs that get minted on the platform and can reject any NFT that they deem to violate the Terms of Service.
- FTX US accepts users from US and non-US jurisdictions.
How to Mint an NFT on FTX US
Minting an NFT on FTX US is a simple and straightforward process. Here is what you need to do in eight simple steps.
- Step 1: Log in to your FTX US Account and visit the FTX US NFT Homepage.
- Step 2: Click on the “MINT” button located on the top-right corner of the screen if you are using the desktop version of the website, which will take you to the “List NFTs” Page.
Step 3: Select “List New NFTs,” after which you will be sent to another menu where you will need to fill in additional information.
- Step 4: On the List New NFTs page, you will first need to select the issuer. The issuer is the public name for the creator of this NFT. You get access to the FTX University Program and the FTX Collegiate Champions issuers by default. Additionally, you can click on “Create New Issuer.”An example would be “FTX”, or simply your creator name.
- Step 5: Name your NFT, and select the quote currency. This currency will be in USD by default, but you can also select ETH or SOL. Once that is completed, write a description about the specific NFT you are minting, and add an attribute.
- Step 6: Select the file you want to upload by clicking on the “Choose File” option, after which you need to click on the “+ Upload” button to complete the process.
- Step 7: Click on “Submit,” after which you will need to confirm that you are aware of the $1 USD fee and that by paying the fee, you are not guaranteed that the NFT will be approved. Note that if the NFT is rejected, you will not get refunded on the fee. Confirm the two check-boxes, and click on “Submit and Pay” to complete the process. An NFT can get rejected if violates the Terms and Conditions, such as promoting discrimination, bigotry, racism, hatred, harassment or harm against any individual or group or if it features defamatory, obscene, vulgar or offensive content.
- Step 8: Wait for your NFT to be approved. You should be able to see your newly minted NFT in the Submitted NFTs section of the page. Note that in this section, you will have categories such as Live, Approved, Awaiting Review, or Rejected, so you are always aware of the status of your NFT.
Minting on Ethereum vs. Minting on Solana
Minting an NFT on the Ethereum blockchain can cost upwards of $100. Minting on the Solana blockchain however, through FTX US, only sets users back $1.
When you eventually sell your NFT on secondary marketplaces after its been minted, the fees which will have to be paid throughout the transfer will depend on the blockchain network the NFT was minted on as-well, which can make minting on Ethereum a lot more pricey long-term as a direct result.
Ethereum has a reputation for having high gas fees, while Solana is the cheaper option here. According to data from Etherscan, the average gas fee on Ethereum is $9.24, while on Solana it’s just $0.00025 per transaction.
Some marketplaces only support Ethereum NFTs, which is the main incentive behind minting on Ethereum, alongside its plethora of supported cryptocurrency wallets, while others support both Ethereum and Solana tokens. Ensure that you take this into consideration prior to minting an NFT.
The process of minting NFTs on FTX US is straightforward and intuitive to the point where just about anyone can complete it within minutes. If, at first, you felt a bit intimidated by the process, hopefully now you have a heightened perspective about how all of this works and can begin making money with NFTs.
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