A Guide on How to Mint NFTs on the FTX Exchange Cheaply and Securely
FTX Exchange, one of the world’s largest and most valuable crypto derivatives exchanges, supports the minting of NFTs compatible with Solana and Ethereum blockchains.
NFT Minting on FTX Exchange
The exciting functionality was announced by the exchange’s CEO, Sam Bankman-Fried, in late Q3 2021.
It was timely.
NFTs are quickly rising in prominence. It now finds integration in art, gaming, and even real-world sectors like the multi-billion eCommerce industry. According to statistics, leading marketplaces like OpenSea could easily command hundreds of billions in average monthly volumes.
Why NFTs
NFTs, unlike fungible assets, allow users to store files like video, images, audio, and more. They are often in limited supply and non-transferable while drawing all other benefits the blockchain has, like security and total transparency. For the myriad of advantages advanced by NFTs, artists from across the world are now empowered. Unlike former structures where they had to pitch their creations to intermediaries, they can now directly connect to clients via the blockchain.
A Growing NFTs Industry
By early February 2022, Ethereum remained the largest NFT minting platform, boasting vibrant marketplaces. Leading portals like OpenSea clock thousands in sales every day and billions in average trading volumes every month. However, the entry of FTX Exchange could prove disruptive.
According to the CEO, the NFT minting feature was thoroughly tested before being released. The “test” NFT was minted and later auctioned. Currently, the highest bid stands at $270k. Besides minting NFTs on FTX Exchange for Ethereum or Solana blockchains, assets from other chains can also be deposited.
How to mint NFTs on the FTX Exchange
Minting NFTs on FTX Exchange is quick and straightforward. However, note that the service is only currently accessible to U.S. clients.
Also,
- FTX will charge a $1 non-refundable submission fee for all NFTs
- After submission, NFT approval times can be up to 72 hours.
- NFTs can be rejected if they violate the exchange’s terms of service by promoting ills such as racism, bigotry, hatred, and more.
- A seller will be charged a two percent fee.
If comfortable with the above terms, a user can begin by first meeting the below bare minimum requirements:
- Registering an account with FTX Exchange
- Own a compatible crypto wallet
- A file you want to mint an NFT from
Afterward, a user can proceed to mint an NFT as follows:
- Login to FTX and navigate to the FTX US NFT Minting page.
- Click on the “mint” button on the top right corner of your desktop. You will be redirected to the “List NFTs” Page.
- From the menu, under issuer, indicate the username of the NFT creator. Indicating this automatically qualifies one to the FTX University Program and the FTX Collegiate Champions.
- Name your NFT and select the quote currency.
- Upload your file.
- Submit and pay the non-refundable $1.
- Wait for NFT approval. Its preview status will always be indicated as Live, Approved, Awaiting Review, or Rejected.
Minting NFTs on FTX Exchange is simple and cheaper. The flexibility of minting on either Ethereum—where fees are prohibitive, but popular-or Solana has attracted thousands of NFT creators. As of February, there were over 1.4 million NFTs on the FTX NFTs marketplace.
