How to Mint your First NFT on FTX? [2021]

FTX is a crypto derivatives exchange that recently launched the Non Fungible Tokens (NFT) minting feature on its US website. Therefore, we will be discussing all the steps to mint your first NFT on FTX.

Mobile AppFeesPros
Android and iOS 5% fee for both buyer and seller on NFTsAn easy user interface; requires KYC verification; promotes digital art.
Security Best ForCons
Cold wallet storage and 2 FA authentication. People who collect digital artNot available in the US.

Summary

  • FTX is a leading crypto trading platform with more than 100 trading pairs and offers up to 101x leverage.
  • Has a strong security system comprising of cold wallet storage and 2 FA authentication.
  • Recently launched the NFT minting feature on its online website.
  • Charges 5% fee for buyer and 10% for the seller on NFTs.
  • Register on the official website then do your 2FA authentication to start minting NFTs.
  • Not available in US. However, they can use FTX.US
  • Simple user interface.

What is FTX?

FTX is one of the top-most crypto derivative exchange platforms in the world. It has more than 100 trading pairs and offers up to 101x leverage on them. FTX accepts ten fiat currencies for deposits and withdrawals through wire transfer. Furthermore, it is a user-friendly crypto trading platform with unique goods to purchase or sell. It also provides a professional user interface for trading on desktop or mobile apps, as well as the ability to trade without KYC and withdraw up to $1,000 USD per day.

It is presently unregulated, and US citizens are not permitted to engage in its services. Residents in the United States, on the other hand, can access FTX.US, a partner organization that serves US citizens and is a regulated firm. To finance an account on the site, traders can use cryptocurrencies, stablecoins, or fiat cash.

To learn more, read the FTX review.

What is NFT?

NFTs are Non-Fungible Tokens that are a component of the Ethereum blockchain, a distributed public ledger that records transactions. NFTs can be anything digital and unique, such as digital art. NFTs contain unique identification codes. They are often purchased and sold online, frequently using cryptocurrency. It gained popularity in 2014, and since November 2017, a whopping $174 million has been spent on NFTs.

NFT on FTX
NFT on FTX

How to mint NFT on FTX?

Follow the steps given below to start minting your very own NFTs of FTX:

  • Go to the official website of FTX to register.
  • Enter your email address and password. Then do the human verification. 
Sign-up on FTX
Sign-up on FTX
  • Go to the profile settings button on your dashboard and do the 2FA authentication.
  • Then finish your KYC verification.
  • Now click on the NFTs option on your dashboard.
  • Click on Mint.
NFT on FTX
NFT on FTX
  • Enter your name under Issuer.
  • Then write the name of the collection to which the NFT belongs.
  • Write the name of the particular NFT you wish to mint.
  • Write a description of the NFT and upload a picture of it.
  • Lastly, click on submit.
Mint Your NFT on FTX
Mint Your NFT on FTX

FTX Fees

FTX charges a 5% fee to the seller and buyer on each side. Furthermore, for its futures and spot markets, FTX charges a modest trading fee ranging from 0.07 % to 0.04 %. For leveraged tokens, there is a 0.10 % creation and redemption cost and a 0.03 % daily administration fee, with the trading fee increasing by 0.05 % if you choose to utilize the leverage of 50x or greater, with half of FTX fees going to the Insurance Fund.

Pros & Cons

ProsCons
User-friendly interface mechanism.Requires KYC verification.
Promotes digital art.Charges 5% fees to the buyer and 10% to the seller.
Simple registration and minting procedure.Not available in the US.
Secure safety system.

Conclusion

FTX is giving tough competition to other leading crypto exchange platforms by introducing the NFT minting feature. It has an extremely simple and secure process for registering and minting of NFTs. This initiative by FTX further enables the digital artist community to bloom while allowing crypto enthusiasts to invest in such unique digital art via crypto. 

Frequently Asked Questions

What can I do with the NFTs from FTX?

You may either bid on them or buy them. You may also save them in your FTX NFT gallery and use them to purchase a product or service.

I am a US resident. How can I buy NFTs from FTX?

Residents of the United States are not permitted to open accounts on FTX. However, you may look at NFTs at FTX US.

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