How To Easily Mint And Deposit Nfts (Ethereum And Solana) On FTX

NFTs are rapidly gaining popularity. It is currently used in art, games, and even real-world industries like the multibillion-dollar eCommerce industry. Through the FTX cryptocurrency exchange, Non-Fungible Tokens (NFTs) can be minted on Ethereum (ETH) and Solana (SOL) blockchain.

The popular function debuted on September 6, 2021, and it is a crucial area of expansion for the company. In this article we’ll look into how you can mint or deposit NFTs on the FTX platform.

What Exactly Is An NFT?

First and foremost, let’s review what NFTs are and how they function. In a nutshell, a non-fungible token (NFT) is a digital file that is held on a blockchain, which is a type of digital ledger. NFTs can’t be changed or reproduced because of the blockchain’s underlying technology.

Furthermore, the metadata included inside the NFT implies that each of them has verifiable ownership, making each NFT unique. It is because of this scarcity that they have value. Digital art, music, video game things, and even memes are some of the most popular forms of NFTs (those you can purchase and sell) that may be sold on FTX.

Let’s get started with the guide.

How to Make an NFT Deposit on FTX

Go to the NFT platform to deposit an NFT on FTX. It’s vital to note that you must complete KYC level 1 before depositing an NFT into your FTX wallet. This entails registering with your true name, home location, and phone number.

Once you have completed the registration process, you will be able to access your NFT wallets.

 

You will be able to choose between your Ethereum wallet or your Solana wallet. Choose the relevant option for your needs and you will be given a wallet address for the chosen blockchain.

It is important that you send your NFT to the correct address, since if you send it to the wrong one it will be lost forever. For example, suppose you transferred a Solana NFT to your Ethereum address by mistake. Before transferring money (or NFTs), double-check that you’ve chosen the correct wallet.

You can only deposit ERC721 and ERC1155 NFTs to your FTX address (don’t worry, those are the two most popular NFT standards).

All you have to do now is transfer your NFT to that address, and it will appear in your wallet. You may then sell it or exhibit it in your own NFT gallery.

How To Mint NFTs on FTX

Minting an Ethereum or Solana NFT on FTX is a straightforward process. Simply select “Mint” from the “Create” menu. This will lead you to the minting page, where you will be asked for all of your NFT’s pertinent information.

The first step is to choose a “Issuer,” which is the public name that will appear on the NFTs smart contract. This is a good time to use a nickname (or working name, alias, professional name etc.) if you have one.

Then, for this batch of NFTs, you must write its name. It is totally up to you what you write here, although it is best that you make it relevant to the NFTs topic. After that, select your quote currency from USD, ETH, or SOL. This is the currency that will be used to show the price to potential purchasers.

It’s now time to create a description for the NFT you’re producing. You can be as descriptive or as general as you like here. If you’re minting your own artwork, though, it could be a good idea to include a brief explanation of what the artwork signifies and how/when it was made.

Finally, when you’ve completed all of the required fields, you may submit your NFT for approval and listing. It’s worth noting that minting an NFT on FTX isn’t a free service; you’ll have to spend $3 to send it out for evaluation.

You have the option of paying in any of your favorite currencies. After you’ve paid the cost and submitted your NFT, all you have to do now is wait for it to be approved, and you’ll have a brand new NFT to sell.

Minting NFTs on the Ethereum Blockchain vs Minting on Solana

Minting NFTs on the Ethereum blockchain can be more expensive then minting on Solana, especially when the Ethereum network is congested. Gas fees on Ethereum can reach up to $100 or higher when there’s a high demand for transactions.

However on average, Ethereum gas fees range from a few dollars to $30 depending on how fast you want the transaction to complete. On the other hand gas fees on Solana cost a fraction of a penny.

When you sell your NFT on secondary marketplaces after it has been minted, the fees that must be paid during the transfer will be determined by the blockchain network on which the NFT was minted, which can make minting on Ethereum a lot more expensive in the long run.

Final Thoughts

Depositing or minting your NFTs into your FTX wallet gives you exposure to the platform’s user base of over 1 million crypto and NFT traders. The process of minting NFTs on FTX US is so simple and intuitive that almost anybody can do it in minutes.

If you were first scared by the procedure, maybe you now have a better understanding of how it all works and can start generating money with NFTs.