UPDATE – FTX has filed for Chapter 11 bankruptcy – we advise against attempting to open an account at FTX and recommend eToro instead which has been unaffected by the crypto market crash. We have also moved our FTX affiliate links to eToro which is a far safer option at this point.
Update 2024 – Going forward, the only cryptocurrencies eToro customers in the United States will be able to trade on the platform will be Bitcoin, Bitcoin Cash and Ethereum.
FTX was launched in 2019 with the support of Alameda Research, a well-known quantitative cryptocurrency trading company. It has built a name for itself in the trading arena by providing industry-leading derivatives trading and a comprehensive range of volatility-related products.
FTX has also recently established a new NFT marketplace for Solana in 2021, before adding Ethereum-based NFTs too in 2022. The company’s CEO Sam Bankman-Fried announced the debut by urging people to develop and showcase their own NFTs.
The FTX NFT marketplace arrived at a time when the NFT industry was growing rapidly, and the NFT bull market shows no signs of slowing down in 2024. In this guide we review the features of FTX’s NFT marketplace and how it works. Over 13,000 NFTs are available on FTX at the time of writing.
FTX NFTs menu
What makes the FTX NFT Marketplace unique?
In certain areas, the FTX NFT market differs from most others. The site is not a moderated market, and anyone can trade and mint NFTs on it.
Users are not tied to the marketplace where they bought their digital assets, as is the case with many other sites. It enables the open market trading of tokens.
Users can also buy, sell, and mint NFTs on the Ethereum and Solana blockchains via the FTX NFT marketplace. Smart contracts will connect the two blockchains and allow for cross-chain transactions.
Your capital is at risk
FTX NFT Marketplace Featured Collections
FTX NFT Marketplace is home to some unique collections of NFTs from different areas of art, entertainment, pop culture, etc. Here, we have listed out some of the categories which are featured on this marketplace:
Contemporary Art
This collection is perfectly suited for all those NFT lovers fond of collecting NFTs on different art pieces. NFTs are often named with the title “Contemporary# (serial no.)” in this category. This marketplace features the artwork of amazing creators from across the world.
FTX NFT contemporary artwork
As of now, it contains around 20 NFTs with a floor price of $2,500.00 and a volume of $2,670.
AI World collection
NFTs featured under this collection cater to the incredible world of AI. There are about 37 NFTs offered under the AI World collection. The floor price of these NFTs has been estimated at around $1,000.00 with a volume of $2,064.
Exclusive FTX NFT collection
Animals Retro Art
As the name suggests, these NFTs have designs of various animals, including dog, pig, bear, fox, ape, bat, etc., all over them. The collection comprises about 18 NFTs with a floor price of $99.00 and a volume of $428.
Retro Animals NFTs
FTX Special
There are about 5 NFTs in this collection, including FTX Bughouse Match#1, SBF Lunch #1, FTX League of Legends Match #1, FTX June 2021 VIP #1, etc. The floor price of these NFTs is $696,969.00 with a volume of $466,903.
FTX special NFTs
FTX Landscapes
FTX Landscapes has a bunch of 35 NFTs, including Winter in the mountains, Beautiful flower, Lonely seashore, etc., with a floor price of $75.00 and volume of $12,518.
FTX Landscapes NFTs
FTX Swag
These NFTs are explicitly designed to target all sports lovers as they include sports gear design and images on them. The collection has about 859 NFTs with a floor price of $399.00 and a volume of $868,947.
Casual wear sports NFTs
Your capital is at risk.
FTX NFT Prices
FTX Marketplace ensures that every user finds the best NFT as per their budgets and requirements. Given below, we have discussed some affordable cheap NFTs and rare expensive NFTs on FTX Marketplace.
Affordable Cheap NFTs on FTX
If a user is looking to buy an NFT around the price range of $100, they could browse the FTX Animal Retro Art collection.
Its floor price is about $99. One can get the NFT of the fish for a price of $100. Some of the NFTs on this collection have gone for a bid of $1. For example, an NFT with the name “The Dolphin” went for a bid of $1.
Buy NFTs on FTX
On the same lines, collections of FTX Landscapes and FTX Contemporary Art are also good. They are well-suited for people looking to buy the NFTs for a price of about $100. Though some of the NFTs went for a bid of around $40,000.
Rare Expensive NFTs on FTX
About every NFT collection on FTX has rare, expensive items included in it. The bid for these NFTs could go for more than $50,000. For example, an NFT, with the name SBF Lunch#1, from the FTX Special collection received a bid of $88,888.
Sell NFTs on FTX for a large profit
How to buy an NFT on FTX?
Step 1: Create a new account on FTX if you don’t already have one. You may need to complete KYC.
Open an FTX account
Step 2: Make a deposit into your account.
Step 3: Navigate to the FTX NFT page by selecting NFTs from the menu.
Browse NFTs on FTX
Step 4: Now, go through the list and select an NFT that appeals to you.
Step 5: Once you’ve found an NFT you like, you can buy it or bid on it if it’s an auction.
FTX NFT floor prices
Steps to mint your own NFT on FTX
Step 1: Click on the ‘mint’ option on the NFT homepage of FTX.
Step 2: The following details are to be filled in:
- Issuer
- Collection (Category of the NFT)
- Name for the batch of NFTs that your NFT belongs to
- Description of your NFT
- Attribute: The attribute of your NFT and corresponding value
Step 3: Once you have filled in the details, upload your NFT by clicking on ‘Choose File.’
Step 4: After submitting, you’ll have to wait till your NFT gets approved. Once your NFT is approved, you will have minted your NFT.
Your capital is at risk.
Advantages of using FTX NFT Marketplace:
Good layout
- The FTX NFT marketplace website has a very nice layout, so it’s quite easy to navigate through the website. The platform has also cataloged NFT projects under different categories such as Coachella Keys, Desert Reflections etc.
Open marketplace for NFTs
- FTX Marketplace provides an open market for NFTs, which are digital ownership of non-fungible assets such as art collections. Users can buy, sell, mint, or bid NFTs on the FTX and FTX.US exchanges.
- FTX has a number of significant brands that will enable them to locate the greatest NFT artists and projects and have them launch (drop) on their platforms.
- The huge brand value that FTX has will significantly help its NFT Marketplace. Large sports and entertainment companies are naturally drawn to work with well-established centralized platforms like FTX. Because they can provide legal contracts, they have an advantage over permissionless protocols.
Conclusion – Does FTX truly live up to all the hype?
FTX is a relatively new crypto platform, but it has swiftly become a favorite among active traders and institutional investors. FTX is a professional trader’s playground, with access to a wide range of complex trading tools, leveraged trading, derivative products, and even stocks.
By introducing the NFT minting option, FTX is giving other prominent crypto exchange companies a run for their money. The method for registering and minting NFTs is straightforward and secure.
This effort by FTX and other crypto exchanges like Bybit and Crypto.com to open NFT marketplaces allows the digital artist community to flourish even more while also allowing crypto aficionados to easily invest in NFTs and unique digital art on the same platforms they trade crypto.
Users of FTX have not reported any hacks, data breaches, or spam till now. FTX uses high-security measures to protect its customers’ data and assets, whether on its international or basic platforms (FTX or FTX.US). Cryptocurrency exchanges are more secure than standalone NFT marketplaces – even Opensea, often considered the best NFT platform was recently hacked.
If you’re seeking a platform that can provide a competitive trading environment where customers can take advantage of a range of rewards and services, the FTX NFT marketplace is a good option.
FAQs
What is an NFT?
NFTs, or non-fungible tokens, are one-of-a-kind digital assets based on blockchain technology. A piece of art, an audio record, or a tweet might become an NFT. One NFT cannot be directly swapped with another NFT as they are all unique, unlike $100 bills that can be swapped with another $100 bill. NFTs also allow a person to hold digital assets. This ownership is validated on the blockchain using algorithms. The blockchain is a type of electronic ledger that acts as a record of NFT ownership. Every transaction on the blockchain is validated by computers all around the world, which solve complex arithmetic problems. The Ethereum network is used to verify most NFTs.
What purpose does an NFT marketplace serve?
NFT marketplaces are trading platforms for NFTs. Minting, which is the process of producing new NFTs, is also possible in some systems. These marketplaces are similar to other online marketplaces, except they are tailored specifically for NFTs. They have the NFTs on display for potential purchasers to look at. Marketplaces can be either curated, requiring some type of verification before listing new NFTs or open, allowing anybody to post new NFTs.
What does 'minting an NFT' mean?
Minting NFTs is the process of converting a digital file into crypto collectible or digital asset on the Ethereum blockchain in simple terms. It is impossible to alter, modify, or remove the digital item or file after it has been placed in this decentralised database or distributed ledger. When a manufacturer mints a physical currency, the process of putting a specific item onto the blockchain is known as minting, just as it is when generating fiat money
What are Futures?
Futures are financial derivatives that bind the parties to trade an item at a fixed price and date in the future. Regardless of the prevailing market price at the expiration date, the buyer or seller must purchase or sell the underlying asset at the predetermined price.
What are Options?
A financial instrument dependent on the value of underlying securities such as stocks is referred to as an option. An options contract gives the buyer a choice to buy or sell the underlying asset, depending on the contract type. In contrast to futures, the holder is not obligated to acquire or sell the asset if they choose not to. Each contract will provide a deadline by which the holder must exercise their option.
What are leveraged tokens?
Some exchanges offer leveraged tokens, which are a sort of derivative token. They've taken on a risky position with no margin, requirements, risk, or liquidation. As a result, leveraged tokens provide a simple way to obtain leverage exposure. They're more responsive to up-and-down movements than their traditional spot counterparts. A leveraged token lets you to take a leveraged position in a cryptocurrency, allowing you to multiply your profits or losses.
Is there an app for FTX NFT Marketplace?
Yes, the FTX NFT Marketplace app makes it simple for users to buy, sell, and create NFTs. The app is available for both Android and iPhone devices.
Is it safe to buy NFTs from the FTX NFT Marketplace?
Yes, it is entirely safe and legal to buy NFTs from the FTX NFT marketplace. Considering the fact that a very well-regulated crypto exchange, FTX, is managing this marketplace, users don’t need to worry about safety of their digital collectibles traded on this platform.
What are the trading fees of this marketplace?
Buyers and sellers of the NFTs are required to pay 5% fees on every transaction on FTX NFT Marketplace.
Can US residents buy NFTs from the FTX NFT Marketplace?
US residents cannot buy NFTs from this marketplace, but they could get NFTs from FTX US.
How can I list NFTs on this marketplace?
Press the Mint button on your screen, and go to the option of List new NFTs. Provide all necessary details about your NFTs, including creator of the NFT, categories of this NFT, description, etc. Once you have provided details, you need to upload your NFT mile. Pay the non-refundable fees of 10 USD, and then submit your listing request. Your NFT will be listed after the review of your NFTs.
What blockchain is used for transactions in the FTX NFT marketplace?
One can buy, sell, or mint NFTs cross-chain across the blockchains of Solana and Ethereum. NFTs, which are minted on this marketplace, could be listed in either SOL, USD, or ETH.
How can you sell NFTs on this marketplace?
For selling your NFT, choose the NFTs that you would want to sell from your collection, set a selling price for it, or an initial price for your auction. Once you get the required price for your NFT, you can sell it to the buyer.
What are the different modes of payments supported on the FTX NFT marketplace?
FTX NFT Marketplace is known for providing a variety of payment methods for trading in NFTs. These include bank transfers, wire transfers, debit/credit cards, wallets, etc.
