How to Create NFT on FTX: Learn How to Make NFT Tokens!

by David Patterson

10 Feb 2023

Being seasoned in computer science and having surfed the entire software development stack, David has something to say about how it all works. He’s also well aware of the gambling industry's best practices for turning client-customer concepts into workable models. Additionally, David's zest for cryptos makes him precisely that guy whose comprehensive expertise can save you from unnecessary (and costly!) mistakes.

Van Gogh's portrait in a digital-styled frame — *Van Gogh’s portrait in a digital-styled frame*

Are you considering utilizing an NFT marketplace to create your Non-Fungible Tokens (NFTs)? If so, you should check out FTX.

As the first major centralized cryptocurrency exchange for having launched an NFT marketplace, FTX offers users unique and secure solutions in their pursuit of creating tokens backed by real-world assets. In this article, we’ll review how easy it is to create NFT on FTX, how to sell NFT on FTX, the marketplace benefits, fees, and so on.

What Are NFTs and FTX Marketplaces?

FTX marketplace and NFTs — *FTX NFT logo*

Defining NFTs

NFTs are tokens that represent a unique virtual asset or item. They can represent physical art, music, videos, and other digital media. Unlike traditional currency, NFTs are not interchangeable – each one is unique and cannot be replicated. That makes them desirable for both collectors and creators alike.

If you’re wondering how to make an NFT, it’s relatively simple: anyone can become a creator using decentralized networks. Using tokenization, creators can assign certain assets a level of scarcity that is verifiable on the blockchain and turn them into NFTs.

NFTs only hold value in themselves because of how rare they are, but they also grant access to virtual worlds where other buyers and sellers may participate.

The FTX Marketplace

The FTX Exchange launched its NFT marketplace in April 2021. The platform enables users to buy and sell these digital collectibles with ease. It features various categories, from art to collectibles to gaming assets. The platform also has a built-in wallet system that allows users to securely store their tokens while they conduct transactions on the platform.

Additionally, several third-party integrations are available, including OpenSea, Rarible, and Foundation, making it easy for users to find the right item at the right price.

The FTX NFT marketplace provides users with a safe and secure way to buy, sell, and trade non-fungible tokens online without worrying about security or authenticity issues associated with traditional asset markets. With its easy-to-use interface and wide selection of available assets, it’s no wonder why so many people are turning to this new platform for their digital token needs.

The Reasons for Creating NFTs

The Bored Ape NFT collection — *What happens if you create an NFT collection as popular as the Bored Ape?*

Understanding how to make an NFT or make NFT tokens requires some understanding. Let’s look at some of the most compelling benefits of creating one.

User-friendly platform

Creating an NFT on FTX is simple because their platform was designed with users in mind. It has a straightforward interface, making it easy to navigate, and offers plenty of helpful tutorials to get you started.

Their user-friendly design also allows you to customize your token to look exactly how you want it to. From changing the artwork or image associated with your token to set custom permissions, FTX ensures you have full control over how your token looks and functions.

Secure trading environment

FTX provides a secure trading environment for buyers and sellers of NFTs. Their platform is built with robust security measures so that all transactions are safe and secure from hacking attempts or other malicious activities. Their customer support team is available 24/7 if you have questions/concerns about using their platform.

Low fees and fast transactions

Unlike other platforms, which can charge high fees and make transactions slow due to network congestion, FTX ensures that all transactions are completed quickly and at minimal cost so that users can maximize their profits from trading their tokens. That helps ensure that every transaction is as profitable as possible for buyers and sellers alike.

How to Сreate NFT on FTX

FTX NFT site — *Maybe your best NFTs will soon appear on FTX?*

The process of how to list an NFT on FTX is relatively straightforward: all you need to do is create an account, select your preferred payment method, register your NFTs in the platform, and publish your asset token.

Step 1: Set up an account

The first step in how to make an NFT guide is to set up an FTX account. To do this, go to the FTX website and click “Sign Up.” You will then be asked to provide basic information about yourself, such as your name, email address, and country of residence.

Once complete, you can create a strong password for your account and click “Create Account” to finish setting up your profile.

Step 2: Choose your asset type

Once your account is created and verified, it’s time to choose which type of asset you would like to create. Currently, FTX supports two types of tokens — ERC20 and ERC721 tokens. ERC20 tokens are used for fungible assets such as interchangeable currencies or commodities. In contrast, ERC721 tokens are non-fungible assets representing unique digital items such as artwork or collectibles. Of course, you need the latter.

Step 3: Upload your asset file

The next step is to upload your asset file onto the platform by clicking on the “Upload Asset” button in the upper right corner of your screen. Here, you can upload a file in JPG or PNG format containing information about your asset, such as its title and description, along with any associated images or videos.

This information will be used to generate the asset token later in the process, so ensure that it accurately reflects what you are trying to represent with your asset token.

Step 4: Publish your asset token

After uploading your asset file onto the platform, all left is for you to publish it. Click on the “Publish Token” button at the bottom right corner of your screen and confirm all necessary details.

How to Sell an NFT on the FTX Marketplace

NFT FTX buy and sell section — *This panel helps you buy and sell NFTs*

Choose your asset

Many different assets are available on FTX Marketplace — from art pieces and video games to real estate investments and cryptocurrencies — so take your time browsing through them before deciding. When you find an asset that interests you, click “Buy Now” or “Sell Now” to start trading it on the FTX marketplace.

Set up your sale

Once you have chosen the asset you want to sell, it’s time to set up your sale on the FTX marketplace. That is where you will specify how much of the asset you want to sell, what type of payment method(s) buyers can use (e.g., PayPal or credit card), and any other details related to the transaction.

You can also choose whether buyers will be able to purchase tokens directly from the marketplace (known as “on-chain transactions”) or if they must trade tokens with another user (known as “off-chain transactions”).

Monitor your sale

Once all of these steps are complete, keep an eye on how well your token is selling by monitoring sales data within the marketplace dashboard — that will give you valuable insights into what works and what doesn’t when selling tokens online.

FTX Marketplace Fees

FTX fees — *FTX says its net fee is only 1%. Is it?*

Trading fees

The trading fee is the first fee you should be aware of regarding the FTX marketplace. These fees are charged when you buy or sell an asset on the platform. The base trading fee is 0.30%, and discounts are available depending on how much you trade over 30 days.

If you sell more than $500,000, your trading fee is reduced to 0.20%.
If you change more than $1,000,000, your trading fee is reduced to 0.10%.
Finally, if you sell more than $5,000,000, your trading fee is reduced to 0%.

Withdrawal fees

The second type of fee associated with FTX NFT Marketplace is the withdrawal fee. When you withdraw assets from your account into a wallet outside of FTX NFT Marketplace, these fees are charged.

The rates for these withdrawals vary depending on which asset type you are withdrawing and where it will be sent to (e.g., Coinbase VS Ethereum address). For example, if you withdraw Bitcoin, the withdrawal fee is 0.0006 BTC ($2 at current prices). Ethereum withdrawals have a fee of 0.0015 ETH ($0.50 at current prices).

Listing fees

The listing fee is the third fee associated with the FTX NFT marketplace. These fees are charged when someone lists their asset on the platform for sale or auction to potential buyers. The listing fees vary based on what type of asset they want to list (e.g., digital art versus music album) as well as whether they are doing a fixed price sale or an auction format sale; however, most listing fees start at around 10 FTT (~$25).

Conclusion

The FTX marketplace is a great option for creating and selling NFTs. The platform is easy to use and has many features that make it a good choice for buyers and sellers. We hope to see your NFTs soon!