What is an NFT?
An NFT is a non-fungible token. That means it's a token you can buy, sell, and hold. Unlike most cryptocurrencies, there may be very few or only one of an NFT, and they are typically indivisible, meaning it may not be fungible with any other tokens.
NFTs can take a number of forms. Sometimes, they can be redeemed for a physical object. Sometimes the owner is entitled to an experience, like a movie or a phone call. Sometimes they are associated with a digital image. Sometimes they are associated with nothing at all.
Should I buy NFTs?
It's up to you! Here are a few things to note about purchasing NFTs:
1)Some NFTs might be illiquid. This means that if you buy an NFT, you are not necessarily going to be able to sell it for much later, or gain any specific utility from it.
2) You are welcome to buy NFTs if it would make you happy to own them! But there is no implied economic return associated with doing so.
3) Because NFTs are assets available for exchange in free markets, values associated with them can change rapidly. Because of this, FTX does not offer refunds on NFTs. Only purchase items you are comfortable enjoying for their artistic value.
What can I do with FTX US's NFTs?
- You can bid on them or purchase them.
- You can mint your own NFT. Please note that creating your own NFT listing may be subject to review and approval/rejection by a moderator. Additionally, there is a fee (outlined below) to mint your NFT.
- You can attempt to auction off an NFT that you own. Note that there might or might not be anyone who wants to buy it from you.
- You can hold them on your FTX US NFT gallery and withdraw them to your Web3 Wallet.
- With some NFTs, you can redeem them for a good or service; these details are in the descriptions of the NFTs.
- You can display your personal gallery of NFTs.
Can I partner with FTX US for NFTs?
What are the fees?
FTX US charges a 2% fee to the seller on each sale or trade.
FTX US charges $1 to mint/list your own NFTs.
Can’t I just save the image?
In theory, you could. However, doing so would leave you without the proof of ownership that is acquired when actually purchasing an NFT on the blockchain. The blockchain enables for the exchange of these NFTs in a peer-to-peer format.
What is the Blockchain?
A blockchain is a distributed ledger of transactions that is public and immutable, meaning that the transactions that occur on it are irreversible and can be referenced in the future.
Am I missing something? I still don’t get it.
NFTs are a new medium that are actively being explored by investors and art collectors alike. Whether you’re looking to buy a limited edition art piece from your favorite artist, or a unique profile picture for your twitter account, many folks simply just enjoy the art! There isn’t much to understand beyond that. Have fun!