How and Where to Buy NFTX (NFTX) – Detailed Guide
- What is NFTX?
- Step 1: Register on Fiat-to-Crypto Exchange
- Step 2: Buy ETH with fiat money
- Step 3: Transfer ETH to an Altcoin Exchange
- Step 4: Deposit ETH to exchange
- Step 5: Trade NFTX
- Last Step: Store NFTX securely in hardware wallets
- Other useful tools for trading NFTX
- Frequently Asked Questions
- Latest News for NFTX
- NFTX Price Prediction and Price Movement
What is NFTX?
What Is NFTX (NFTX)?
NFTX is a community-owned protocol and platform for creating non-fungible token (NFT)-backed ERC-20 tokens. Notably, NFTX powers the creation and trading of funds, tracking sought-after NFT collectibles such as CryptoKitties, CypherPunks and others.
NFTX was launched in early January 2021 to provide an essential new service to the booming NFT sector through indexing of projects. Although these tokens represent index funds, they’re composable and fungible, which means they are interchangeable for other tokens, which distinguishes them from standard NFT protocols. These “funds” are actively traded on decentralized exchanges (DEXs) such as Sushiswap and Uniswap.
The platform’s unique value proposition is to bring NFTs to light to high-level individuals trading funds based on leading non-fungible tokens like PUNK and AXIE on Uniswap and other DEXs.
Who Are the Founders of NFTX?
NFTX is a community-controlled platform that allows users to place index funds on the Ethereum blockchain. Therefore, the project’s governance depends on a decentralized autonomous organization (DAO).
However, to prevent monopoly during decision-making, a proposal targeting new changes needs to garner support from 80% of all voting tokens. Note that the voting period lasts for 24 hours.
What Makes NFTX Unique?
The main business case for the project is to bridge the gap between decentralized finance (DeFi) and NFTs. The NFTX platform supports two types of funds, D1 and D2 funds:
D1 funds have a 1:1 ratio backing involving an NFT and an Ethereum-based ERC20 contract.
For example: say Alice owns 1 ZOMBIE-FEMALE, this allows her to redeem precisely 1 Zombie Female at random.
On the other hand, D2 funds, also called top-level funds, are Balancer pools that make up a combination of D1 funds.
To illustrate: The D2 fund AVASTR makes up a combination of 3 D1 Avastar funds AVASTR-BASIC, AVASTR-RANK-30 and AVASTR-RANK-60 to give users diversified exposure to AVASTR without the need to hold and manage multiple tokens.
Arguably, NFTX seeks to replicate indexes like DefiPulse or CoinMarketCap, but with an NFT twist.
As the defacto wrapped-NFT funds issuer, the platform expands its use case to include the representation of items like digital lottery tickets, in-game items, digital collectibles in the form of NFTs. However, the services come with a price tag. NFTX charges a fee of 2.5% on the burn and mint operations.
NFTX seeks growth through offering NFT-ERC-20 loans and on-chain liquidity. For the loans, NFT holders don’t have to relinquish ownership, while on-chain liquidity helps curb illiquidity and wash trading.
Related Pages:
Learn more about NFTX Hashmasks Index (MASK).
Learn more about Name Changing Token (NCT).
Learn more about NFTLootBox (LOOT).
Don’t forget to read our blog!
How Many NFTX (NFTX) Coins Are There in Circulation?
NFTX’s total supply stands at 650,000, with 10% of the token distribution allocated to the founder, while NFT contributions account for 30%. Ethereum (ETH) contributions, NFTX liquidity, and farming account for 30%, 10% and 20%, respectively. Note that funds allocated to the founder have a five-year vesting period.
Furthermore, token holders have a right to contribute to the decision-making process.
How Is the NFTX Network Secured?
Since the platform is built on the Ethereum blockchain, its security relies on the second-largest blockchain network after Bitcoin. Notably, NFTX uses the safety of the Ethereum-side, which is currently powered by both proof-of-stake (PoS) and proof-of-work (PoW) consensus mechanisms.
Note that the protocol’s native asset, NFTX, leverages Ethereum’s ERC-20 token standards, one of the first token standards in the space. Consequently, it provides diverse and battle-tested security measures.
Where Can You Buy NFTX (NFTX)?
The NFTX token is available on both centralized exchanges and DEXs such as Uniswap, 1inch, and Hotbit. On Uniswap, it’s paired with wrapped Ethereum (WETH) while traders on 1inch choose between Ethereum (ETH), Tether (USDT), and yearn.finance token (YFI). Hotbit only has one pair, NFTX/USDT. For more details on purchasing cryptocurrencies, click here.
NFTX was first tradable on 6th Jan, 2021. It has a total supply of 650,000. As of right now NFTX has a market capitalization of USD $28,191,088.59. The current price of NFTX is $43.37 and is ranked 666 on Coinmarketcap and has recently surged 38.97 percent at the time of writing.
NFTX has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Ethereum from any fiat-to-crypto exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy NFTX.
Step 1: Register on Fiat-to-Crypto Exchange
You will have to first buy one of the major cryptocurrencies, in this case, Ethereum (ETH). In this article we will walk you through in details two of the most commonly-used fiat-to-crypto exchanges, Uphold.com and Coinbase. Both exchanges have their own fee policies and other features that we will go through in detail. It is recommended that you try both of them and figure out the one that suits you best.
Select Fiat-to-Crypto Exchange for details:
- UpHold
Being one of the most popular and convenient fiat-to-crypto exchanges, UpHold has the following advantages:
- Easy to buy and trade among multiple assets, more than 50 and still adding
- Currently more than 7M users worldwide
- You can apply for UpHold Debit card where you can spend the crypto assets on your account like a normal debit card! (US only but will be in the UK later)
- Easy to use mobile app where you can withdraw fund to a bank or any other altcoin exchanges easily
- No hidden fees and any other account fees
- There are limited buy/sell orders for more advanced users
- You can easily set up recurring deposits for Dollar Cost Averaging (DCA) if you intend to hold cryptos long term
- USDT, which is one of the most popular USD-backed stablecoins (basically a crypto that is backed by real fiat money so they are less volatile and can be treated almost as the fiat money it's pegged with) is available, this is more convenient if the altcoin you intend to buy has only USDT trading pairs on the altcoin exchange so you don't have to go through another currency conversion while you buy the altcoin.
Type your email and click 'Next'. Make sure you provide your real name as UpHold will need it for account and identity verification. Choose a strong password so that your account isn't vulnerable to hackers.
You will receive a confirmation email. Open it and click on the link within. You will then be required to provide a valid mobile number to set up two-factor authentication (2FA), it is an extra layer to the security of your account and it is highly recommended that you keep this feature turned on.
Follow the next step to finish your identity verification. These steps are a bit daunting especially when you are waiting to buy an asset but just like any other financial institutions, UpHold is regulated in most countries such as the US, the UK and the EU. You can take this as a trade-off to using a trusted platform to make your first crypto purchase. Good news is that the whole so-called Know-Your-Customers (KYC) process is now fully automated and it shouldn't take more than 15 minutes to finish.
Step 2: Buy ETH with fiat money
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer. You may be charged higher fees depending on your credit card company and the volatile prices when using cards but you will also make an instant purchase. While a bank transfer will be cheaper but slower, depending on the country of your residence, some countries will offer instant cash deposit with low fees.
Now you are all set, on the 'Transact' screen under the 'From' field, select your fiat currency, and then on the 'To' field choose Ethereum, click preview to review your transaction and the click confirm if everything looks good... and congrats! You've just made your first crypto purchase.
Step 3: Transfer ETH to an Altcoin Exchange
- Gate.io
But we are not done yet, since NFTX is an altcoin we need to transfer our ETH to an exchange that NFTX can be traded, here we will use Gate.io as our exchange. Gate.io is a popular exchange to trade altcoins and it has a large number of tradable altcoins pairs. Use the link below to register your new account.
Gate.io is an American cryptocurrency exchange that launched 2017. As the exchange is American, US-investors can of course trade here and we recommend US traders to sign up on this exchange. The exchange is available both in English and Chinese (the latter being very helpful for Chinese investors). Gate.io’s main selling factor is their wide selection of trading pairs. You can find most of the new altcoins here. Gate.io also demonstrates an impressive trading volume. It is almost every day one of the top 20 exchanges with the highest trading volume. The trading volume amounts to approx. USD 100 million on a daily basis. The top 10 trading pairs on Gate.io in terms of trading volume usually have USDT (Tether) as one part of the pair. So, to summarize the foregoing, Gate.io’s vast number of trading pairs and its extraordinary liquidity are both very impressive aspects of this exchange.
After going through a similar process as we've done before with UpHold, you will be advised to set up 2FA authentication as well, finish it as it adds extra security to your account.
Step 4: Deposit ETH to exchange
Depends on the policies of the exchange you might be required to go through another KYC process, this should usually take you from 30 minutes to possibly a few days maximum. Though the process should be straight-forward and easy to follow. Once you're done with it you should have full access to your exchange wallet.
If this is your first time making a crypto deposit, the screen here may look a bit scary. But don't worry, it's basically simpler than making a bank transfer. At the box on the right, you will see a string of random numbers saying 'ETH address', this is a unique public address of your ETH wallet at Gate.io and you can receive ETH by giving this address to the person to send you the funds. Since we are now transferring our previously bought ETH on UpHold to this wallet, click on 'Copy Address' or right-click on the full address and click copy to grab this address to your clipboard.
Now head back to UpHold, go to the Transact screen and click on ETH on the "From" field, choose the amount you wan to send and on the "To" field choose ETH under "Crypto Network", then click "Preview withdraw".
On the next screen, paste the wallet address from your clipboard, for security consideration you should always check if both addresses are matching. It is known that there are certain computer malware that would alter the content in your clipboard into another wallet address and you will be essentially sending funds to another person.
After reviewing, click 'Confirm' to proceed, you should receive a confirmation email instantly, click on the confirmation link in the email and your coins are on the way to Gate.io!
Now go back to Gate.io and head to your exchange wallets, don't worry if you haven't seen your deposit here. It is probably still being verified in the blockchain network and it should take a few minutes for your coins to arrive. Depending on the network traffic condition of the Ethereum network, during busy times it may take even longer.
You should receive a confirmation notification from Gate.io once your ETH has arrived. And you are now finally ready to purchase NFTX!
Step 5: Trade NFTX
Go back to Gate.io, then go to 'Exchange'. Boom! What a view! The constantly flicking figures might be a bit scary, but relax, let's get our heads around this.
In the right column there is a search bar, now make sure "ETH" is selected as we are trading ETH to altcoin pair. Click on it and type in "NFTX", you should see NFTX/ETH, select that pair and you should see a price chart of NFTX/ETH in the middle of the page.
Below there is a box with a green button that says "Buy NFTX", inside of the box, choose the "Market" tab here as that is the most straight-forward type of buying orders. You can either type in your amount or choose what portion of your ETH deposit you would like to spend on buying, by clicking on the percentage buttons. When you have confirmed everything, click "Buy NFTX". Voila! You have finally bought NFTX!
Last Step: Store NFTX securely in hardware wallets
Ledger Nano S
- Easy to set up and friendly interface
- Can be used on desktops and laptops
- Lightweight and Portable
- Support most blockchains and wide range of (ERC-20/BEP-20) tokens
- Multiple languages available
- Built by a well-established company found in 2014 with great chip security
- Affordable price
Ledger Nano X
- More powerful secure element chip (ST33) than Ledger Nano S
- Can be used on desktop or laptop, or even smartphone and tablet through Bluetooth integration
- Lightweight and Portable with built-in rechargeable battery
- Larger screen
- More storage space than Ledger Nano S
- Support most blockchains and wide range of (ERC-20/BEP-20) tokens
- Multiple languages available
- Built by a well-established company found in 2014 with great chip security
- Affordable price
If you are planning to keep("hodl" as some may say, basically misspelt "hold" which get popularised over time) your NFTX for a considerable long time, you may want to explore ways of keeping it safe, although Binance is one of the safest cryptocurrency exchange there had been hacking incidents and funds were lost. Because of the very nature of the wallets in exchanges, they will be always online("Hot Wallets" as we call them), therefore exposing certain aspects of vulnerabilities. The safest way of storing your coins to date is always putting them into a type of "Cold Wallets", where the wallet will only have access to the blockchain(or simply "go online") when you send out funds, reducing the chances of hacking incidents. A paper wallet is a type of free cold wallet, it's basically an offline-generated pair of public and private address and you will have it written somewhere, and keep it safe. However, it is not durable and is susceptible to various hazards.
Hardware wallet here is definitely a better option of cold wallets. They are usually USB-enabled devices that store the key information of your wallet in a more durable way. They are built with military-level security and their firmware are constantly maintained by their manufacturers and thus extremely safe. Ledger Nano S and Ledger Nano X and are the most popular options in this category, these wallets cost around $50 to $100 depending on the features they are offering. If you are holding your assets these wallets are a good investment in our opinion.
Frequently Asked Questions
Can I buy NFTX with cash?
There is no direct way to buy NFTX with cash. However, you can use marketplaces such as LocalBitcoins to first purchase ETH, and finish the rest of the steps by transferring your ETH to respective AltCoin exchanges.
LocalBitcoins is a peer-to-peer Bitcoin exchange. It is a marketplace where users can buy and sell Bitcoins to and from each other. Users, called traders, create advertisements with the price and the payment method they want to offer. You can choose to buy from sellers from a certain nearby region on the platform. is after all a good place to go to buy Bitcoins when you can't find your desired payment methods anywhere else. But prices are usually higher on this platform and you have to do your due diligence to avoid getting scammed.
Are there any quick ways to buy NFTX in Europe?
Yes, in fact, Europe is one of the easiest places to buy cryptos in general. There are even online banks which you can simply open an account and transfer money to exchanges such as Coinbase and Uphold.
Are there any alternative platforms to buy NFTX or Bitcoin with credit cards?
Yes. is also a very easy to use platform for buying Bitcoin with credit cards. It is an instant cryptocurrency exchange that allows you to exchange crypto fast and buy it with a bank card. Its user interface is very easy to use and the buying steps are pretty self-explanatory.
Latest News for NFTX
