NFTX allows you to purchase any NFT from our collection of more than 250 vaults at the current floor price (lowest price). While other marketplaces, including OpenSea, have a range of prices for NFTs based on the sellers price, you can buy any NFT on NFTX for the current floor value.
What happens when you buy on NFTX
NFTX works a little differently to OpenSea.
Here are the basic steps when you buy an NFT
- You select the NFT(s) you want
- Pay ETH for the NFT
- You get the NFT in your wallet
Behind the scenes a few more steps happen.
- When you pay ETH for the NFT the protocol purchases vault tokens from Sushi (by default it is 1.1 tokens)
- The 1 vault token is then burned to redeem the NFT from the vault and added to your wallet, and the 0.1 tokens are distributed as fees to the staked liquidity providers.
There are no other fees collected as part of the sale, and all of the fees go towards the users that create the liquidity for the vaults.
Gas prices on NFTX
Due to the additional steps when purchasing an NFT the gas costs are going to be higher for single purchases on NFTX. Always weigh up the cost of gas along with the floor price of the NFT before making your purchase to ensure you’re getting the best deal.
If you are purchasing more than one item, the fees begin to look better using NFTX.
Let’s look at the gas transaction cost between NFTX and OpenSea while Gas is at 100GWEI for an increasing number of NFTs.
|Number of NFTs||Gas on NFTX||Gas on Opensea|
Now let’s take a look at how you can Sell NFTs on NFTX.