2-Step Intrachain NFT to Token / Token to NFT Swap

With the constant access of NFT collections into the blockchain market, an increasing number of investors are turning to NFT swaps as a way of profit generation.

Acquiring NFTs from new collections with significant potential is a straightforward and dependable technique for earning profits and owning certified assets.

Hence, the Riverex platform innovates an approach to simplify the process while providing seamless, accessible, and flexible transactions.

Furthermore, it’s narrowed down to two steps, allowing cost and time-efficient trading for all users.

The platform supports ERC-721 and ERC-1155 NFT standards to provide a more diverse asset transaction.

Thereby, with the new feature – 2-Step Intrachain NFT/Token Swapping, you can now easily swap assets from Token to Token, NFT to NFT, NFT to Token, and Token to NFT.

Here’s how to execute NFT to Token intrachain swap transaction on Riverex.

*Note that the following tutorial similarly applies when swapping assets from Token to NFT.

Step 1: Connect your wallet.

Ensure to connect your digital wallet to the Riverex platform and navigate through the Peer-to-Peer page.

Select My Swaps from the dropdown and click Create Swap Request.

Step 2: Choose a transaction type.

Select the transaction type from the four tab choices: Token to Token, NFT to NFT, NFT to Token, or Token to NFT.

For this tutorial, we will select NFT to Token.

Step 3: Select the network.

Choose the network where you wish to exchange your NFT. Riverex supports Binance, Ethereum, MoonBeam, Polygon, Fantom, and TRON.

Then, search and select the NFT you want to exchange.

*If the NFT name is not in the list, enter the NFT address into the search field, then select Import NFT.

Also note that your wallet address will be automatically added to the address field, which can be edited.

Step 4: Enter the NFT Token ID and quantity.

Upon entering the NFT Token ID, the below detail will be shown.

  • NFT image
  • NFT contract address
  • NFT name
  • NFT ID
  • NFT standard
  • Balance quantity (only applicable for ERC-1155 standard)
  • For the ERC-1155 standard, enter the quantity of the NFTs you want to swap

Step 5: Select the token network.

Select the network of the token you want to receive. 

*If the token name is not in the list, enter the token address into the search field, then select Import Token.

Select the asset you want to swap with your NFT and enter the values accordingly

Step 6: Set the time and generate the swap link.

Set the timer for the exchange. Choose a timeframe where both parties entirely complete the swap transaction.

Note the below details before generating the swap link.

  • Users are charged 0.03% when executing 2-Step intrachain swaps while receiving tokens.
  • Users who receive NFTs are charged 100 WELLE as NFT transaction fees when executing swaps on Ethereum, Binance, and MoonBeam networks.
  • On the other hand, users who receive NFTs are charged 1 USDT as NFT transaction fees when executing swaps on Polygon, Fantom, and TRON networks.
  • Enter a referral code to earn WELLE tokens as rewards. The WELLE tokens can be used to pay transaction fees, exchange for other tokens, or be used in future platform projects. 

If you do not have a code, you can generate one to share with your friends and family.

You and your referee will both receive WELLE token rewards if they successfully execute a transaction on the platform. Check our Earn Rewards Page to get more details.

Then click Generate Swap Link

Note that clicking Generate Swap Link locks your funds and will only be transferred once the other party agrees and accepts the transaction.

Upon generating the link, it is recommended not to navigate or refresh the page until the transaction is complete.

Step 7: Pay the gas fees.

Review and confirm the transaction fees.

*You may need to authorize and confirm the access of your tokens through your digital wallet if it’s not yet approved.

Step 8: Share the link.

Click the COPY icon to share the link with anyone you want to swap with.

Click the SHARE icon to send the link to anyone on your created/joined chatrooms in the Riverex platform.

Click the GO TO SWAP icon to see the transaction progress.

Step 9: Wait for USER B to accept the swap.

Upon confirming the transaction fees, the swap contract has been created, and the timer begins while you wait for the other party to approve the transaction.

Step 10: USER B approves the swap request.

When USER B clicks on your swap request, he will see detailed information about the token/NFT you wish to swap.

He can also input a referral code (if any) to receive WELLE tokens as a reward.

Step 11: USER B now swaps with USER A.

When USER B clicks Approve, he will be directed to the final step – Swap.

Step 12: Set a token spending allowance.

USER B needs to set the token spending limit and approve the current or future transactions. 

*You may need to authorize and confirm the access of your tokens through your digital wallet if it’s not yet approved.

Then approve the transaction gas fees.

You now have swapped your NFT to token using the 2-Step Intrachain feature of Riverex.

Note that a transaction hash is generated to track the transaction details on the blockchain easily.

To view the details of all the transactions you’ve started/completed, navigate to the Peer-to-Peer tab and click My Swaps.

You can easily browse the transaction tabs accordingly (All, Open, In-Progress, Successful, Cancelled, Failed).

If you need more information or assistance executing the 2-Step intrachain NFT to Token or Token to NFT, our support team is always ready to assist.