Tutorials
Atomic Swap - NFT to Token / Token to NFT
Many startups and enterprises are attempting to build NFT marketplaces that employ reliable exchange infrastructure, allowing them to provide a seamless multi-chain experience with substantially less work to all users.
These platforms use smart contracts to facilitate the exchange of NFTs across several blockchain networks.
Enhancing the interoperability of NFT trading, Riverex released its feature – Atomic Swap Token to NFT or NFT to Token transactions.
With this feature, the platform supports the NFT standards ERC-721 and ERC-1155, providing a diverse and straightforward asset transaction.
Additionally, the platform also offers swap transactions for Token to Token and NFT to NFT.
Here’s how to execute a Token to NFT swap transaction on Riverex.
*Note that the following tutorial similarly applies when swapping assets from NFT to Token.
Step 1: Connect your wallet and create a swap request.
Connect your digital wallet to the Riverex platform and click the Peer-to-Peer tab from the menu bar.
Select My Swap from the dropdown and click Create Swap Request.
Step 2: Select the transaction type.
There are four swap transaction types on the Riverex platform: Token to Token, NFT to NFT, NFT to Token, and Token to NFT.
For this tutorial, we will select Token to NFT.
Step 3: Select the network and asset.
Select the network of the token you want to send.
*If the token name is not in the list, enter the token address into the search field, then select Import Token.
Then, select the asset and enter the values accordingly.
Step 4: Select the network and NFT.
Select the network of the NFT you want to receive.
*If the NFT name is not on the list, you can paste the NFT address on the search bar, and the platform will extract the details stored from blockchain explorers. Then click Import NFT.
Step 5: Input the NFT Token ID and quantity.
For ERC-1155 standard NFTs, enter the quantity you want to swap. By entering the NFT ID, the following details will be displayed.
- NFT image
- NFT contract address
- NFT name
- NFT ID
- NFT standard
- Balance quantity (only applicable for ERC-1155 standard)
Step 6: Set the timer and generate the swap link.
Ensure to set a time sufficient for both parties to execute the transaction.
Before generating the swap link, note the following essential points.
- Token atomic swap transactions are charged 0.03% as transaction fees.
- 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.
- Provide a referral code to earn WELLE token rewards. These tokens can be used to pay transaction fees, swap for other tokens, or participate in future platform initiatives.
If you do not have a referral code, you can generate one to share with friends and family.
Upon the successful transaction of your referee on the Riverex platform, you will both receive WELLE tokens as rewards. Check our Earn Rewards Page to get more details.
Then click Generate Swap Link.
Step 7: Share the link.
Click the COPY icon to share the link with anyone through various media channels.
Click the SHARE icon to send the link to any of your chat rooms created in the Riverex platform.
Then click the GO TO SWAP icon to view the progress of your current transaction.
Step 8: USER B approves the swap request.
When USER B clicks your swap transaction request, he will see the details of the NFT and token you want to receive and swap.
Since you will receive the NFT, you will be charged 100 WELLE, and USER B will be charged 0.03% as transaction fees.
He can also enter a referral code, if any.
Then he clicks the Approve button to start the transaction and waits for you to create your contract.
Step 9: USER A creates a contract.
You, as USER A, will be notified that USER B has agreed and accepted the swap request.
To create a contract from your wallet, input and confirm your password.
Step 10: Pay the gas fees.
Confirm the gas fees from your MetaMask pop-up window.
*Note that you may need to authorize the access of your token if it’s not yet approved.
It is recommended not to navigate or refresh the page until the transaction is complete.
Step 11: USER B creates a contract.
When the contract is created by USER A, the transaction timer begins, and USER B is notified to create his contract as well.
Step 12: USER B pays the gas fees.
To create a contract, USER B needs to approve the transfer of NFT before paying the gas fees.
Step 13: Collect your funds.
You will receive a notification that USER B has already created a contract, and it is now your turn to collect your NFT.
Click Collect after entering the password you initially created in the current transaction.
Step 14: Set the spending cap.
Set your token spending limit; this enables your wallet to carry out both current and future transactions. Authorize the transaction through the MetaMask pop-up box.
Step 15: Pay the fees.
Confirm and pay the gas fees through the MetaMask pop-up window.
Step 16: USER B will collect his funds.
After collecting your NFT, the timer stops and will notify USER B to collect his funds too.
USER B pays the gas fees through the MetaMask pop-up window to collect his funds.
Step 17: Atomic swap for NFT to token is completed.
Once both parties have collected their funds and NFT, a notification is sent through the platform.
In addition, the transaction hash is available at each stage so that you can simply review and check the details on the blockchain explorer.
You have now successfully exchanged your NFT to a token using the Riverex platform’s atomic swap NFT to a token method.
If you need any assistance in swapping, our customer support team is ready to facilitate you accordingly.