FTX US launches NFT Marketplace to support Solana-based NFTs

FTX US launches NFT Marketplace to support Solana-based NFTs

FTX.US, has launched a new NFT Marketplace that will support the Solana-based NFTs.

The United States subsidiary of FTX global exchange said in an announcement that the new NFT Marketplace will allow for Solana tokens to be minted, held, authenticated, and traded on a US-regulated platform.

It also has plans to roll out support for Ethereum NFTs in the near future, the exchange announced.

Brett Harrison, President of FTX US, while reacting to the news said, “We decided to create an NFT marketplace on FTX US after becoming immersed ourselves in the NFT ecosystem.

“In learning about so many of these projects, we’ve come to a comprehensive understanding of the needs of creators and collectors in the space. With the launch of this platform, we hope to provide both US and global users with a regulated marketplace that is intuitive and responsive to their needs.”

The new NFT marketplace will have one of the lowest fees among existing NFT marketplaces. And the FTX NFT platform and its services will be available exclusively to FTX US customers, according to the announcement.

FTX US further said in the announcement that it will support auctions for NFTs with a bidding system, in addition to listing NFTs with a fixed purchase price.

Users of the Marketplace can fund their accounts for purchasing and bidding on NFTs with crypto, ACH bank transfers, wire transfers, or credit cards. The announcement also added that newly minted NFTs on the Marketplace can be listed in either USD, SOL, or ETH

It will also ensure authenticity verification of NFTs transferred onto the marketplace from the Solana ecosystem by working directly with Solana project creators. All Solana NFTs that conform to the Metaplex standard will be supported on the FTX US platform.

About NFT

Many platforms are finding ways to integrate and offer services in one shape or form in the space due to the performance of NFTs in the crypto industry.

The majority of NFTs come in form of digital art but they have evolved to be so much more because they have use cases and applications that are still being uncovered. An example will be the application in play-to-earning gaming services like that of Axie Infinity and the application of NFTs in the real estate sector.

The desire to offer these services in one shape or form has caused a frenzy in the NFT marketplace with millions of transactions being established and traded on a daily basis. Open Seas, one of the leading NFT platforms for trading digital art has a transaction volume of over $2.81 billion (802.25 Ether) in the last 30 days.

Visa purchased an NFT set called ‘CryptoPunks’ for $150,000 and Ripple, the creators of the XRP token have launched a $250 million fund for creators, marketplaces, and brands to explore new use cases for non-fungible tokens (NFTs) on its blockchain, the XRPL.

Analysts have expressed their opinion that the NFT space, especially that of digital art, is in a bubble but that has not stopped many from trading in it.

 

 

Author: Greg