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FTX US launches NFT Marketplace to support Solana-based NFTs

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FTX.US, the United States subsidiary of FTX global exchange, has announced the launch of a new NFT Marketplace that will support the Solana-based NFTs.

The announcement states 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.

According to the announcement, the marketplace will have among the lowest fees of existing NFT marketplaces. It also mentions that the FTX NFT platform and its services will be available exclusively to FTX US customers.

It also states that FTX US will support auctions for NFTs with a bidding system, in addition to listing NFTs with a fixed purchase price. FTX US will work directly with Solana project creators to ensure authenticity verification of NFTs transferred onto the marketplace from the Solana ecosystem. All Solana NFTs that conform to the Metaplex standard will be supported on the FTX US platform.

Brett Harrison, President of FTX US, commented on the news, stating, “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 NFT frenzy

NFTs have been taking the cryptocurrency industry by storm and many platforms are finding ways to integrate and offer services in one shape or form in the space. 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 platform 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.

Many analysts have stated that the NFT space, especially that of digital art, is in a bubble but that has not stopped many from making quite a bit of money trading digital art.

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

FTX’s native token, FTT, is currently trading $53.43, down 2.36 for the day, as of the time of this writing.

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