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FTX builds its own NFT marketplace on Solana

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FTX builds its own NFT marketplace on Solana

The crypto exchange platform FTX US went live with its NFT marketplace on Solana. ETH is also a topic of conversation.

The FTX US crypto exchange now allows its US users to trade non-fungible tokens (NFT) on the Solana blockchain, as if from one Press statement of October 11th. Previously, FTX only supported tokens that were created in-house. In addition, the crypto exchange platform is planning to include ETH-based NFT in the near future.

Initially, only US customers can use the new marketplace on the Solana Blockchain. The integration empowers users to create, hold, authenticate and auction the NFT. The crypto exchange is one of the marketplaces with the lowest transaction costs. The prices for the digital works of art can be listed in US dollars, Solana (SOL) or Ether (ETH).

Brett Harrison, President of FTX US, commented on the company’s move towards NFT to BTC-ECHO:

We wanted to start with Solana because it is a relatively young market for NFT and there is still a lot of room for improvement over the existing marketplaces.

Brett Harrison, President of FTX US

NFT for the mainstream

Harrison also stated that FTX was itself “immersed in the NFT ecosystem” and therefore “developed a thorough understanding of the needs of creators and collectors in the field.”

The current hype about the collectibles does not seem to be stopping. The front runner in the digital art trade OpenSea turned over around three billion US dollars in September alone.

To jump on this bandwagon, FTX wants to provide a platform “that allows easy access to the mainstream audience”. This enables the crypto exchange “to provide simpler, safer and lighter tools to remove the barriers to entry for this audience in the NFT space,” said Harrison.

For this, the crypto trading platform works directly with the Solana founders. This ensures that the Solana NFT can be checked for authenticity before they reach the FTX marketplace.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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