FTX crypto exchange becomes the latest arrival on the NFT doorstep

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys playing cricket,… read more.
on Jun 5, 2021
  • FTX crypto exchange has entered the non-fungible token industry by launching an NFT marketplace.
  • The marketplace also has other listed NFTs, such as FTX.US branded caps and others listed by third parties.
  • FTX has joined a growing list of brokerages that have entered the NFT space, including Gemini Exchange.

Crypto exchange FTX has joined the non-fungible token (NFT) space by launching its NFT marketplace.

The new marketplace will feature unique tokenized assets, allowing customers to bid on the asset of their choice. Some of the tokens have links to physical items and can be exchanged for their real-world equivalents.

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For instance, the “SBF Lunch” NFT token can be redeemed for a 30-minute Zoom conversation with Sam Bankman-Fried, Chief Executive Officer of FTX. Presently, the highest-priced NFT on the platform is valued at $110,000.

The marketplace also has other listed NFTs, including FTX.US branded caps and others listed by third parties.

The platform will be running on both the Solana and Ethereum blockchain, as announced by the exchange. Ethereum (ETH/USD) has always been the main platform selected by most NFT platforms, but Solana is increasingly gaining popularity as well.

Crypto exchanges scramble to launch NFT platforms

This is not the first NFT platform to be launched by a crypto exchange, and it will probably not be the last. Many exchanges have either indicated interest or have already launched their NFT platforms as they try to take advantage of the growing market.

The Winklevoss twins-founded Gemini Exchange is the owner of the widely popular NFT marketplace Nifty Gateway. The platform was acquired in 2019 and has been the marketplace of choice for many users.

Binance, the world’s largest crypto exchange by market cap, has also announced its plans to launch an NFT marketplace in June.

WazirX, one of the largest crypto exchanges in India, also wants to roll out its NFT marketplace. On a similar note, South African brokerage Korbit has also indicated interest.

NFTs keeps gaining more attention

The attention given to NFT by crypto exchanges comes as no surprise as the non-fungible token space has erupted over the past few months.

In March, digital artist Beeple became the highest single seller in the industry after Vignesh Sundaresan paid an astonishing $69.3 million for his digital collection on Christie’s unction house. Although the rate of activities in the marketplaces has reduced, it’s still drawing interest from a selection of crypto industry movers who are looking to take advantage of the craze.

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