FTX US rolls out a marketplace to mint and trade Solana-based NFTs

By: Jinia Shawdagor
Jinia Shawdagor
Jinia is a cryptocurrency and blockchain enthusiast based in Sweden. She loves everything positive, travelling, and extracting joy and… read more.
on Oct 12, 2021
  • Titled FTX NFT, the marketplace allows the minting, holding, authenticating, and trading of NFTs.
  • Per FTX US’ President, this platform seeks to meet the needs of NFT creators and collectors.
  • FTX NFT will initially support Solana-based NFTs, but FTX US seeks to add support for Ethereum-based NFTs.

West Realm Shires Services Inc., commonly known as FTX US, has launched a non-fungible token (NFT) marketplace. The company unveiled this news through a press release on October 11, noting the marketplace is titled FTX NFT.

Reportedly, this platform will let users mint, hold, authenticate and trade NFTs. It will also offer project developers complete control over the life cycle of NFTs.

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According to the news release, the marketplace will initially support NFTs based on the Solana blockchain. However, FTX US seeks to underpin Ethereum-based NFTs soon. Per FTX US, the platform will offer users access to a regulated crypto exchange as well as some of the lowest fees in the NFT sector.

Explaining why FTX US decided to launch the NFT marketplace, Brett Harrison, the President of FTX US, said the exchange inspiration came after dabbling in the NFT ecosystem.

According to him, this exposure helped FTX US learn about various NFT projects. Consequently, the exchange got to understand the needs of creators and collectors in the industry.

Harrison added that FTX NFT seeks to meet the needs of NFT enthusiasts by serving as a responsive and intuitive platform.

FTX NFT is limited to FTX US users

FTX NFT is only available to FTX US customers, according to the publication. However, US and non-US residents in supported jurisdictions can sign up for an FTX US account to access the marketplace. FTX US will support NFT auctions, as well as the listing of NFTs with fixed prices.

The crypto exchange will work with Solana project creators directly to ensure all NFTs on the marketplace are authentic. FTX US added that the platform only supports Solana-based NFTs that conform to the Metaplex standard.

Collectors on FTX NFT will have multiple options to fund their accounts. These include crypto, ACH bank transfers, wire transfers, and credit cards. Project creators can list newly-minted NFTs in USD, Solana (SOL/USD), or Ethereum (ETH/USD).

Harrison concluded by saying,

The NFT ecosystem has started to infiltrate pop culture, but has been lacking a platform that provides easy access and exposure to the mainstream audience. With the FTX NFT Platform, we have the ability to provide simpler, safer and easier tools to remove the barriers to entry for that audience to enter the NFT space.

Despite this bullish news, SOL has continued bleeding after trading as high as $176.97 (£130.16) earlier this month. At the time of writing, the coin is trading at $143.37 (£105.47) after losing 5.41% in 24 hours.

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