Is SOL worth investing in after the FTX.US NFT marketplace support for it?

By: Milko Trajcevski
Milko Trajcevski
Milko leverages his passion for cryptocurrencies and teaches investors something new each day. During his spare time, he loves… read more.
on Oct 12, 2021
  • After its launch last month, NFT.US expanded to support the Solana Blockchain.
  • This could signal an increased usage of the SOL token, which could lead to an increase in value.
  • Users are now able to trade, deposit and withdraw NFTs that conform to the Metaplex standard.

Solana SOL/USD is a decentralized platform that leverages the SOL token to pay for transactions. 

Solana has the main goal of improving blockchain scalability through the usage of a combination of proof-of-stake (PoS) and Proof-of-History (PoH).

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

Metaplex is the Solana-powered on-chain protocol that mints and auctions NFTs.

The FTX.US NFT marketplace integration as a catalyst for growth

On September 6, we made predictions of the future of the FTX.US exchange token before the launch of the NFT marketplace.

FTX.US’s NFT marketplace has expanded to support the Solana Blockchain.

As a result of this, any Solana user can now trade, deposit, and withdraw non-fungible tokens (NFTs) that take advantage of the Metaplex token standard.

This announcement occurred on October 11, revealing that the marketplace has plans to implement Ethereum-based tokens in the near future.

This is a marketplace that is open to both U.S. as well as non-U.S. customers from a long list of jurisdictions. 

Keep in mind that residents in New York can still not sign up or join the platform. However, users can even bid on NFT’s through bank transfers, wire transfers, and credit card transactions alongside supporting crypto assets.

The pricing for newly minted NFTs is listed in USD, SOL, and Ether. That said, FTX charges a 2% fee on all NFT sales; however, it does not charge a listing fee.

Should you invest in Solana (SOL)?

On October 12, the Solana (SOL) token had a value of $144.44.

To get a better perspective as to exactly what kind of value point this is for the token, we will be comparing it to its all-time high value as well as its performance last month.

In terms of last month’s performance, the lowest point of value for the SOL token was on September 1, when it dropped to $108.48.

The all-time high value of the token occurred on September 9, where it got up to $213.47.

We can see that on September 9, the token was $69.03, or 47% higher than it was on October 12.

Additionally, we can see that from September 1 to September 9, the token saw a price increase of $104.99 or 96%.

With all of this in mind, and with the Solana implementation on FTX.US, we can expect the SOL token to reach a value of $168.99 by the end of October.

Where to buy right now

To invest simply and easily, users need a low-fee broker with a track record of reliability. The following brokers are highly rated, recognised worldwide, and safe to use:

  1. Etoro, trusted by over 13m users worldwide. Register here >
  2. bitFlyer, simple, easy to use and regulated. Register here >