Home CryptoNews FTX Launches FTX NFTs, A Centralized NFT Marketplace Starting with Solana NFTs

FTX Launches FTX NFTs, A Centralized NFT Marketplace Starting with Solana NFTs

FTX US, the US division of cryptocurrency exchange FTX, is entering the NFT space with the launch of FTX NFTs, a centralized non-fungible token (NFT) marketplace.

FTX’s official Twitter account announced the news on Monday, October 11. According to reports, FTX NFTs will initially support trading for a range of Solana-based NFTs. The exchange has plans to add support for Ethereum-based NFTs in the coming weeks.

The launch of FTX NFTs is not entirely from scratch. FTX US’ NFT marketplace already existed but was only limited to buying and selling NFTs that have been minted directly on its website.

Solana-based NFTs are on the rise in popularity but there is no established marketplace like OpenSea. The majority of Solana NFTs trading is taking place on Solanart and DigitalEyes. With FTX NFTs, FTX US aims to be an OpenSea for Solana-based NFTs.

The marketplace will initially begin with the listing of around 70 Solana-based NFT projects. FTX NFTs will add support for all NFTs that are based on Solana’s Metaplex standard except NFT projects that payout royalties to holders because regulators might consider them as securities offerings.

In the latest update, the president of FTX US Brett Harrison noted that initially, the marketplace will only be available for desktop users. He, on Twitter, updated as:

“40 of around 70 of our verified collections are visible. If you’re verified and you’re not on the marketplace yet, all you and your community need to do is deposit your NFTs. They’ll automatically create and populate a verified collection page for you!”

FTX NFT is not a decentralized marketplace like OpenSea and therefore, users can also trade NFTs in fiat. The marketplace lets users buy and sell collectibles in US Dollars using credit cards or funds brought in from an ACH bank transfer or wire transfer. Users can buy and sell with cryptocurrency as well.

FTX.US’s marketplace will let customers buy and sell NFTs at fixed prices and will also have an auction system. NFT fans can also withdraw NFTs from the platform to their external wallets. Furthermore, users can mint and create their own NFTs on the platform which are subjected to approval before listing.

As the FTX is regulated in the US and FTX NFTs is also a centralized marketplace, users can not trade digital collectibles with anonymity. This means that users from the US or other territories have to undergo know-your-customer (KYC) identity checks.

Atiq Ur Rehman
Electronics Engineer with a passion to write about Disrupting Technologies like Blockchain. He joined Crypto-Economy in July 2019.
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