On Monday, FTX US announced the launch of its marketplace for non-fungible token (NFT) assets. FTX explained that the marketplace will feature Solana-based NFTs but support for Ethereum-based NFTs is coming in the near future.
FTX US Reveals New Solana NFT Market, Plans to Support Ethereum in the Near Future
West Realm Shires Services Inc., the parent company of FTX US, revealed on Monday that the U.S.-based regulated cryptocurrency exchange has launched the FTX NFTs Marketplace. The market will give FTX US users the ability to mint NFTs, as well as transfer the digital collectibles. The announcement published on October 11, indicates that the market will initially host Solana (SOL) minted non-fungible token (NFT) assets. “In the near future,” FTX NFTs plans to implement Ethereum support as well.
Brett Harrison, the president of FTX US explained during the announcement that the company has already become “immersed in the NFT ecosystem.” “In learning about so many of these projects, we’ve come to a comprehensive understanding of the needs of creators and collectors in the space,” Harrison said in a statement. “With the launch of this platform, we hope to provide both US and global users with a regulated marketplace that is intuitive and responsive to their needs.”
FTX Joins a Slew of Competitor NFT Marketplaces Raking in Billions, Exchange to Support all Solana NFTs That Conform to the Metaplex Standard
FTX NFTs Marketplace will indeed have a large quantity of NFT markets to compete with like Opensea, Rarible, Makersplace, Nifty Gateway, the Wax Atomicmarket, Aavegotchi, Foundation, Superrare.co, Hic et nunc, and more. Opensea by itself is nearing the $10 billion mark in terms of sales as the NFT market which supports both Ethereum and Polygon has captured $8.58 billion in all-time sales. While most of these markets do support Ethereum, some of them leverage Polygon, Tezos, Wax, BSC, and Flow.
FTX US planning to tap into the Solana ecosystem may give the market some initial advantages by separating itself. The company detailed that it plans to work “directly with Solana project creators to ensure authenticity verification” and highlighted that bids or listings can be done with a variety of assets including USD, SOL or ETH. “All Solana NFTs that conform to the Metaplex standard will be supported on the FTX US platform,” the firm’s announcement further explains.
Harrison and FTX US believe that the non-fungible token (NFT) collectible industry has gained access into our everyday lives. “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,” Harrison’s statement concluded.
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