FTX, a cryptocurrency derivatives exchange, has officially launched its non-fungible tokens (NFTs) for its United States-based clients.
In an October 12 Twitter post, FTX confirmed unveiling the initial Solana NFT marketplace for various SOL blockchain-powered NFT collectibles. The exchange also revealed plans to support Ethereum-based collectibles in the following months.
The FTX.US, a North American affiliate of the popular derivatives exchange FTX, will now allow its clients from the United States to mint, hold, and trade NFTs in its marketplace.
The Solana NFT Marketplace is live on @ftx_us!
How to deposit NFTs to FTXUS: https://t.co/mg87scI6sy pic.twitter.com/vHe2t9EJ56
— FTX – Built By Traders, For Traders (@FTX_Official) October 11, 2021
The newly launched NFT marketplace will only attract a 2% fee from both the buyer and the seller for each sale, along with a $1 service fee to mint or list new NFTs.
Metaplex Solana Protocol NFTs Only
According to the announcement, all incorporated tokens in the marketplace will use the Metaplex Solana protocol. In this case, it is not likely that these tokens will be compatible with other leading marketplaces unless integrated with the technology.
Amid increased regulations in the United States, FTX has introduced more stringent requirements for NFT trading, unlike other dominant marketplaces such as OpenSea. These requirements will deter artists that wish to remain anonymous while promoting their NFT artworks.
In the meantime, FTX does not support bank transfers and credit cards for the purchase of NFTs. However, the newly minted tokens are available for listing in USD, SOL, or ETH.
While commenting about the NFT marketplace launch, FTX and Solana founder Sam Bankman-Fried failed to explain why the whole marketplace system was based solely on Solana. But, Brett Harrison, the president of FTX affiliate in the United States FXT.US, explained:
“We decided to create an NFT marketplace on FTX US after becoming immersed ourselves in the NFT ecosystem. 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 confirmed that around 40 out of 70 verified collectibles are live on the marketplace.
1/ Some quick NFT updates:
-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!— Brett Harrison (@Brett_FTXUS) October 11, 2021
SOL, FTT Market Health
Since the start of this year, the Solana native token (SOL) has been on the rise, with this bullish trend reportedly driven by the momentum from the FTX exchange, which has recorded aggressive adoption in the United States.
Although SOL has lost 33% from the September 9 all-time high of $213, it has gained around 300% since the beginning of August.
Nevertheless, SOL has slipped relatively today, attracting a 5.0% loss over the past 24 hours, according to CoinGecko. At the time of writing, SOL is oscillating around $140, which is down 14.4% over the past week.
On the other hand, FTT, the FTX native token, dropped by roughly 2% in the past 24 hours. Since its September 9 all-time high of $84, FTT has slipped 37%. At the time of writing, FTT is exchanging hands at $53.
