FTX US Launches Platform to Trade Solana-Based NFTs, Ethereum Next

FTX US Launches Platform to Trade Solana-Based NFTs, Ethereum Next

Posted Tuesday, October 12, 2021 by
Aiswarya Gopan • 1 min read

Leading cryptocurrency exchange FTX US’s recently launched NFT marketplace will support NFTs from the Solana ecosystem, giving users a robust platform to trade, mint, auction and even authenticate digital collectibles. Users will be able to trade the NFTs minted on this marketplace using USD, SOL and even ETH.

While the exchange’s initial marketplace supported only NFTs minted on its website, its latest offering will support trading of a wide range of Solana-based NFTs. In addition, FTX US has also confirmed that it will add support for Ethereum based NFTs soon as well, which would expand its scope significantly.

It is unsurprising that FTX US chose to go with Solana’s blockchain for building its NFT marketplace, given that its CEO Sam Bankman-Fried is one of the key investors in its ecosystem. Charging users a 2% commission, the exchange’s NFT marketplace will have an edge over other popular NFT marketplaces on the blockchain, including Solanart and Solsea, which charge 3% commission on sales.

FTX US’s foray into Solana’s NFTs will start with supporting 75 projects and then go on to support all NFTs based on Solana’s Metaplex standard. However, the exchange is playing it safe in the space by not including any projects that could be considered as securities offerings, especially those that offer royalties.

Users will be able to buy digital collectibles not only using cryptocurrencies but also using their credit cards and via bank transfers. Similar to OpenSea, the marketplace will allow its users to not only buy and sell NFTs but also auction them. In addition, it will also support withdrawal of NFTs into users’ external wallets.

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