FTX US unveils Solana-based NFT marketplace

FTX US plans to expand the service to Ethereum-based NFTs in the future

Representation of FTX cryptocurrency token                                 
FTX cryptocurrency token – Photo: Shutterstock
                                

FTX US, the US arm of FTX, the cryptocurrency derivatives exchange, has announced the launch of FTX non-fungible tokens (NFTs). The platform will only initially support NFTs on the Solana blockchain, with plans to roll out Ethereum NFTs in the future.

The new marketplace, called FTX NFTs, will enable users to mint and transfer NFTs, and give creators full control of their NFT’s life cycle. FTX NFTs will only be available to FTX US customers, although non-US residents can sign up for an FTX US account.

FTX NFTs will work with Solana project creators

FTX NFTs will support auctions for NFTs with a bidding system, as well as listing NFTs with a fixed price. Users will be allowed to purchase NFTs with crypto. FTX NFTs “will work directly with Solana project creators to ensure authenticity verification of NFTs transferred on to FTX NFTs from the Solana ecosystem”, a statement from FTX US said.

The company added: “All Solana NFTs that conform to the Metaplex standard will be supported on the FTX US platform.”

The NFTs can be sold in either US dollars, solana or ether.

NFT ecosystem lacks easy access

Brett Harrison, president of FTX US, said: “We decided to create an NFT marketplace on FTX US after becoming immersed ourselves 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. 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.

“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. With the FTX NFT platform, we have the ability to provide simpler, safer and easier tools to remove the barriers to entry for that audience to enter the NFT space.”

Further reading: Chiliz announces partnership with FTX to list Fan Tokens

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