FTX expands its NFT trading platform for Solana-based collections

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FTX expands its NFT trading platform for Solana-based collections By Hannah perez

Solana’s NFT collections now have their first centralized and regulated marketplace: FTX.US. Users will be able to buy NFT with credit cards and transfers. Support for Ethereum’s NFT is coming soon.

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Cryptocurrency exchange FTX announced this week the official launch of its non-fungible token (NFT) trading platform, which includes support for the blockchain. Solarium.

The division of exchange US-based FTX.US had initially made its debut in the growing digital collectibles space in early September. At the time, FTX CEO Sam Bankman-Fried announced in a tweet functionality to store and view these NFTs had been added within the exchange.

Until now, the FTX.US NFT marketplace had been limited to buying and selling NFTs that had been minted directly on its website. This Monday, the exchange announced that it has expanded its support for Solarium, allowing users to exchange, deposit and withdraw NFTs that comply with the standard of tokens of Metaplex.

In a press release, FTX.US President Brett Harrison commented on the initiative:

With the launch of this platform, we hope to offer US and global users a regulated market that is intuitive and responsive to their needs.

Centralized marketplace for Solana-based NFTs

The move could make FTX one of the leading platforms in the NFT space. Until now, trade in Solana’s NFT collections had been carried out through emerging markets such as Solanart and Digital eyes. Furthermore, both these decentralized markets and the main NFT trading platform, OpenSea, have only operated with cryptocurrencies.

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The FTX NFT Marketplace allows users to buy and sell collectibles in US dollars using credit cards or bank transfers, in addition to cryptocurrencies. While it will require users to undergo identity checks, as known to your customer (KYC), the ability to buy NFT with dollars and cards could drive widespread adoption, as well as helping position FTX as one of the leading digital art markets.

Like the centralized exchange FTX.US, the NFT market is regulated in the US, which means that it is available to users in that country and in other jurisdictions; With the exception of New York residents, who cannot register on the platform.

We hope that by providing a centralized marketplace for NFT where we allow people to fund their account with a credit card or wire transferHarrison commented on this, adding:

[Esto] it will bring much more liquidity overall to the market and result in a better discovery price and fair markets.

FTX throws its hat into the NFT ring

Initially, the platform NFT FTX will support Solana’s blockchain, which has experienced a increase in NFT trading volume of the main collections such as Degenerate Ape Academy and Solana Monkey Business. Both collections have seen individual NFT sales in excess of $ 1 million, along with millions of dollars of total respective activity each week.

According to Harrison, the platform will initially list a total of 75 NFT collections based on Solarium, but is preparing for soon include support for network-based tokens Ethereum. He stressed that integration is not far off, and that “probably a few weeks to go“.

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The incorporation of Ethereum could also help FTX rival OpenSea. While Solana’s collections are gaining popularity, Solana’s NFT projects are Ethereum they continue to maintain leadership. Ethereum registers the highest volume of operations in the market with collections such as CryptoPunks, Art Blocks, Bored Ape Yacht Club, and even the NFTs of the popular game Axie Infinity.

To include the collections on the platform, a selection will be made that respects the regulations. The president indicated in this line that projects in which the NFTs act as a guarantee rather than a mere work of art or a collectible, such as projects that provide royalties from the secondary sales of NFT as a reward to others will not be listed. Forks.

Among the advantages, the FTX’s NFT market will charge a 2% fee on sales, which is less than the fixed rate of 2.5% of OpenSea and the 3% rate of Solanart. In this regard, Harrison said that the exchange “respect the royalty decisions of the contract“. The FTX platform will also allow users to sell through auctions in addition to fixed price listings.


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Sources: PRNewsWire, Decrypt, The Block, file

Hannah Estefanía Pérez’s version / DailyBitcoin

Image from Unsplash

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