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FTX Launches US Market for Solana NFTs with Ethereum-Based Token Expansion Plans | Currency News | Financial and business news


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An immersive art installation, which will be converted to NFT in Hong Kong on September 30, 2021.
  • FTX.US is launching a market that will allow users to type, authenticate and trade NFTs on the solana blockchain.
  • The 29-year-old founding billionaire of FTX, Sam Bankman-Fried, has been a big supporter of the Solana blockchain.
  • FTX also plans to roll out support for Ethereum-based tokens, which represent the majority of NFTs traded.
  • Sign up for our daily newsletter here, 10 things before the opening bell.

FTX.US, a subsidiary of the FTX cryptocurrency exchange, is launching an NFT marketplace that will allow users to mint, hold, authenticate and trade digital collectibles on the solana blockchain, the company said on Monday.

This is a step up from FTX’s previous offering of only allowing users to trade NFTs, or non-fungible tokens, issued on its website.

FTX also plans to roll out support for Ethereum-based tokens, which represent the majority of NFTs traded.

The marketplace, which is available to US customers, supports all solana NFTs that comply with the Metaplex standard, a protocol powered by solana. It also allows users to transfer existing NFTs and will provide project creators with full control over the life cycle of the NFT.

In addition, the new market, dubbed FTX NFT, will support bank transfers, wire transfers or credit cards to purchase NFTs. Newly issued NFTs can be listed in US dollars, Solana, or Ether.

Unlike OpenSea, the largest and largest Ethereum-based NFT marketplace, users who wish to trade on the FTX marketplace are required to open accounts that verify their identity, immediately disqualifying those who wish to transact anonymously.

While it’s not clear why the company has prioritized solana for this market, it’s no secret that 29-year-old billionaire FTX founder Sam Bankman-Fried has been a big supporter. of the blockchain. Solana is cheaper and faster than Ethereum and is often referred to as its rival.

“We decided to create an NFT Marketplace on FTX US after immersing ourselves in the NFT ecosystem,” said Brett Harrison, President of FTX.US, in a statement. “The NFT ecosystem started to infiltrate pop culture, but it lacked a platform that offered easy access and exposure to the general public.”

TVN – digital representations of artwork, sports cards, or other blockchain-related collectibles – have grown in popularity this year.

When people buy DTVs, they acquire the rights to the unique token on the blockchain, not the works themselves. But the fact that information on a blockchain is virtually impossible to change makes NFTs appealing, especially to collectors and artists.

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