FTX Launches Solana NFT Marketplace in the United States

FTX Launches Solana NFT Marketplace in the United States

The Solana NFT Marketplace has been officially launched, according to an Oct. 12 tweet from the FTX exchange. Any NFT pieces or collections on the new platform must be on the Solana blockchain; however, there are also plans to support Ethereum-based tokens, which are the industry standard.

The FTX.US North American affiliate of the popular exchange will allow users to mint, hold, authenticate, and trade NFTs on the marketplace, which is integrated into FTX’s platform.

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 marketplace will take a 2% fee from both the buyer and seller from each sale or trade, along with a $1 fee to mint or list NFTs.

Metaplex NFTs Only

All tokens on the platform will be using the Metaplex Solana protocol, which means it is unlikely that they will be compatible with other leading marketplaces unless they integrate the technology.

Due to US regulations, FTX also has stringent KYC (know-your-customer) requirements for NFT trading which are not required at other marketplaces such as OpenSea. This may deter artists that wish to remain anonymous while promoting their work.

FTX does support bank transfers and credit cards to purchase NFTs, with newly minted tokens available for listing in USD, SOL, or ETH.

FTX and Solana founder Sam Bankman-Fried did not elaborate on why the system was based solely on Solana. 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. 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 stated that around 40 of 70 of its verified collections are currently visible.

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 Prices Slide

Solana’s native SOL token has been on fire this year, driven by the momentum from the FTX exchange, which has been aggressively marketed in the U.S.

However, SOL has slipped a little today, retreating 5.5% over the past 24 hours, according to CoinGecko. SOL is currently changing hands for $143, which is down 14.5% over the past week.

The token has slid 33% from its Sept. 9 all-time high of $213 but has made almost 300% since the beginning of August.

FTX’s FTT token has dropped 2% on the day to trade at $53 at the time of writing. It has dropped by 37% from its all-time high of $84, also on Sept. 9.

Source