West Realm Shires Services Inc., commonly known as FTX US, has rolled out a non-fungible token (NFT) marketplace dubbed FTX NFT. The company, which operates a leading crypto exchange, revealed this news through a press release yesterday, noting the platform will initially support NFTs on the Solana network. However, the firm intends to add support for Ethereum-based NFTs soon.
According to the news release, the marketplace will let users mint, hold, authenticate, and trade NFTs through a regulated exchange. The platform’s users will also enjoy some of the lowest fees in the industry. Additionally, project creators on FTX NFT will get complete control over the life cycles of NFTs.
Reportedly, the marketplace will only be available for FTX US users. Nonetheless, US and non-US residents in supported jurisdictions can access the platform by signing up for FTX US.
The exchange will support NFT auctions as well as the listing of digital artwork with fixed prices. FTX US will work directly with project creators on Solana to ensure that each NFT listed on FTX NFT is authentic.
Striving to meet the needs of NFT creators and collectors
Per Brett Harrison, the President of FTX US, the exchange’s decision to launch an NFT marketplace came after getting involved with the red-hot industry. By entering the NFT sector, FTX US learned about different projects and understood the needs of creators and collectors in the process.
By launching FTX NFT, the crypto exchange aims to provide NFT enthusiasts in the US and across the globe with easy access to the budding industry through an intuitive and responsive platform.
The marketplace supports multiple funding options for collectors. These include cryptocurrencies, ACH bank transfers, wire transfers, and credit cards. Project creators can list newly-minted NFTs in either USD, Ethereum (ETH), or Solana (SOL).
Bullish that FTX NFT will catch on quickly, Harrison added that,
“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.”
Solana’s NFT ecosystem continues growing
This launch has the potential to further expand Solana’s NFT ecosystem, which seeks to edge out Ethereum. According to Solana nalysis, Solana currently supports 90 NFT projects, with a market capitalization of $838,181,576. Over the past seven days, over $60,000,000 worth of NFTs has traded on Solana.
Despite these developments, SOL is performing poorly after the onset of a bearish trend that saw it plunge from a 30-day high of $176.97. At the time of writing, the cryptocurrency is trading at $144.15 after losing 2.26% over the past 24 hours.
