FTX crypto exchange has launched a native NFT marketplace for customers in the United States, the platform will allow users to mint, buy and sell NFTs. It is also designed to capitalize on the NFTs sector’s growth over the last year.
Popular cryptocurrency exchange FTX has become the latest crypto platform to announce the introduction of a native NFT marketplace, following the parabolic expansion of the non-fungible token (NFT) ecosystem since the turn of the year.
The platform, which is only available to clients in the United States, will allow users to mint, purchase, and sell NFTs, which will be transacted cross-chain between the Ethereum and Solana blockchains.
In the following weeks, deposits and withdrawals are planned to be available, allowing users to deposit external NFTs onto the platform.
The exchange has produced a word-art style graphic that just states “Test” as a public demonstration of the new capability. The image now has a bid of $1,100 and a time remaining of 19 hours.
FTX founder Sam Bankman-Fried voiced concern about the quick growth of the NFT area in an interview with CNBC’s Street Signs Asia two weeks ago, noting that investors could become vulnerable in such a dynamic market if they are not adequately educated on the possible hazards.
“It could lead to just incredibly fast and giant adoption. It could also lead, frankly, to sort of a sour taste in people’s mouth if there’s a crash, and no one ever quite figured out what it was.”
FTX isn’t the only cryptocurrency exchange that will enter this market in 2021. Binance, a direct competitor, established its own NFT marketplace in June, collaborating with soccer stars Michael Owen and Alphonso Davis, as well as singer-songwriter Lewis Capaldi and artist Trevor Jones, on a unique “100 Creators” project.
NFTs marketplace
Cryptocurrency spot and futures trading OKEx just introduced an NFT hub, which allows users to mint, buy, and trade NFT assets within the exchange’s ecosystem.
Last month, OpenSea became the first NFT marketplace to reach a monthly trading volume of $1 billion.
According to DappRadar’s most recent data, the platform generated a whopping $4 billion in sales volume in the last 30 days, much surpassing its closest competitors Axie Infinity and CryptoPunks, who had $790 million and $583 million, respectively.
According to Dune Analytics, total NFT sales volume increased to $2.5 billion in the first half of 2021, up from $13.7 million in the first half of 2020.
