FTX.US’s NFT marketplace has expanded support to the Solana Blockchain, allowing users to trade, deposit, and withdraw nonfungibles with plans to integrate Ethereum tokens soon.
On Oct. 11, the FTX U.S. registered branch announced the enhanced functionality, disclosing that the marketplace will soon support Ethereum-based tokens.
The marketplace is open to both U.S. and non-U.S. clients from a variety of jurisdictions, but New York residents are not eligible to sign up.
FTX.US’s president, Brett Harrison, stated that the company is working to provide “simpler, safer, and easier tools” for mainstream consumers to trade NFTs on its platform, adding:
“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.”
Users can buy or sell NFTs using bank transfers, wire transfers, or credit card transactions, in addition to crypto assets. The marketplace lists the price of newly issued NFTs in USD, Solana (SOL), or Ether (ETH). On all NFT sales, FTX charges a 2% fee and does not impose a listing fee.
Last month, FTX and its American affiliate both launched NFT marketplaces with limited functionality. Users could only make and exchange NFTs using a Microsoft Paint-like interface, which resulted in a deluge of hurriedly thrown-together doodles featuring cartoon fish being posted to the platform.
Harrison tweeted on Oct. 12 that the marketplace’s additional capabilities is currently only available on its US-based platform.
To deposit and withdraw funds from FTX’s NFT platform, users must show identification documents and evidence of residency to the exchange.
Any NFT collection initiative that “distributes or advertises the distribution of royalties” to NFT holders will be denied, according to the platform, implying FTX. The United States is concerned that regulators may classify its NFTs as investment goods.
NFTs are becoming more popular, with the Texas Democratic Party partnering with marketplace Front Row on Oct. 11 to generate funding for progressive political candidates and causes through the sale of non-fungible tokens.
Front Row co-founder Parker Butterworth stated, “NFTs will become a powerful addition to any political fundraising effort, and the launch of our marketplace will give Democrats across the country a fundraising advantage that their counterparts do not have.”