FTX US launches marketplace for trading Solana-based NFTs

Oct 11, 2021 | The Block News | 0 comments

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Crypto exchange FTX.US has fully launched its NFT marketplace, which will support trading for a range of Solana-based NFTs.

Up until now, FTX.US’s NFT marketplace had been limited to buying and selling NFTs that have been minted directly on its website. Trading of the majority of Solana-based NFT collections — such as Solana Monkey Business, Degenerate Ape Academy and Aurory — has taken place elsewhere, typically on emerging marketplaces like Solanart and Digital Eyes. But with no one established marketplace, FTX.US is now throwing its hat in the ring.

“With the launch of this platform, we hope to provide both US and global users with a regulated marketplace that is intuitive and responsive to their needs,” said FTX.US president Brett Harrison in a statement.

FTX.US’s expansion will begin with 75 NFT projects, according to Harrison. It intends to add support for all NFTs that are based on Solana’s Metaplex standard, but it does have a few exceptions. Unlike current marketplaces that have few restrictions, FTX.US is not listing projects that regulators might consider securities offerings — such as projects that offer royalties.

To help protect customers from buying fake NFTs, FTX.US will work with NFT creators to ensure that it verifies the authenticity of the NFTs available for sale.

FTX.US’s marketplace will let customers buy and sell NFTs at fixed prices and will also have an auction system — similar to how OpenSea operates. Customers can fund their accounts for buying NFTs with bank transfers, credit card payments or crypto transactions. NFTs can be purchased in US dollars, solana (SOL) or ether (ETH).

The new marketplace will also let customers withdraw NFTs from the platform to external wallets. Currently, it’s limited to Solana-based NFTs (the FTX brand is closely linked with the Solana ecosystem) but it intends to add support for Ethereum-based NFTs. Harrison said this feature will be “coming soon.”

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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