Cryptocurrency News

FTX.US Expands its Marketplace Offering, Now Supports Solana-Based NFTs

By October 12, 2021 No Comments

Key takeaways:

  • San Francisco-based crypto exchange FTX.US has started offering Solana NFTs on its website
  • The new marketplace is set to include 75 collections, with support for more coming in the future
  • Ethereum-based NFTs are “coming soon,” according to FTX.US president 

Cryptocurrency exchange FTX.US has added support for Solana-based non-fungible tokens (NFTs) that are based on Solana’s Metaplex standard. The exchange lists 62 Solana collections and 370 collections that were minted on the FTX.US website, as of this moment. 

FTX.US wants to compete with NFT marketplaces such as Solanart and Digital Eyes

The inclusion of Solana-based NFTs marks the first time that FTX.US is hosting NFTs that have not been minted directly on its website. FTX.US users can now buy unique digital items belonging to prominent NFT collections, such as Cyber Frogs and Degenerate Ape Academy. 

The company has announced the launch of the new Solana NFT marketplace on Twitter.

Solana has been of the most successful digital assets of 2021, gaining more than 9,300%, in large part due to highly anticipated NFT sales. The NFT sale of Degenerate Apes, for instance, lasted all but 8 minutes before items were sold out, with the highest priced NFT having sold for 100,000 SOL (worth more than $6 million USD at the time).

FTX.US plans to list 75 NFT projects in the near future, and is looking to expand its offering in the coming months. In an effort to stay in the clear with regulators, the exchange had decided to not list NFT projects that might be deemed securities, namely projects that pay out royalties.

Solana collections can now be found next to FTX.US’s own NFT collections.

FTX.US uses a similar approach as OpenSea, which lets users exchange NFTs at fixed prices, or by engaging in an open auction. Users can use US dollars, SOL, or ETH to purchase NFT items. 

FTX.US president Brett Harrison’s statement on the inclusion of Solana-based NFT collections on the plaftorm:

“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.”

While the US-based exchange offers Solana and native NFT collections at the moment, FTX.US is reportedly planning to add support for Ethereum-based NFTs as well.