Non Fungible Tokens or NFTs are digital assets tied to digital or real-life objects, providing proof of ownership. NFTs have rapidly sprung up since the beginning of this year, and became one the leading trends in the red-hot crypto market. Even though NFTs have been around for several years, they really took off this year with massive sales such as the $69 million auction for an NFT created by digital artist Beeple.
With NFTs becoming ever more popular, established companies in the cryptocurrency space are entering the space with their own offerings. One of them is the FTX cryptocurrency exchange, which has launched a marketplace for non-fungible tokens.
Some of the NFTs on the FTX marketplace can be redeemed for associated real-life objects. A typical example, as mentioned, is the image that stands for three KAW statuettes which can be redeemable for the actual real-life version of the three KAW statuettes. In addition, asides from the KAW statuettes, the platform has an NFT of a condom branded with the FTX insignia, which can also be redeemable for a physical condom.
FTX’s NFT marketplace is based on Ethereum and Solana
To make their NFT marketplace appealing to their traders and investors, FTX decided to base it on both the Ethereum and Solana blockchains. While most traders would prefer the Ethereum blockchain because most of the other NFT marketplace are built, others would prefer the Proof-of-Stake Solana blockchain due to the blockchain allowing for faster and cheaper transactions.
FTX has announced that their first NFT marketplace would not be accessible to their users based in the United States of America.
While FTX is just making its foray into the NFT scene, Gemini has been involved since 2019, when it bought of the biggest NFT marketplaces, Nifty Gateway. Binance also hasn’t been sleeping on NFTs, as the renowned exchange also launched an NFT marketplace of its own.
FTX has enjoyed its time in the crypto industry even though it only debuted in 2019. A month ago, the exchange entered into an agreement to rename the home arena of the NBA’s Miami Heat to FTX Arena.
Andrew is a writer that does most of his work on cryptocurrency-related topics. While he’s primarily interested in Bitcoin, he also follows major altcoins and the innovative ideas that new cryptocurrency and blockchain projects are bringing to the table.