FTX.US is expanding its NFT market to support Solana-based tokens

The NFT market from FTX.US has expanded its support for the Solana blockchain so that users can trade, deposit and withdraw nofungibles that conform to the Metaplex token standard..

The US-registered FTX division announced the expanded functionality on October 11, revealing that the market also plans to support Ethereum-based tokens in the near future.. The market is open to US and non-US customers from a long list of jurisdictions, although New York residents cannot register on the platform.

Brett Harrison, the president of FTX.US, said that The company seeks to provide “simpler, safer, and easier tools” for mainstream users to trade NFT across its market, adding:

“The NFT ecosystem has started to infiltrate pop culture, but it lacks a platform that provides easy access and exposure to the mainstream public.”

FTX.US is expanding its NFT market to support Solana-based tokens
FTX.US is expanding its NFT market to support Solana-based tokens

In addition to supporting crypto assets, users can buy or bid for NFT through bank transfers and credit card transactions.. The prices of the NFTs newly issued on the market are quoted in USD, Solana (SOL) or Ether (ETH).

FTX charges a 2% commission on all NFT sales, and does not charge a listing commission.

Both FTX and the company’s US subsidiary initially launched NFT marketplaces with limited functionality last month.. Users could only create or trade embossed NFTs through an interface reminiscent of Microsoft Paint, resulting in a deluge of improvised cartoon sketches uploaded to the platform.

On October 12th, Harrison tweeted That the expanded functionality of the market is currently only available on its US platform. Users must present identification documents and proof of residence to the exchange in order to deposit and withdraw funds from the FTX NFT platform.

The platform also notes that any NFT fundraising project that “distributes royalties or announces the distribution of royalties” will be rejected to NFT owners.suggesting that FTX.US is cautious about regulating its NFTs as investment products.

NFTs are becoming more widespread; The Texas Democratic Party partnered with Front Row Marketplace on October 11th to raise funds for progressive political candidates and causes through the sale of non-fungible tokens.

“NFTs will be a powerful addition to any political fundraiser, and the introduction of our marketplace will give Democrats across the country a fundraising advantage that their peers don’t.”said Front Row co-founder Parker Butterworth.

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