FTX Announces the Launch of a Marketplace for Solana NFTs and Ethereum

The much anticipated NFT marketplace on FTX is now operational; the goal is to offer collectors with a more secure environment in which to trade. FTX, a major US-regulated cryptocurrency exchange, has established an NFT marketplace to provide users with a secure environment for minting and transferring NFTs. According to a business news release, the marketplace will provide project developers complete control over an NFT's life cycle.

Given how active the NFT market has been over the last few months, it's unsurprising that a big US exchange would attempt to participate. OpenSea is the largest secondary market for buying and selling Ethereum non-fungible tokens.

Initially, just Solana NFTs will be supported, but Ethereum NFTs will be added in the near future. There will be both "buy now" and auction-style sales available. There will be no listing fees, making this a more affordable and user-friendly secondary market than Solanart, Digital Eyes, or OpenSea. However, the seller will be charged a 2% exchange fee.

According to the business news release, users will be able to buy NFTs via ACH bank transfers, wire transfers, credit cards, or crypto stored in their wallets.

Royalty payments, or a portion of each resale, will be supported. To prevent NFTs exhibiting security-like qualities, any initiative that proposes to award loyalty to NFT holders would be denied funding.

"The NFT ecosystem has begun to permeate popular culture, but has lacked a platform that enables simple access and exposure to a mass audience," stated Brett Harrison, President of FTX US, in a news statement. "With the FTX NFT Platform, we can offer simpler, safer, and easier tools to let that audience join the NFT market."


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