Crypto exchange FTX now supports NFT mining ๐จ This article is 3 years old...
Crypto exchange FTX now supports NFT mining
FTX CEO announces that the exchange would now allow its users to turn their artworks into NFTs on its platform.
2 min read
Updated: Sep. 6, 2021 at 2:36 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
With the growing demand for NFTs reaching new heights, the latest crypto firm to dive into the space is FTX, a leading crypto exchange.
According to an announcement made by the firmโs CEO earlier today, users of the exchange can now create their desired artworks and mint them into NFTs.
FTX to support NFT minting
Per FTX CEO Sam Bankman-Fried, its latest move is geared towards the evolution of the firm into a platform that would support the ability to mint NFTs directly.
Make your own NFTs ?
— SBF (@SBF_FTX) September 6, 2021
What this means is that users of the exchange would be able to not only use the platform to mint their tokens, they would also be able to leverage on the marketplace of the site to trade their NFTs. Bankman-Fried also revealed that all NFTs on the exchange would support Ethereum and Solana blockchain and that deposits and withdrawals would be supported in a couple of weeks. Already, the companyโs website has a test interface that the billionaire CEO has listed his first NFT.
Available information has also shown that the exchange would be charging both buyers and sellers on its platform 5 percent of the cost of the crypto asset. Thus, in total, the exchange would be getting 10 percent.
Leading crypto exchanges like Binance and OKEx already provide NFT marketplaces for their users to buy these tokens.
NFTs Increased Acceptability
A recent report from Cryptoslate has shown that NfTs have continued to enjoy a surge in their acceptance in recent times. According to the report, โOpenSea, the leading NFT marketplace, has seen trading volume increase on its site by over 76000 percent in this year alone. According to DappRadar, the trading volume on the site for August was beyond $4 billion.โ
In another report, citing the increased demand for the tokens plus the overall growth of the space, we wrote that โthe healthy distribution of NFT minters and rising number of unique buyers point to a genuine, organic growth of the NFT community.โ
Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
