FTX launches marketplace for easy Ethereum NFT trading ๐จ This article is 3 years old...
FTX launches marketplace for easy Ethereum NFT trading
FTX, with its recent announcement, is the first NFT marketplace to support both Solana and Ethereum-based NFTs.
2 min read
Updated: Dec. 2, 2021 at 8:00 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
After weeks of supporting Solana-based NFTs on its NFT marketplace, FTX U.S has revealed that it would now also support the trading of Ethereum-based NFTs on its platform.
FTX is the first marketplace to support Solana and Ethereum NFTs
According to the official announcement made by the leading crypto exchange, users of its platform can now scour its NFT marketplace to buy, sell, and display their Ethereum NFTs alongside their Solana NFTs
You will recall that the Sam Bankman-Fried-led exchange became one of the earliest centralized crypto exchanges to open up its platform for NFTs. Then, the exchange only supported Solana-based NFTs.ย
However, with the new announcement, it means the exchange is stepping up its work into becoming a viable marketplace for this class of digital asset and it also holds the distinction of being the only marketplace that supports both Ethereum and Solana NFTs.
FTX founder in a recent interview hinted that the exchange could be putting more effort into building a solid base in the burgeoning sector as it has the potential of leading to the mass adoption of the crypto industry citing its use cases in other sectors like event planning, gaming and others.
In his words, โI would now put NFTs in that top category probability-wise with a couple of other things in terms of what brings a non-crypto native audience to crypto for something other than financial investing.โ
FTX woos NFT traders with cheaper fees
Since yesterday, trading for some Ether-based NFTs has started on the platform, mounting pressure on the NFT market leader, Opensea, with its lower fee structure and subsidized withdrawal fee in its efforts to win more users.
FTX.US President, Brett Harrison said, “By not requiring gas for doing things like bids, we’re going to see a lot more price action and price discovery on the platform, and we hope that in general attracts liquidity.”
While OpenSea remains the leader in this field, FTX hopes that it would have an edge over other competitors like Coinbase who recently announced its own marketplace.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
