FTX.US has announced the launch of a marketplace for buying and selling Solana-powered non-fungible tokens (NFTs).
FTX.US has fully launched an NFT marketplace, which includes support for the trading of Solana-based NFTs. The exchange’s marketplace was previously limited to the buying and selling of NFTs which had been directly minted on its platform.
A report by Decrypt notes that unlike some of its major competitors (e.g. OpenSea in the case of Ethereum-powered NFTs and Solanart in the case of Solana-powered NFTs), FTX.US’s NFT marketplace allows its users to trade NFTs using either U.S. dollars (via “credit cards or funds brought in from an ACH bank transfer or wire transfer”) or cryptocurrency ($SOL or $ETH).
Also, Decrypt’s report pointed out that unlike some of its more decentralized competitors, FTX.US’s NFT marketplace requires users to go through a know-your-customer (KYC) process to prove their identity.
The new marketplace opens FTX investors to a wide variety of NFT collections, including Solana Monkey Business, Degenerate Ape Academy, and Aurory.
According to a report by The Block, Brett Harrison, the President of FTX.US, said in a statement:
With the launch of this platform, we hope to provide both US and global users with a regulated marketplace that is intuitive and responsive to their needs.
Apparently, Harrison said that the expansion will begin by offering 75 new NFT projects, with the intention to add support for all NFTs based on Solana’s Metaplex standard–barring a few exceptions. As a US-based exchange, FTX.US says it will not be listing projects that regulators could consider securities offerings, such as projects featuring royalties.
This report also mentions that the exchange will offer customer protections against buying fake NFTs by working with creators to verify the authenticity of tokens made available for sale.
As with OpenSea, the new FTX.US marketplace will allow users to purchase NFTs at a set price or as part of an auction system.
Finally, as far as Ethereum-powered NFTs are concerned, Decrypt says that Harrison told them that support for these is “probably on the order of weeks away.”
Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
