FTX, a spot and cryptocurrency exchange, announced the launch of an NFT marketplace on its trading platform today. According to the information provided by CEO Sam Bankman-Fried, the marketplace will be available both for customers in the U.S. and in other locations. FTX is likely trying to capitalize on the popularity of these instruments, which are moving billions in specialized decentralized exchanges.

FTX Debuts NFT Marketplace

FTX, one of the most successful derivatives exchanges, has announced today the launch of a new NFT marketplace embedded in its trading platform. The announcement was made by the company’s CEO, San Bankman-Fried, who took to Twitter to invite users to make their own NFTs. This means the marketplace also includes a minting tool that will let users create their own NFTs from images and other data.

Bankman-Fried showed a test NFT minted on the platform — an image with the word “test” scribbled on a white background. Bankman-Fried announced that the marketplace will allow deposits and withdrawals in the next couple of weeks following launch. It will also feature cross-platform support, allowing trading of different NFTs minted on the Ethereum and Solana blockchains.

NFT Popularity Growing

FTX is trying to capitalize on the momentum that the NFT market is experiencing right now. Currently, three NFT projects have reached more than $1 billion in sales: CryptoPunks, a collectible series of images, Axie Infinity, an NFT project, and Opensea, an NFT marketplace.

Proof of the NFT mania is that the NFT submitted by Bankman Fried has already received 23 bids, with the highest one offering $2,100 for the “Testing Testing 123 #1” NFT. Since the announcement was made in the morning, hundreds of submissions have already been posted in the marketplace. But some problems have arisen with the platform.

Bankman-Fried noted that due to spammy submission from a user, FTX would implement a one-time $500 fee to submit NFTs to the platform. Some users complained on social media about the amount of money required, stating that minting an NFT on Ethereum decentralized exchanges is cheaper than the proposed sum. After this, he backpedaled and stated this might change in the future, acknowledging FTX is working “on a pricing system that reduces spam.”

What do you think about FTX including an NFT marketplace on its trading platform? Tell us in the comments section below.

Bitcoin News
News, ftc, ftx, Marketplace, nft, Opensea, Sam Bankman-Fried

5 Things to Consider Before Investing in Cryptocurrency

5 Things to Consider Before Investing in Cryptocurrency

5 Things to Consider Before Investing in Cryptocurrency There is no question that cryptocurrencies have established a new investing sector. With the value of digital currencies such as Bitcoin over ...
Read More
Crypto Tax In India Guide

Tax on Cryptocurrency In India – Complete Guide 2022

Wondering how taxation on crypto works in India? How much do you have to pay tax on cryptocurrency in India? How 1% TDS is levied on crypto? Don’t worry we ...
Read More
shutterstock 659324809 1 1U2yg5

New Cryptocurrency Bill Advances to Senate in Brazil

A new cryptocurrency bill was approved by the Chamber of Deputies of the Brazilian Congress last week, and is now awaiting review by the Senate for approval. The project, if ...
Read More
shutterstock 2041962896 6krKZj

USDC Sees Native Launch on Avalanche

USDC, the second leading stablecoin by market cap, has been launched on the Avalanche blockchain as a native token. Previously, users wanting to get USDC in Avalanche had to bridge ...
Read More
zztidodf pkpJUN

Crypto Lender Nexo Launches NFT Lending Desk, Loans up to 20% for Popular NFTs

On December 16, the blockchain-based lending platform Nexo announced the firm has launched a non-fungible token (NFT) lending desk. While the company offered crypto-backed loans using tokens like bitcoin and ...
Read More
Share with Others