Crypto derivatives exchange FTX has officially launched its Solana-based NFT marketplace, catering strictly to US clients.
New Solana-Only NFT Marketplace
This NFT marketplace will be strictly Solana-based as of now. This means that any NFT pieces or collections on the new marketplace must be on the Solana blockchain. However, as per reports, the platform might evolve somewhere down the road to support the standard Ethereum-based NFTs.
In addition to the platform, users will be able to use its North American affiliate, FTX.US, to mint, hold, authenticate, and trade NFTs on the integrated marketplace. The charges vary depending on the sale - a 2% fee from both buyer and seller per trade and a $1 fee to mint or list NFTs.
Brett Harrison, president of FTX.US, elaborated further,
“We decided to create an NFT marketplace on FTX US after becoming immersed ourselves in the NFT ecosystem. The NFT ecosystem has started to infiltrate pop culture, but has been lacking a platform that provides easy access and exposure to the mainstream audience.”
Depositing Solana NFTs In FTX Wallet
The news was announced on Twitter by the official FTX handle, who also linked a comprehensive step-by-step guide on how to deposit Solana NFTs on the FTX marketplace. Users simply have to click on the ‘Deposit Solana NFTs’ option on the platform FTX.US. This will reveal a multi-character address, which can be copied and pasted on the ‘Recipient’s SOL address’ field on the wallet where your NFT is stored. Of course, adequate SOL funds for transaction fees are a must for the NFT transfer to go through.
Cons Of The FTX Marketplace
However, all is not good for the platform. Certain features of the FTX marketplace are bound to deter artists who wish for a smooth and anonymous promotion and transfer of their work.
The platform will be following the Metaplex Solana protocol, which will make the tokens on the platform incompatible with other leading marketplaces that have not yet integrated the technology. Furthermore, US regulations have compelled FTX to tighten its KYC requirements for all NFT activities. Other NFT marketplaces, like OpenSea, do not have such stringent requirements and are much more conducive for anonymous artists to display their art.
FTX Moves HQ
Prior to the launch of the NFT marketplace, FTX was in the news because of its decision to move base from Hong Kong to the Bahamas, as revealed by its founder and CEO, Sam Bankman-Fried. China’s crypto crackdown and the regulatory uncertainty in Hong Kong were a few of the reasons behind the move. Plus, the Bahamas already has a regulatory framework in place, which naturally influenced the decision to chose a new location for the company’s headquarters.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.