Solana › NFTs
FTX US has announced that it will now support a Solana NFT marketplace.
Oluwapelumi Adejumo · October 13, 2021 at 5:00 am UTC · 2 min read
Photo by Kerensa Pickett on Unsplash
In its latest effort to expand its NFT services to its clients, FTX US has announced its support for a Solana NFT marketplace. This means that users of the exchange can now mint, trade, auction, and authenticate NFTs based on the Solana blockchain through the platform.
FTX now supports Solana NFTsPreviously, this was not possible as FTX.US NFT marketplace only allowed NFTs to be transacted through its website alone. It also meant NFT collections that were built in Solana were being traded on other marketplaces like Digital Eyes and Solanart.
The Solana NFT Marketplace is live on @ftx_us!
How to deposit NFTs to FTXUS: https://t.co/mg87scI6sy pic.twitter.com/vHe2t9EJ56
— FTX – Built By Traders, For Traders (@FTX_Official) October 11, 2021
However, with this new development, this means it will now allow users to mint, hold, authenticate, and trade NFTs on the marketplace that has been integrated into the platform. Available information has also shown that it will charge $1 for minting and a 2 percent fee from participants in a transaction.
Unlike other NFT marketplaces with loose KYC policies, FTX has revealed that it would maintain its strict KYC for NFT trading on its platform. This, however, could push artists who seek anonymity away to other sites.
Brett Harrison, the president of FTX.US while speaking on the announcement revealed that 40 out of the 70 verified collections are now visible on the site. While admonishing artistes and their communities to deposit their NFTs.
1/ Some quick NFT updates:
-40 of around 70 of our verified collections are visible. If you’re verified and you’re not on the marketplace yet, all you and your community need to do is deposit your NFTs. They’ll automatically create and populate a verified collection page for you!
— Brett Harrison (@Brett_FTXUS) October 11, 2021
Harrison also stated the rationale behind building the platform. According to him, “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.”
NFTs on Solana have enjoyed a massive growth since the breakout of the network. The ecosystem has recorded a number of successes as can be seen with its recent $1 million sale. And there has also been bad players who have capitalized on the newness of the Solana NFT ecosystem to scam investors.
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Author: Oluwapelumi Adejumo