Crypto exchange FTX launches NFT marketplace for US-based customers

0
52

After witnessing the parabolic growth of the non-fungible sign (NFT) ecosystem since the turn of the year, popular cryptocurrency exchange FTX has become the newest crypto platform to announce the launch of a native NFT market.

Exclusive for US-based customers, the platform will enable users to create, buy and sell NFTs – all exchanged cross-links through the blockchains Ethereum and Solana. Deposits and withdrawals are also expected to be launched in the coming weeks, opening up the ability to deposit external NFTs on the platform.

In public display of the new feature, the exchange has launched a pictorial style image that simply reads “Test”. The picture has a current bid of $ 1,100 and a remaining time of 19 hours.

In an interview with CNBC’s Street Signs Asia two weeks ago, FTX founder Sam Bankman-Fried expressed caution about the rapid growth of the NFT space, suggesting that investors could become sensitive to vulnerability in such a dynamic market if incorrectly educated about the possible risks:

“It could lead to just incredibly fast and gigantic adoption. It could also lead, frankly, to a kind of sour taste in people’s mouths if there is a crash, and no one has ever fully figured out what it is.”

FTX is not the only crypto exchange in this space during 2021. Direct competitor Binance launched its own NFT market in June with a special project “100 Creators” in collaboration with footballers Michael Owen and Alphonso Davies. as songwriter Lewis Capaldi and artist Trevor Jones.

Related: FTX’s Bankman-Fried remains cautious about starting NFT space

Cryptocurrency exchange and derivatives OKEx has also launched an NFT hub recently, allowing users to stamp, buy and sell their NFT assets within the exchange’s native ecosystem.

Last month, OpenSea became the first NFT marketplace to exceed $ 1 billion in monthly trading volume.

According to current data of DappRadar, the platform also recorded stratospheric $ 4 billion in sales over the last 30-day period, destroying its closest competitors, Axie Infinity and CryptoPunks, with $ 790 million and $ 583 million, respectively.

Research platform Dune Analytics reported that total sales for NFTs rose to $ 2.5 billion through the first half of 2021 compared to $ 13.7 million in the first half of 2020.