Home News Crypto exchange FTX launches NFT marketplace for US-based customers

Crypto exchange FTX launches NFT marketplace for US-based customers

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Crypto exchange FTX launches NFT marketplace for US-based customers. In like manner, FTX, a crypto exchange, has launched a native NFT marketplace. Designed to take advantage of the sector’s exponential growth in the past year.

Since the turn of the year, the nonfungible token (NFT) ecosystem has shown an explosive growth rate. Recently, the popular cryptocurrency exchange FTX announced the launch of its own native NFT marketplace.

US exclusive

This platform, which is only available to customers in the United States, offers the opportunity to mint, buy, and sell NFTs through cross-chain trading across Ethereum and Solana blockchains. Deposits and withdrawals will also be available in the coming weeks, opening the possibility of putting external NFTs on the platform.

This feature was demonstrated at a public display with a word-art kind of image that simply says, “Test”. The image is currently bidding at $1,100 and will expire in 19 hours.

A few weeks ago, FTX founder Sam Bankman-Fried told CNBC’s Street Signs Asia that investors may become vulnerable to risks in such a dynamic market if they are not correctly educated to recognize the potential risks. FTX is not the only cryptocurrency exchange to make a move into this market during 2021. With the blessings of soccer stars Michael Owen and Alphonso Davies, singer-songwriter Lewis Capaldi, and artist Trevor Jones, Binance launched its own NFT marketplace in June with a special “100 Creators” project.

Eclipsing Axie Infinity and CryptoPunks

Recently, cryptocurrency spot and derivatives exchange OKEx released an NFT hub that enables users to mint, purchase and sell their NFT assets through the exchange’s native ecosystem.

Last month, OpenSea succeeded to be the first NFT marketplace exceeding $1B in monthly trading volume.

DappRadar’s latest data shows that the platform recorded a staggering $4B in sales volume in the last month. Eclipsing Axie Infinity and CryptoPunks with $790M and $583M, respectively.

In the first half of 2021, sales volume for NFTs increased to $2.5B. Up from $13.7M in the first half of 2020, according to Dune Analytics.

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