FTX.US Launches Trading Platform for NFTs on Solana Blockchain

US based branch of cryptocurrency exchange FTX has unveiled its collectibles marketplace FTX NFT based on the Solana blockchain
US based branch of cryptocurrency exchange FTX has unveiled its collectibles marketplace FTX NFT based on the Solana blockchain

US-based branch of cryptocurrency exchange FTX has unveiled its collectibles marketplace, FTX NFT. Prior to the announcement, you could only trade NFTs that are minted directly on the website on the FTX.US’s NFT marketplace. Now, the new marketplace will support the buying and selling of NFTs based on the Solana blockchain.

Speaking about the development, FTX.US President, Brett Harrison, noted the company’s immersion into the NFT ecosystem provided the impetus for such a project.

By launching the platform, FTX hopes to serve both its US and worldwide clients “with a regulated marketplace that is intuitive and responsive to their needs.”

Per the announcement, users will be able to buy NFTs with crypto or by direct transfer from their bank accounts and with credit cards.

Why Solana?

Despite its speed and cheaper costs compared to Ethereum, most NFTs are yet to choose Solana as their blockchain tech provider. Rather, most NFT projects are housed on Ethereum.

There are suggestions that FTX.US’s choice of Solana is traceable to the FTX CEO’s love for the platform. Sam Bankman-Fried has consistently shown support for the blockchain in his comments.

Indeed, the NFT ecosystem has seen an explosion in general interest with more investors and creators looking in the direction. Yet, accessibility remains a major challenge.

Harrison explained that the firm seeks to achieve a greater level of exposure for interested people while making the NFTs available through its Solana-powered project. The choice could potentially lead to the firm enjoying larger chunks of the NFT business.

Moreover, Solana stated that plans were underway to incorporate Ethereum-backed NFTs soon.

Different from the Rest

The exchange also says that its offerings will be unlike those available on Ethereum’s major trading platforms, like OpenSea.

While many existing marketplaces do not verify the authenticity of their NFT offerings, FTX NFT will. The firm will work with NFT creators to ensure NFTs available for sale have been verified for authenticity. This is in a bid to protect users of the platform from purchasing fake NFTs.

Likewise, the firm stated it wouldn’t list projects that could be considered as securities offerings. Lastly, users will not be able to use the marketplace anonymously as FTX will require them to verify their identities when opening accounts.