FTX.US’ NFT Marketplace Now Supports Solana-Based Tokens
- Launched in September with limited functionality, the FTX.US NFT marketplace has now expended its support to cover Solana-based NFTs.
- In order to avoid the attention of regulators, the NFT marketplace will not list tokens that advertise or offer royalties to their holders.
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Crypto exchange FTX.US has expanded its non-fungible token (NFT) marketplace, enabling users to trade, deposit, and withdraw Solana-based NFTs, FTX said in a press release on 11 October.
While the FTX.US NFT marketplace previously supported only tokens minted on the platform, it now allows users to interact with externally made NFTs based on Solana’s Metaplex standard. The NFT marketplace will be available to both U.S. and non-U.S. customers from various jurisdictions, with the exception of New York citizens who are unable to sing up for the platform. Brett Harrison, the President of FTX.US, said in a statement:
“We decided to create an NFT marketplace on FTX US after becoming immersed ourselves in the NFT ecosystem. With the launch of this platform, we hope to provide both US and global users with a regulated marketplace that is intuitive and responsive to their needs.”
The current FTX.US NFT marketplace only supports Solana-based NFTs, as the platform is closely connected to the Solana ecosystem, but the exchange did say it plans to add support for Ethereum-based tokens in the near future. The marketplace not only allows users to buy and sell tokens at a fixed price, but also has an auction system similar to the OpenSea marketplace. The NFT marketplace was first introduced in September, in a series of tweets from the exchange’s founder Sam Bankman-Fried, though with limited functionality.
In order to be able to deposit and withdraw tokens from the marketplace to an external wallet, users will first need to go through FTX.US’ know-your-customer (KYC) procedure. The marketplace also allows customers to fund their accounts using bank transfers, wire transfers, and credit card transactions. Tokens can be listed in either USD, SOL, or ETH, with the marketplace not having any listing fees, and only a 2% sales fee.
The platform, however, is a bit more restricted when it comes to NFTs, compared to other marketplaces. FTX.US has stated that projects that “distribute or advertises” NFTs that offer their holder royalties will not be listed on the platform, The platform will also work closely with NFT creators in order to verify the authenticity of tokens, and protect its customers from fake NFTs.
- Users of Binance NFT can now use select blue-chip NFT collections as collateral to take out cryptocurrency loans.
- The platform will initially support only loans in ETH, and NFT collections Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki, and Doodles.
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- The Binance NFT marketplace said it will soon expand its multichain ecosystem, and add support for Bitcoin Ordinals, which are also known as Bitcoin NFTs.
- The platform said it will allow users to purchase and trade Ordinals directly from their Binance accounts, bypassing the need to create a separate inscription wallet.
- Magic Eden’s “fully audited” Bitcoin Ordinal marketplace will only support secondary sales of Bitcoin NFTs, though it is looking into tools to allow for easy mint of such collectibles.
- Royalties will also be unavailable from the start due to the lack of tooling on the Bitcoin network, but the marketplace is “actively looking” into the development of a new royalty standard.