BCGAME - Free 5BTC Daily Bonus!Cryptocurrency Derivatives Exchanger FTX has officially launched its Solana-based NFT market, strictly serving US customers.
In this article, we will discuss:
New NFT Market Solana Only
This NFT marketplace will be strictly Solana-based from now on. This means that any NFT parts or collections on the new market must be on the Solana blockchain. However, as per the reports, the platform may evolve at some point to support standard Ethereum-based NFTs.
In addition to the platform, users will be able to use its North American affiliate, FTX.US, to coin, maintain, authenticate and trade NFTs in the integrated marketplace. Fees vary depending on the sale - a 2% buyer and seller fee per transaction and a $1 fee for minting or listing NFTs.
Brett Harrison, president of FTX.US, elaborated further,
“We decided to create an NFT marketplace in the FTX US after becoming immersed in the NFT ecosystem. The NFT ecosystem has begun to infiltrate pop culture, but it lacks a platform that provides easy access and exposure to mainstream audiences. ”
Depositing Solana NFTs Into FTX Wallet
The news was announced on Twitter by the official FTX representative, who also linked a comprehensive step-by-step guide on how to deposit Solana NFTs into the FTX market. Users simply need to click on the 'Deposit Solana NFTs' option on the FTX.US platform. This will reveal a multi-character address, which can be copied and pasted into the 'Recipient SOL Address' field in the wallet where your NFT is stored. Obviously, adequate SOL funds for transaction fees are essential for the NFT transfer to take place.
Cons Of FTX Marketplace
However, not everything is good for the platform. Certain features of the FTX marketplace are bound to deter artists who want smooth, anonymous promotion and transfer of their work.
The platform will follow the Metaplex Solana protocol, which will make the platform's tokens incompatible with other leading marketplaces that have yet to integrate the technology. Additionally, US regulations have forced FTX to tighten its KYC requirements for all NFT activities. Other NFT marketplaces like OpenSea don't have as stringent requirements and are much more conducive to anonymous artists displaying their art.
FTX Moves HQ
Prior to the launch of the NFT market, FTX was in the news because of its decision to move its base from Hong Kong to the Bahamas, as revealed by its founder and CEO, Sam Bankman-Fried. The crackdown on cryptocurrencies in China and regulatory uncertainty in Hong Kong were some of the reasons behind the move. In addition, the Bahamas already has a regulatory framework in place, which naturally influenced the decision to choose a new location for the company's headquarters.
