Solana NFT Marketplace Now Live On FTX

FTX, a crypto derivatives exchange, has launched its Solana-based NFT market. It caters exclusively to US clients.

New Solana-Only NFT Marketplace

As of now, this NFT marketplace will only be Solana-based. The new marketplace will only accept NFT pieces and collections that are on the Solana blockchain. According to reports, the platform could evolve in the future to support standard Ethereum-based NFTs.

Users will also be able use FTX.US North American affiliate to mint, hold and authenticate NFTs. There are different fees depending on the sale: a 2% fee per trade from both buyers and sellers and a $1 fee for minting or listing NFTs.

Brett Harrison, president and CEO of FTX.US elaborated more.

After becoming deeply involved in the NFT ecosystem, we decided to establish a NFT marketplace on FTX USA. Although the NFT ecosystem is now a part of pop culture, there has not been a platform to make it easy to access and expose the mass audience.

Depositing Solana NFTs In FTX Wallet

Twitter handle FTX announced the news. They also provided a step-by-step guide for depositing Solana NFTs via the FTX marketplace. To deposit Solana NFTs, users simply need to click the FTX.US Deposit Solana button. This will display a multi-character address that can be copied and pasted onto the Recipient’s SOL address’ field of the wallet where your NFT is kept. To allow the NFT transfer process to proceed, you will need sufficient SOL funds to cover transaction fees.

Cons of The FTX Marketplace

The platform isnt perfect. Artists who want to promote and transfer their work anonymously and smoothly are likely to be discouraged by certain features of the FTX marketplace.

The Metaplex Solana protocol will be used by the platform. This will make it incompatible with any other major marketplaces that do not have the technology. FTX has been required by US regulations to tighten its KYC requirements regarding all NFT activities. OpenSea and other NFT marketplaces do not have the same stringent requirements, making it easier for anonymous artists to showcase their work.

FTX Moves HQ

FTXs decision to relocate its base from Hong Kong, according to its founder and CEO Sam Bankman-Fried, was a major news story prior to the NFT marketplace being launched. The move was made possible by Chinas crypto crackdown, as well as the regulatory uncertainty in Hong Kong. The Bahamas has a strong regulatory framework, which naturally influenced the choice of a new site for the companys headquarters.

Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.

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