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FTX, a cryptocurrency exchange, has launched a native NFT marketplace to capitalise on the sector’s parabolic expansion over the last year.
After witnessing the nonfungible token (NFT) ecosystem’s parabolic expansion since the beginning of the year, popular cryptocurrency exchange FTX has become the latest crypto platform to announce the creation of a native NFT marketplace.
The platform, which is only available to clients in the United States, will allow users to mint, purchase, and sell NFTs, which will be transacted cross-chain between the Ethereum and Solana blockchains.
Deposits and withdrawals are also expected to be launched in the coming weeks, opening up the capability of depositing external NFTs onto the platform.
In a public display of the new feature, the exchange has launched a word-art style image that simply reads “Test.” The image has a current bid of $1,100 and a remaining time of 19 hours.
In an interview with CNBC’s Street Signs Asia two weeks ago, FTX founder Sam Bankman-Fried expressed caution over the rapid growth of the NFT space, suggesting that investors could become susceptible to vulnerability in such a dynamic market if improperly educated on the potential risks:
“It could lead to just incredibly fast and giant adoption. It could also lead, frankly, to sort of a sour taste in people’s mouth if there’s a crash, and no one ever quite figured out what it was.”
FTX is not the only cryptocurrency exchange to enter this market in 2021. Binance, Binance’s direct competitor, launched its own NFT marketplace in June with an unique “100 Creators” project in conjunction with soccer stars Michael Owen and Alphonso Davies, as well as singer-songwriter Lewis Capaldi and artist Trevor Jones.
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OKEx also just introduced an NFT hub, allowing users to mint, buy, and trade NFT assets within the exchange’s local ecosystem. OpenSea became the first NFT marketplace to achieve $1 billion in monthly trading volume last month.
According to current data from DappRadar, the platform also recorded a stratospheric $4 billion in sales volume over the last 30-day period, obliterating its nearest competitors, Axie Infinity and CryptoPunks, with $790 million and $583 million, respectively.
Research platform Dune Analytics reported that total sales volume for NFTs rose to $2.5 billion across the first half of 2021 compared to $13.7 million in the first half of 2020.