123 Interactions, 2 Today
FTX.US, which launched its NFT marketplace last month, has expanded its support to the Solana blockchain and plans to integrate Ether tokens soon as well.
The Solana blockchain is now supported by FTX.US’s nonfungible token (NFT) marketplace, allowing users to trade, deposit, and withdraw NFTs that adhere to the Metaplex token standard.
On Tuesday, the FTX US registered branch announced the expanded functionality, revealing that the marketplace also plans to support Ethereum-based tokens in the near future. The marketplace is open to both U.S. and non-U.S. customers from a long list of jurisdictions, however, New York residents are unable to sign up for the platform.
Brett Harrison, president of FTX.US, said that the firm is looking to provide “simpler, safer and easier tools” for mainstream users to trade NFTs via its marketplace, adding:
“The NFT ecosystem has started to infiltrate pop culture, but has been lacking a platform that provides easy access and exposure to the mainstream audience.”
In addition to crypto assets, users can buy or sell NFTs using bank transfers, wire transfers, and credit card transactions. Newly issued NFTs on the market are priced in US dollars, Solana (SOL), or Ether (ETH).
FTX takes a 2% commision on all NFT sales and does not charge a listing fee.
Last month, FTX and the company’s US subsidiary both launched NFT marketplaces with limited functionality. Users could only create or trade NFTs created with an interface similar to Microsoft Paint, resulting in a flood of hastily thrown-together sketches depicting cartoon fish being uploaded to the platform.
On Tuesday, Harrison tweeted that the marketplace’s expanded functionality is only available on its U.S.-based platform at this stage. Users must provide identity documents and proof of residence to the exchange in order to deposit and withdraw from FTX’s NFT platform.
According to the platform, any NFT collection project that “distributes or advertises the distribution of royalties” to NFT holders will be rejected, implying FTX. The United States is concerned that regulators will classify its NFTs as investment products.
NFTs are becoming more popular, with the Texas Democratic Party announcing a partnership with marketplace Front Row on Monday to raise funds for progressive political candidates and causes through the sale of NFTs.
“NFTs will become a powerful addition to any political fundraising effort, and the launch of our marketplace will give Democrats across the country a fundraising advantage that its counterparts do not have,” said Front Row co-founder Parker Butterworth.