The FTX Token has reached an all-time high in the wake of the NFT launch by a cryptocurrency exchange.

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The price of the platform’s native token, FTT, has reached a new high as crypto exchange FTX launches its own NTF marketplace.

FTT, the native token of crypto exchange FTX, hit a new all-time high of $83 on Tuesday, following the introduction of the platform’s NFT marketplace for US consumers. FTT is a utility token in the sense that it provides holders with benefits such as reduced trading fees and staking opportunities to earn a few extra percent.

Despite dropping to $78.46 by press time, FTT still gained 10.2% in value over the past day, and a breathtaking 69% over the week, according to data from CoinGecko.

The price spike has also seen the token’s market cap increase to $8.44 billion, making it the 26th largest digital asset, and comes amid the launch of FTX’s own marketplace for non-fungible tokens (NFTs).

NFTs are digital tokens that can be attached to files on the internet as proof of ownership for music, videos, artworks, and even concert tickets.

FTX US launches NFT platform

However, FTX’s NFT marketplace got off to an unusual start yesterday, when the exchange was bombarded with spamming images of fish.

See also  Binance, a cryptocurrency exchange, will launch its own NFT site.

To avoid this, FTX.US temporarily increased the charge for minting fresh NFT to $500 before lowering it to $10.

Prior to that, Sam Bankman-Fried, the company’s founder and CEO, introduced his own “Test” NFT which went for sale on FTX.US for an initial price of $10, ultimately selling for a staggering $270,000.

 

Bankman-Fried anticipates that the NFT marketplace on FTX.com, the exchange’s main platform, will be ready to start in the coming weeks.

The FTX.com marketplace, like the NFT marketplace on FTX.US, will be natively cross-chain, supporting both the Ethereum and Solana blockchains.

FTX isn’t the only crypto exchange to begin exploring the NFT space this year.

See also  Binance Charity has announced the first cryptocurrency donation to UNICEF.

Binance launched an NFT marketplace in June with a “100 Creators” project, while OKEx followed the suit earlier this month by introducing its own version of a platform for minting, buying, and selling NFT assets within the exchange’s ecosystem.

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