With an aim to make profits from the increasing popularity of the crypto market, FTX has come with a novel solution. They have announced the launch of a local NFT marketplace! This crypto exchange platform has put itself a step ahead by becoming one of the first platforms to set up its own NFT marketplace.
For the initial stages, this service will only be available for investors from the United States. With this innovative market space, the users will be allowed to perform complete buying, minting, or selling NFTs. This will be done on cross-chain throughout both Solana and Ethereum blockchains.
In the next few weeks, FTX will also make withdrawal and deposit features available to the users. This will surely increase the ability to make NFT external deposits.
What are the other aspects of this launch?
After completing an interview with Street Signs Asia, Sam Bankman-Fried, the Founder of FTX, displayed concern over quick NFT space growth. This showcases that beginner or uninformed traders might face certain risks or threats while operating in such a volatile market. He added that one bad experience can affect their overall knowledge and exposure to the industry.
However, FTX is not the first crypto exchange to step out in the NFT domain in 2021. One of their major competitors, Binance, has also released its very own NFT marketplace. Few other names in this include OKEx, OpenSea, etc. according to Dune Analytics, a research platform, which highlighted that the NFT sales volume increased from $13.7 million, from the start of 2020 to $2.5 billion, at the start of 2021.
