FTX.US expands NFT marketplace to support Solana tokens

The NFT marketplace of FTX.US has expanded support to the Solana blockchain, enabling users to trade, deposit, and withdraw NFTs that conform to the Metaplex token standard.

FTX.US expands NFT marketplace to support Solana tokens

The exchange announced the expanded functionality on Oct. 11, revealing 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.

The president of FTX.US, Brett Harrison said that the firm is looking to provide “simpler, safer and easier tools” for mainstream users to trade NFTs via its marketplace.

"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," said Harrison.

In addition to supporting crypto assets, users can purchase or bid on NFTs via bank transfers, wire transfers, and credit card transactions. The pricing for newly minted NFTs on the marketplace is listed in USD, SOL, & ETH. The exchange charges a 2% fee on all NFT sales and not charging for any listing fee.

Both FTX and the company’s U.S. subsidiary initially launched NFT marketplaces with limited functionality last month. Users could only create or trade NFTs minted using an interface reminiscent of Microsoft Paint, leading to a flood of hastily cobbled together sketches depicting cartoon fish being uploaded to the platform.

Harrison said on Twitter 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 exchange’s NFT marketplace.

The platform also outlines that any NFT project of collection that distributes or advertises the distribution of royalties to NFT holders will be rejected, suggesting FTX.US is wary of regulators classifying its NFTs as investment products.

NFTs are seeing increasingly mainstream adoption, with the Texas Democratic Party launching a partnership with marketplace Front Row to raise funds for progressive political candidates and causes through the sale of NFTs on Oct. 11.

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