Fun

FTX Launches Cross-Platform NFT Marketplace

News Feed - 2021-09-07 03:09:19

FTX Launches Cross-Platform NFT Marketplace


FTX, a spot and cryptocurrency exchange, announced the launch of an NFT marketplace on its trading platform today. According to the information provided by CEO Sam Bankman-Fried, the marketplace will be available both for customers in the U.S. and in other locations. FTX is likely trying to capitalize on the popularity of these instruments, which are moving billions in specialized decentralized exchanges. FTX Debuts NFT Marketplace


FTX, one of the most successful derivatives exchanges, has announced today the launch of a new NFT marketplace embedded in its trading platform. The announcement was made by the company’s CEO, San Bankman-Fried, who took to Twitter to invite users to make their own NFTs. This means the marketplace also includes a minting tool that will let users create their own NFTs from images and other data.


Bankman-Fried showed a test NFT minted on the platform — an image with the word “test” scribbled on a white background. Bankman-Fried announced that the marketplace will allow deposits and withdrawals in the next couple of weeks following launch. It will also feature cross-platform support, allowing trading of different NFTs minted on the Ethereum and Solana blockchains. NFT Popularity Growing


FTX is trying to capitalize on the momentum that the NFT market is experiencing right now. Currently, three NFT projects have reached more than $1 billion in sales: CryptoPunks, a collectible series of images, Axie Infinity, an NFT project, and Opensea, an NFT marketplace.


Proof of the NFT mania is that the NFT submitted by Bankman Fried has already received 23 bids, with the highest one offering $2,100 for the “Testing Testing 123 #1” NFT. Since the announcement was made in the morning, hundreds of submissions have already been posted in the marketplace. But some problems have arisen with the platform.


Bankman-Fried noted that due to spammy submission from a user, FTX would implement a one-time $500 fee to submit NFTs to the platform. Some users complained on social media about the amount of money required, stating that minting an NFT on Ethereum decentralized exchanges is cheaper than the proposed sum. After this, he backpedaled and stated this might change in the future, acknowledging FTX is working “on a pricing system that reduces spam.”


What do you think about FTX including an NFT marketplace on its trading platform? Tell us in the comments section below. Visa Plans to Bring Cryptocurrency Services to Traditional Banks in Brazil NEWS | 2 hours ago El Salvador Starts Mass Buying Bitcoin Ahead of BTC Becoming Legal Tender Tomorrow NEWS | 9 hours ago Tags in this story ftc, ftx, Marketplace, nft, Opensea, Sam Bankman-Fried


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Crypto Asset Manager Bitwise Files to Publicly Trade Bitcoin Fund
Crypto Asset Manager Bitwise Files to Publicly Trade Bitcoin Fund On February 2, the crypto asset manager, Bitwise Asset Management, announced it had filed a For
Polygon DeFi Yield Farming on AscendEX
Polygon DeFi Yield Farming on AscendEX press release PRESS RELEASE. AscendEX, a leading cryptocurrency trading platform, is excited to celebrate Polygon (Curve) Y
Crypto Exchange Bitstamp Taps BitGo for Custodial Services
BitGo has been tapped to provide custodial services for Europe’s largest exchange by trading volume. Announced Wednesday, Bitstamp will begin to transfer its assets under man
FBI will use NFTs to contact victims of crypto fraud scheme Clucoin
Tom Mitchelhill6 hours agoFBI will use NFTs to contact victims of crypto fraud scheme ClucoinThe FBI will notify victims of a $1.1 million fraud scheme through NFTs after the founder pleaded guilty to using the funds to
RippleX addresses XRP ledger’s AMM pool error, advises user caution
Amaka Nwaokocha8 hours agoRippleX addresses XRP ledger’s AMM pool error, advises user cautionDue to the continuing technical issue, RippleX has recommended its users no longer deposit funds into the affected AMM pools.
Hong Kong issues generative AI guidelines for consumer protection
Arijit Sarkar46 minutes agoHong Kong issues generative AI guidelines for consumer protectionThe HKMA introduces new principles for using generative AI, emphasizing governance, transparency, and data protection in consume
SEC Strategic Plan: Crypto Initiatives Among Top Priorities Over Next 4 Years
SEC Strategic Plan: Crypto Initiatives Among Top Priorities Over Next 4 Years The U.S. Securities and Exchange Commission (SEC) has revealed some initiatives involving crypto asset
US Senator: Cryptocurrency Cannot Be Stopped, FTX Collapse Isn’t an Indictment of Crypto
US Senator: Cryptocurrency Cannot Be Stopped, FTX Collapse Isn"t an Indictment of Crypto U.S. Senator Pat Toomey says illegal actions by crypto exchange FTX must be separated ̶
Technical Analyst Predicts Bitcoin Price Blow Off Top To $325,000 – The Timeline Will Shock You
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Game on NFT™, a Work of Art That Celebrates Bitcoin and Bitcoiners
Game on NFT™, a Work of Art That Celebrates Bitcoin and Bitcoiners press release PRESS RELEASE. Chicago, IL – 9th January, 2022 – Denjary Watru, the creator of the G
Marathon Purchases 10,000 Bitcoin Miners, Machines Will Max Out 100 Megawatt Montana Facility
Marathon Purchases 10,000 Bitcoin Miners, Machines Will Max Out 100 Megawatt Montana Facility On December 9, the Nasdaq-listed cryptocurrency mining company, Mar
Bitcoin Ink: Study Shows Interest in ‘Crypto Tattoos’ Jumped 222% in the Past Year
Bitcoin Ink: Study Shows Interest in "Crypto Tattoos" Jumped 222% in the Past Year As cryptocurrencies, bitcoin, decentralized finance (defi), and non-fungible token (NFT) technolo