- A native NFT marketplace has been launched by FTX crypto exchange.
- It is not the first exchange to have launched the NFT marketplace. Earlier this year, Binance, OpenSea, Anxie Infinity and more launched their NFT marketplace only to increase the competition in the market.
FTX has become one of the important crypto platforms which have announced the launch of a native NFT marketplace. NFT has witnessed parabolic growth since the start of the year. The platform is exclusive for United States-based customers.
The platform will enable users to purchase, sell and mint NFTs, all traded cross-chain across the Ethereum and Solana Blockchains. In the coming weeks, the platforms will also start deposits and withdrawals facilities for the customers. It will open up the arena of depositing external NFTs onto the platform.
The platform has also introduced a new feature to the public. It is a word-art style image that simply reads Test. The image has a current bid of $1,100 and a remaining time of 19 hours.
More adoption, more risks
FTX Founder, Sam Bankman Fried is very concerned about the rapid growth of the NFTs. He feels that the investors will become susceptible to vulnerabilities in such a robust market if they are not educated properly on the potential risks.
There might be a giant adoption and a stupendously fast one could be witnessed. It could lead to a sour taste in people’s mouths if there is a crash. That crash is not figured out.
In 2021, FTX is not the only platform which has started NFTs. Binance, the direct competitor and one of the biggest exchanges, also started its own NFT marketplace in June. It was launched with a special 100 creators project in collaboration with soccer players Michael Owen and Alphonso Davies. The singer and songwriter Lewis Capaldi and artist Trevor Jones were also part of the launch.
OKEx, a crypto and Derivatives exchange platform, has also launched the NFT marketplace recently, allowing users to buy, sell and trade NFT assets within the exchange’s native ecosystem.
Last month OpenSea also unveiled its NFT marketplace and became the first NFT marketplace to surpass $1billion in monthly trading volume. As per the data from DappRadar, the platform also recorded a stratospheric $4billion in sales volume over the last 30-day period.
The closest competitors Axie Infinity and Crypto Punks made $790 million and $583 million respectively.
As per the research platform Dune Analytics, the total sales volume for NFTs surged to $2.5billion across the first half of 2021 compared to $13.7 million in the first half of 2020.