With this announcement, FTX becomes the first NFT marketplace to support both Solana and Ethereum-based NFTs.
After weeks of supporting Solana-based NFTs on its NFT marketplace, FTX US has announced that it will now support Ethereum-based NFT trading on its platform.
FTX is the first exchange to accept Solana and Ethereum NFTs.
According to the leading crypto exchange’s official announcement, users of its platform can now search its NFT marketplace to buy, sell, and display their Ethereum NFTs alongside their Solana NFTs.
You may recall that the Sam Bankman-led exchange was among the first centralized crypto exchanges to open its platform to NFTs. The exchange previously only supported Solana-based NFTs.
The new announcement, however, indicates that the exchange is stepping up its efforts to become a viable marketplace for this type of digital asset, and it also holds the distinction of being the only marketplace that supports both Ethereum and Solana NFTs.
In a recent interview, the founder of FTX hinted that the exchange may be putting more effort into building a solid foundation in the burgeoning sector because it has the potential to lead to the mass adoption of the crypto industry, citing use cases in other sectors such as event planning, gaming, and others.
“I would now put NFTs in that top category probability-wise, along with a couple of other things, in terms of what brings a non-crypto native audience to crypto for something other than financial investing,” he says.
FTX entices NFT traders with lower fees.
Trading for some Ether-based NFTs has begun on the platform as of yesterday, putting additional pressure on the NFT market leader, Opensea, with its lower fee structure and subsidized withdrawal fee in its efforts to win more users.
“By not requiring gas for things like bids, we’re going to see a lot more price action and price discovery on the platform, and we hope that in general attracts liquidity,” said Brett Harrison, President of FTX.US.
While OpenSea remains the market leader, FTX hopes to gain an advantage over competitors such as Coinbase, which recently announced its own marketplace.