West Realm Shires Services Inc. (“FTX US” or “the Company”), a leading US-regulated cryptocurrency exchange, today announced the launch of FTX NFTs (“the Marketplace”). The Marketplace will allow FTX US users to mint NFTs, transfer existing NFTs to the Marketplace and provide project creators with full control over the NFT’s life cycle. The platform will initially support NFTs on the Solana blockchain, and plans to roll out support for Ethereum NFTs in the near future.
The Marketplace provides FTX US users with a regulated exchange to mint, hold, authenticate and trade NFTs and will have among the lowest fees of existing NFT marketplaces. The FTX NFT platform and its services will be available exclusively to FTX US customers. Both US and non-US residents from many jurisdictions can sign up for an FTX US account.
Brett Harrison, President of FTX US, commented on the news, “We decided to create an NFT marketplace on FTX US after becoming immersed ourselves in the NFT ecosystem. In learning about so many of these projects, we’ve come to a comprehensive understanding of the needs of creators and collectors in the space. With the launch of this platform, we hope to provide both US and global users with a regulated marketplace that is intuitive and responsive to their needs.”
FTX US will support auctions for NFTs with a bidding system, in addition to listing NFTs with a fixed purchase price. The Company will work directly with Solana project creators to ensure authenticity verification of NFTs transferred onto the Marketplace from the Solana ecosystem. All Solana NFTs that conform to the Metaplex standard will be supported on the FTX US platform. The Company plans to support Ethereum NFTs in the near future.
Users of the Marketplace can fund their accounts for purchasing and bidding on NFTs with crypto, ACH bank transfers, wire transfers or credit cards. Newly minted NFTs on the Marketplace can be listed in either USD, SOL or ETH.
“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,” continued Harrison. “With the FTX NFT Platform, we have the ability to provide simpler, safer and easier tools to remove the barriers to entry for that audience to enter the NFT space.”
About FTX US
FTX US is a US-regulated cryptocurrency exchange, built from the ground up. Our mission is for FTX US to grow the digital currency ecosystem, offer US traders a platform that inspires their loyalty, and become the market leading US cryptocurrency exchange by volume over the next two years.
On the Flipside:
- FTX launching its own NFT platform is an exciting development, however, there are some odd aspects to its announcement.
- The main issue is that the FTX statement reads: “…The FTX NFT platform and its services will be available exclusively to FTX US customers. Both US and non-US residents from many jurisdictions can sign up for an FTX US account.”
- The announcement doesn’t discuss the value of setting up an FTX US account for non-US residents who can’t use the FTX platform. To us, that seems to be a useless option if you live outside the US. While they may add functionality later to an account that’s currently unusable – why announce it at all?
Why You Should Care:
Growth of NFTs continues to skyrocket and FTX is smart to build a platform that’s perfectly timed for this explosive growth. Having a regulated exchange such as FTX driving NFTs should inspire confidence and adoption among the masses and regulators alike.