By
Chimamanda U. Martha
May 6th, 2024
According to the CEO, creators can make their own NFTs, list them for trade on the FTX platform, as the crypto exchange plans to open deposits and withdrawals within the next couple of weeks.
Crypto exchange FTX has announced that users on the platform can now create their own artwork and mint them as NFTs on the exchange. FTX now joins a list of other exchanges that are ready to offer NFTs services to millions of users outside the OpenSea marketplace. Sam Bankman-Fried, CEO of FTX, took to Twitter to break the news, stating that the crypto exchange’s latest evolution is to offer the option or ability to mint NFTs directly of the exchange.
According to the CEO, creators can make their own NFTs, list them for trade on the FTX’s platform, as the crypto exchange plans to open deposits and withdrawals within the next couple of weeks. Bankman-Fried revealed that users in the United States can sell their minted NFT’s within its marketplace through FTX.US. The CEO added that the next-generation NFTs marketplace will support cross-chain selling across the Ethereum and Solana blockchains. The FTX US website currently features a testing interface where the billionaire CEO has listed his test NFT for sale.
CEO Sam-Bankman Fried noted that an FTX team led by him is currently working on Serum, a project that creates a “fully Permissionless Decentralized Exchange (DEX)” as well as a DeFi ecosystem with trustless cross-chain trading. Serum is backed by the Solana blockchain, one of Ethereum’s biggest rivals.
Solana has seen a spike in price action recently, recording a 51% rise in the last seven days, and is expected to keep that upward momentum in the coming weeks as market analysts believe it is now one of the most attractive coins for traders. Solana’s recent price action has been mainly attributed to the unprecedented rise in NFT activity on Solanart, the marketplace built on the SOL blockchain. Solana, which is currently the fastest blockchain network in the world, is capable of processing 50,000 transactions per second and is considered by creators to be a technologically superior and low-cost network to Ethereum.
According to the announcement, traders will now have the option to deposit “outside NFTs,” digital art, and collectibles that they have purchased on other platforms including OpenSea or Solanart marketplaces. Currently, users can only store and view these NFTs within the exchange, a feature that is about to change, allowing users to sell mainstream NFT projects on the exchange as FTX’s marketplace will be expanding to support deposits and withdrawals within the coming weeks.
FTX currently has a 5% to the buyer and the seller per sale a 10% fee in total when dealing in buying and selling of NFTs. The crypto exchange now joins Binance and OKEx who also offers NFT marketplaces.