FTX.US Launches Collectibles Arm in Boost to Solana-Based NFTs

The exchange will allow users to trade, mint, auction and authenticate Solana NFTs. Plans to support Ethereum NFTs are in the works.

AccessTimeIconOct 11, 2021 at 5:00 p.m. UTC
Updated May 11, 2023 at 4:04 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

FTX.US is moving into the non-fungible token (NFT) business with a trading platform for digital collectibles on the Solana blockchain.

On Monday, the U.S. wing of Sam Bankman-Fried’s crypto empire said its new marketplace, FTX NFTs, will allow users to trade, mint, auction and authenticate Solana-based NFTs. It plans to soon support NFTs on the Ethereum blockchain, the home to the bulk of non-fungibles trading.

  • Why Worldcoin Is Launching a Layer 2
    20:07
    Why Worldcoin Is Launching a Layer 2
  • Polymarket Traders Bet on Fed Rate Cuts; Bitcoin Spot ETFs Register Five-Day Withdrawals Streak
    02:17
    Polymarket Traders Bet on Fed Rate Cuts; Bitcoin Spot ETFs Register Five-Day Withdrawals Streak
  • Base Monthly Active Addresses Increased by 160% in March: Nansen
    00:50
    Base Monthly Active Addresses Increased by 160% in March: Nansen
  • Bitcoin Halving: We Answer Your Questions
    04:16
    Bitcoin Halving: We Answer Your Questions
  • The exchange’s prioritization of Solana instead highlights two realities: Bankman-Fried is heavily invested in the Solana ecosystem; and that ecosystem, while host to a handful of so-called “blue chip” projects, doesn’t yet have a juggernaut marketplace for NFT trading.

    Instead, it features a scattered array of lesser-known marketplaces sometimes hosted by projects themselves. Solanart and Solsea both charge 3% sales fees. FTX.US says its new platform will charge 2%.

    The choice could bolster Solana’s bid for a bigger slice of the NFT business. The blockchain is faster and cheaper to use than Ethereum’s is. That hasn’t been enough to convince the vast majority of NFT traders to move over, however.

    FTX said it will support all Solana NFTs that follow NFT protocol Metaplex’s standard. It won’t allow users to list revenue-sharing projects and is capping artist royalty schemes at 40%.

    FTX’s offering will be different from those found on Ethereum’s top NFT marketplaces, such as OpenSea. It is open only to users with an FTX account linked to their real-world identity, meaning an anonymous crypto wallet address won’t be enough.

    The marketplace will also support credit card purchases and bank transfers, as well as crypto.

    “If you look at every NFT marketplace, they’re all trying to achieve” a more seamless buying experience, said Fanny Lakoubay, who runs an NFT advisory service in New York.

    Supporting traditional payment rails – just as DraftKings does through its tie-up with Polygon-based Autograph – is one part of that recipe.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Danny Nelson

    Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.



    Read more about