FTX.US, which launched its NFT marketplace last month, has added Solana blockchain compatibility and expects to add Ether tokens soon. The Solana blockchain is now supported by FTX.US’s nonfungible token (NFT) marketplace, allowing users to trade, deposit, and withdraw NFTs that adhere to the Metaplex token standard.
On Tuesday, the FTX US registered branch announced the expanded capability, indicating that the marketplace will provide Ethereum-based tokens shortly. The marketplace is available to both US and non-US clients from various jurisdictions; however, New York residents are ineligible to sign up for the platform. In addition to crypto-assets, customers can buy or sell NFTs using bank transfers, wire transfers, and credit card transactions. Newly issued NFTs on the market are priced in US dollars, Solana (SOL), or Ether (ETH). FTX takes a 2% commission on all NFT sales and does not charge a listing fee.
Distributes or advertises the distribution of royalties
Last month, FTX and its US affiliate also debuted NFT marketplaces with limited functionality. Users could only generate or trade NFTs created with an interface similar to Microsoft Paint. As a result, a flood of hastily thrown-together drawings featuring cartoon fish was shared with the network. Harrison tweeted on Tuesday that the marketplace’s expanded capabilities are presently only available on its platform in the United States. Users must submit identity documents and proof of residency to the exchange to deposit and withdraw from FTX’s NFT platform.
According to the platform, any NFT collection project that “distributes or advertises the distribution of royalties” to NFT holders will be rejected, implying FTX.
The United States is concerned that regulators may classify its NFTs as investment goods. NFTs are becoming more popular, with the Texas Democratic Party announcing a collaboration with marketplace Front Row on Monday to collect funding for progressive political candidates and causes through the selling of NFTs.
According to Front Row co-founder Parker Butterworth, NFTs will become a valuable adjunct to any political fundraising campaign. The opening of our marketplace will provide Democrats across the country a fundraising advantage that their opponents do not have.