FTX Launches NFT Platform for US-Based Clients

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In Brief
  • FTX has announced a new NFT platform that will allow users to mint, sell and trade non-fungible tokens.

  • CEO of FTX Sam Bankman-Fried announced the launch on his twitter by posting his first test NFT which is up for auction.

  • The NFT platform will soon allow for trading NFTs with outside sources like OpenSea.

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Popular cryptocurrency exchange FTX has launched a non-fungible (NFT) marketplace for customers living in the United States. 

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FTX CEO Sam Bankman-Fried Tweeted on Monday a link that simply read, “Make your own NFTs,” thus, announcing the launch of FTX’s native NFT platform. The platform is exclusive to customers in the United States for the time being and was designed to allow them to mint, buy and sell custom NFTs. Each NFT will be traded cross-chain across Ethereum and Solana. Additional features such as deposits and withdrawals are expected to be available soon, which will allow users to deposit external NFTs onto FTX. This is particularly interesting as users from other peer-to-peer marketplaces like OpenSea or Solanart will now be able to enjoy their NFTs on FTX U.S. 

The current FTX U.S. website has also added a testing feature for the NFT platform. Currently, Bankman-Fried’s Test NFT is listed for sale amount a few others. With 14 hours left on the test auction, the current bid for Bankman-Fried’s test post is more than $2.3 million. 

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The announcement did not go off without a hitch, and NFT U.S. has already had to add a one-time fee to combat spam. According to Bankman-Fried “Due to the massive number of submissions, too many of which were just a picture of a fish, we are now charging a one-time $500 fee to submit NFTs.” After a fair amount of pushback and ridicule in response to this, Bankman-Fried clarified that “we’ll probably make this cheaper, working on a pricing system that reduces spam.” And, just a few minutes ago, he did. “Now, it costs a flat $10 per NFT to mint them, no up-front cost. We’re refunding all the $500’s paid,” Bankman-Fried tweeted.

On top of the new one-time fee, FTX charges 5% to the buyers and sellers for each sale.

Crypto Exchanges moving toward NFTs

FTX is not alone in its pursuit of the explosive NFT market. A number of competitors in the cryptocurrency exchange world have also launched NFT marketplaces, namely Binance. The world’s most popular crypto exchange announced its own NFT marketplace back in June with collaborations with athletes, artists, musicians, and others. The Binance marketplace supports both ETH and BSC in order to allow creators and traders a place to freely buy and sell digital assets and collectibles. 

Binance has split its NFT space into two separate sides, one featuring high-end artwork or music from famous creators. 90% of the proceeds from these sales go directly to the artist. Additionally, the Binance NFT standard trading market will allow users to create and submit custom NFTs for sale. A processing fee of 1% will be paid by creators, but they will continuously earn 1% royalty from any future proceeds.

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Matthew De Saro is a journalist and media personality specializing in sports, gambling, and statistics. Before joining BeInCrypto, his work was featured on Fansided, Forbes, and OutKick. With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news.

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