FTX Marketplace to Support Famous Solana NFT Projects

2 mins
2 October 2021, 11:26 GMT+0000
Updated by Kyle Baird
3 October 2021, 15:19 GMT+0000
In Brief
  • Bahamas-based FTX exchange announces plans to support Solana NFTs in its cross-chain marketplace
  • Deposits and withdrawals will be possible on the FTX.US domain
  • Metaplex has helped to fuel NFT surge on Solana
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Leading crypto derivatives exchange FTX tweets about plans to support famous Solana NFT projects, such as Degen Ape Academy, Aurory, Thugbirdz, and Solana Monkey Business.

FTX recently announced via a cryptic tweet, that it is now supporting an array of Solana NFT projects on its cross-chain NFT marketplace, including Degen Ape Academy, a collection of different cartoon apes, and the newly released Galactic Geckos. FTX announced the new NFT exchange earlier this year, called SOLSEA. FTX is choosing to support NFT projects based on market cap, floor price, and volume. Support for Opensea NFT collections such as Art Blocks and Bored Yacht Ape Club are also expected to be supported soon. The Bored Ape Yacht Club is a collection of over 10000 ape avatars, hosted on the Ethereum blockchain, built on top of the ERC-721 Token Standard. 

Buying and selling on FTX NFT platform

FTX announced the new NFT marketplace earlier this year, called SOLSEA. Users will be able to register on the FTX.US domain, according to FTX.US president Brett Harrison. Deposits and withdrawals, which will only be available on the FTX.US domain, will allow users to deposit external NFTs from peer-to-peer platforms like Opensea or Solanart onto the FTX marketplace. It is expected, although not made official, that fiat deposits, ETH, and SOL can also be used for buying and selling NFTs on the FTX marketplace.  A fee is charged upfront to mint an NFT to combat spurious submissions, and FTX charges the buyer and seller 5% apiece for each sale.

Solana continues to grow in popularity

NFTs are essentially digital certificates of authenticity, powered by the blockchain. Solana has exploded in popularity in recent months. Solana is a smart contract-based blockchain, whose transaction throughput is superior to that of Ethereum, and whose transaction fees are cheaper than Ethereum. Many bizarre NFTs, low minting fees, and affordable entry have attracted enthusiasts to the Solana ecosystem. Metaplex, a decentralized protocol paired with an open-source web framework, has partnered with Solana to enable NFT creators to create their own NFT storefronts, which in part has fuelled the growth of NFTs on Solana.

A company called Star Atlas, a next-gen metaverse gaming company has launched augmented reality NFTs on the Solana network, which allows digital collectibles to be visualized as a part of the physical world. 

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BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.