FTX US Debuts Solana-Based NFT Market, Royalty Features to Come

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In Brief
  • FTX US has officially launched its Solana-based NFT market.

  • The platform will allow users to mint, hold and trade NFTs via SOL.

  • The price of Solana is down almost 4.5% despite the launch.

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The popular exchange announced that its non-fungible token (NFT) market will allow users to mint and trade Solana NFTs. The news came from a Tweet by FTX that read, “The Solana NFT Marketplace is live on @ftx_us.” 

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As of now, NFTs deposited to the new FTX US market must be listed in Solana (SOL). If the NFTs are minted on FTX US, they can also be listed in ETH and USD via ACH payment or credit cards. The platform takes a 2% fee from both the buyer and seller for each sale or trade along with a $1 fee to mint or to list your own NFT art. 

Despite the big announcement, the price of Solana is currently down around 4.20% over the last 24-hours to $143.88. 

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NFT sector ‘infiltrating pop culture’

President of FTX US Brett Harrison said in a statement that “the NFT ecosystem has started to infiltrate pop culture, but has been lacking a platform that provides easy access and exposure to the mainstream audience. With the FTX NFT Platform, we have the ability to provide simpler, safer, and easier tools to remove the barriers to entry for that audience to enter the NFT space.”

In a series of tweets about the launch, Harrison clarified a few looming questions about the platform. He stated that if users currently have NFTs from collections that are not verified by FTX, they can still be deposited and will be reviewed and verified. 

Harrison added that, unlike NFT creators, NFT holders will be unable to receive any royalties from their digital purchases. “For regulatory reasons, we are unable to list projects that distribute royalties to token holders,” he stated. Harrison did add that if holders have a project like that, they can reach out to try and work out an alternative solution.

For creators that are qualified to collect royalty fees, a cap of 40% will be imposed. The royalty feature is not yet available at this time, but the exchange claims that it’s coming soon.

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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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