FTX launches NFT platform for US customers

Popular cryptocurrency exchange FTX has launched a marketplace for non-exchangeable tokens (NFTs

) for customers living in the United States. Sponsored

FTX CEO Sam Bankman-Fried tweeted a link on Monday that simply read, “Create your own NFT.” In doing so, he announced the launch of a native NFT platform from FTX. The platform is only available to customers in the United States for now and is designed to allow them to issue, buy and sell their own NFTs. Each NFT will be traded between the Ethereum and Solana chains. Additional features such as deposits and withdrawals are expected to be made available soon. These will allow users to deposit external NFTs on FTX. This is particularly interesting because users from other peer-to-peer marketplaces, such as OpenSea

and Solanart, will now be able to use their NFTs on FTX U.S

. The current FTX U.S. site has also added functionality to test the NFT platform. Currently, the Bankman-Frieda test NFT is up for auction, as well as several others. At the time of this writing, there are 14 hours left in the auction, and the current bid for this non-exchangeable token

is over $2.3 million. The Sponsored

Ad has not gone unnoticed, and the NFT U.S. has already had to add a one-time fee to combat spam. According to Bankman-Fried

:

Due to the huge number of submissions, too many of which were simply a fish out of water, we are now charging a one-time $500 fee for NFT submissions.

After a fair amount of commentary and mockery of the move, Bankman-Fried explained that “we’ll probably make it cheaper by working on a pricing system that will reduce spam.”

Just a few minutes ago, he was able to do just that. Bankman-Fried wrote on Twitter.

It now costs $10 per NFT to knock them out, with no upfront costs. We are refunding all $500 paid.

In addition to the new one-time fee, FTX charges 5% to buyers and sellers for each transaction.

It’s not just FTX. Cryptocurrency exchanges are moving towards NFT

FTX is not alone in chasing the exploding NFT market. Many competitors in the cryptocurrency exchange world have also launched NFT markets, namely Binance. The world’s most popular cryptocurrency exchange has announced its own NFT marketplace</

a> in June. It collaborates with athletes, artists, musicians and more. Even YouTuberKrzysztof Gonciarz and football team Legia Warsaw joined the collaboration with the Polish version of the exchange. The Binance marketplace supports both ETH and BSC. This allows creators and traders to freely buy and sell digital assets and collectibles.

Binance has divided its NFT space into two separate sites. One features high-end artwork or music from well-known creators. 90% of the proceeds from these sales go directly to the artist. Additionally, the standard Binance NFT trading marketplace will allow users to create and submit custom NFTs. Creators will pay a 1% processing fee, but will consistently earn a 1% royalty from any future proceeds.

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