US FTX exchange users can now mint and trade NFT from the platform
US FTX exchange users can now mint and trade NFT from the platform By Hannah Perez

The Sam Bankman-Fried-led exchange is expanding into the collectible asset space. They launched a first test NFT to get the word out about the new market.

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Amid the boom in non fungible tokens

(NFTs) this year, cryptocurrency exchange FTX has just become the latest platform to launch a marketplace for trading digital collectibles.

Exclusive to US-based customers, the platform will allow users to mint, buy and sell NFT, directly from the exchange. FTX CEO Sam Bankman-Fried announced the debut of the new functionality this Monday via his Twitter account. “Make your own NFTs

,” he wrote, sharing the link to FTX’s new marketplace.

Bankman-Fried noted that all collectible assets minted and traded on the exchange will be cross-chain, across the Ethereum and Solana

blockchains.

Currently, you can only store and view these NFTs within the exchange, but the FTX marketplace will expand to support deposits and withdrawals in a few weeks, the CEO previewed. This means that users will be able to deposit external NFTs on the platform.

FTX expands to NFT

As a test for its new marketplace, the exchange launched a Word-Art style image this Monday as NFT that simply says “TEST

“. The image currently has a bid of USD $2,000 and a time remaining of 16 hours.

US FTX exchange users can now mint and trade NFT from the platformUS FTX exchange users can now mint and trade NFT from the platform

FTX had already previewed its plans to expand into the digital collectibles space. In early August, the cryptocurrency exchange announced a partnership with Dolphin Entertainment

to launch a new platform for NFT trading.

Sam Bankman-Fried had also shared his thoughts on the rapid growth of this industry. He makes

A few weeks ago, in an interview with CNBC’s Street Signs Asia, the CEO and founder of FTX suggested that investors could be at risk if they were not sufficiently informed when interacting with such a dynamic market.

It could lead to incredibly rapid and gigantic adoption. It could also lead to, frankly, sort of a sour taste in people’s mouths if there’s a crash, and nobody ever realized what it was.

FTX is not the only exchange cryptocurrency exchange branching out into this space during 2021. While the OpenSea platform has been dominating in terms of trading volume in the growing NFT space, several exchanges have recently opted to launch marketplaces for trading collectibles.

Binance launched its own NFT marketplace in June with a special project in collaboration with football players such as Michael Owen and Alphonso Davies. More recently, OKEx also expanded to allow NFT. Currently that platform only allows its users to import NFT based on the native blockchain, OKExChain, but plans to add support for Ethereum soon.

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Sources: Twitter, FTX, Cointelegraph, The Block, archive.

Version by Hannah Estefania Perez / DiarioBitcoin

Image from Unsplash