FTX Launches Cross-Platform NFT Marketplace

FTX, a spot and cryptocurrency exchange, announced the launch of an NFT marketplace on its trading platform today. According to the information provided by CEO Sam Bankman-Fried, the marketplace will be available both for customers in the U.S. and in other locations. FTX is likely trying to capitalize on the popularity of these instruments, which are moving billions in specialized decentralized exchanges.

FTX Debuts NFT Marketplace

FTX, one of the most successful derivatives exchanges, has announced today the launch of a new NFT marketplace embedded in its trading platform. The announcement was made by the company’s CEO, San Bankman-Fried, who took to Twitter to invite users to make their own NFTs. This means the marketplace also includes a minting tool that will let users create their own NFTs from images and other data.

Bankman-Fried showed a test NFT minted on the platform — an image with the word “test” scribbled on a white background. Bankman-Fried announced that the marketplace will allow deposits and withdrawals in the next couple of weeks following launch. It will also feature cross-platform support, allowing trading of different NFTs minted on the Ethereum and Solana blockchains.

NFT Popularity Growing

FTX is trying to capitalize on the momentum that the NFT market is experiencing right now. Currently, three NFT projects have reached more than $1 billion in sales: CryptoPunks, a collectible series of images, Axie Infinity, an NFT project, and Opensea, an NFT marketplace.

Proof of the NFT mania is that the NFT submitted by Bankman Fried has already received 23 bids, with the highest one offering $2,100 for the “Testing Testing 123 #1” NFT. Since the announcement was made in the morning, hundreds of submissions have already been posted in the marketplace. But some problems have arisen with the platform.

Bankman-Fried noted that due to spammy submission from a user, FTX would implement a one-time $500 fee to submit NFTs to the platform. Some users complained on social media about the amount of money required, stating that minting an NFT on Ethereum decentralized exchanges is cheaper than the proposed sum. After this, he backpedaled and stated this might change in the future, acknowledging FTX is working “on a pricing system that reduces spam.”