FTX.US expands NFT marketplace to support Solana tokens

Published at: Oct. 12, 2021

FTX.US’s nonfungible token (NFT) marketplace has expanded support to the Solana blockchain, enabling users to trade, deposit and withdraw NFTs that conform to the Metaplex token standard.

The United States registered branch of FTX announced the expanded functionality on Tuesday, revealing the marketplace also plans to support Ethereum-based tokens in the near future. The marketplace is open to both U.S. and non-U.S. customers from a long list of jurisdictions, however, New York residents are unable to sign up for the platform.

Brett Harrison, president of FTX.US, said that the firm is looking to provide “simpler, safer and easier tools” for mainstream users to trade NFTs via its marketplace, adding:

“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.”

In addition to supporting crypto assets, users can purchase or bid on NFTs via bank transfers, wire transfers and credit card transactions. The pricing for newly minted NFTs on the marketplace is listed in U.S. dollars, Solana (SOL) or Ether (ETH).

FTX charges a 2% fee on all NFT sales and does not charge a listing fee.

Both FTX and the company’s U.S. subsidiary initially launched NFT marketplaces with limited functionality last month. Users could only create or trade NFTs minted using an interface reminiscent of Microsoft Paint, leading to a flood of hastily cobbled together sketches depicting cartoon fish being uploaded to the platform.

On Tuesday, Harrison tweeted that the marketplace’s expanded functionality is only available on its U.S.-based platform at this stage. Users must provide identity documents and proof of residence to the exchange in order to deposit and withdraw from FTX’s NFT platform.

The platform also outlines that any NFT project of collection that “distributes or advertises the distribution of royalties” to NFT holders will be rejected, suggesting FTX.US is wary of regulators classifying its NFTs as investment products.

NFTs are seeing increasingly mainstream adoption, with the Texas Democratic Party launching a partnership with marketplace Front Row to raise funds for progressive political candidates and causes through the sale of NFTs on Monday.

“NFTs will become a powerful addition to any political fundraising effort, and the launch of our marketplace will give Democrats across the country a fundraising advantage that its counterparts do not have,” said Front Row co-founder Parker Butterworth.