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FTX’s U.S. arm has launched an NFT marketplace on Solana. Solana NFTs deposited on FTX US must list in SOL, whereas NFTs minted on FTX US can be listed in SOL, ETH, or even USD via bank ACH or credit card.
FTX US, Solana Continue Growth
FTX’s U.S. arm has launched an NFT marketplace on Solana.
Solana NFTs deposited to FTX US must be listed in SOL, whereas NFTs minted on FTX US can be listed in SOL, ETH, or even USD via bank ACH or credit card. FTX US will take a 2% fee on NFTs, as compared to the 2.5% fee on OpenSea.
Since FTX US is a centralized, regulated exchange, NFT projects must abide by FTX US terms and conditions. Once users deposit Solana NFTs, they will either be automatically accepted or rejected. Otherwise, they will go up for review by FTX US’s internal review team. Moreover, customers will have to pass either KYC level 1 or KYC level 2, depending on the dollar value of the withdrawal.
While NFT creators will still be allowed to collect royalty fees, NFT holders cannot receive royalties. Additionally, creator royalties will be capped at 40%. By comparison, OpenSea’s cap comes in at only 10%. As of now, one still cannot set a royalty at the time of minting NFTs on FTX US, though FTX US claims that is coming soon.
While most NFTs still exist on Ethereum, Solana’s lower fees and faster transactions could promote a thriving NFT ecosystem. There are already roughly three-quarters of a billion dollars worth of Solana NFTs in existence.
FTX is one of the biggest cryptocurrency exchanges, and it has recently raised $900 million at an $18 billion valuation. It first set up an NFT marketplace in June. As with its trading platform, FTX has a separate NFT marketplace for U.S. citizens.
(Disclaimer: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies.)