The FTX exchange launches an NFT marketplace for its US customers that is designed to capitalize on the sector’s parabolic growth in the past year as we are reading more in our latest cryptocurrency news today.
After witnessing the parabolic growth of the NFT ecosystem since a year ago, the popular FTX exchange launches a new NFT marketplace and was announced it just a day ago. Exclusive for the United States-based customers, the platform will enable users to buy, sell and mint NFTs that are all traded cross-chain across Solana and Ethereum blockchains. Deposits and withdrawals are also expected to be launched in the upcoming weeks, opening up the capabilities of depositing external NFTs on the platform.
In a public display of the new features, the exchange launched a word-art image which read “Test.” the image has a current bid of $1000 and the remaining time of 19 hours. In an interview with CNBC Street Signs Asia, FTX founder Sam Bankman Fried expressed caution over the huge growth of the NFT space and suggested that investors could become susceptible to vulnerability in a dynamic market if not well educated on the potential risks:
“It could lead to just incredibly fast and giant adoption. It could also lead, frankly, to sort of a sour taste in people’s mouth if there’s a crash, and no one ever quite figured out what it was.”
FTX is not the only exchange that entered into the NFT space during 2021. Direct competitor Binance launched its own NFT marketplace with a special 100 creators project in collaboration with the likes of football players Michael Owen and Alphonso Davies as well as songwriter Lewis Capaldi and Trevor Jones. Crypto spot and derivatives exchange OKEx launched an NFT hub recently allowing users to mint, sell, and buy their NFT assets within the exchanges’ native ecosystem. OpenSea became the first NFT marketplace to surpass $1 million in trading volume per month. As per the data from DappRadar, teh platform recorded a massive $4 billion in sales volume over the past 30 days. In the meantime, Axie Infinity and CryptoPunks were obliterated with $790 million and $583 million respectively. Dune Analytics reported that total sales volume for NFTs increased to $2.5 billion across the first half of 2021.
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