FTX Follows Binance and Gemini in Launching NFT Marketplace

The move has significant implications due to the strong foundation the company has in the crypto landscape.

By
John Tunney
on
June 4, 2021
Category:
Blockchain News

FTX to NFT

On June 3rd, the decentralized finance exchange (DEX) FTX announced they were launching their own NFT platform. FTX is a massive crypto exchange platform that was, as FTX likes to say, built by traders for traders.  It provides the power to back institutional traders as well as being helpful enough for first time users. 

The massive DEX is just one of the many crypto exchange platforms that have entered the NFT marketspace, and comes hot on the heels of Binance and Gemini launching their own NFT exchanges. Binance just a few days ago announced the Binance NFT marketplace’s launch date as well as their partnerships with huge influencers.

Source

What is interesting about FTX’s upcoming NFT exchange is that some of the NFTs on the FTX NFT exchange are actually linked to real world objects. An example is an NFT FTX-branded condom, which once purchased should be redeemable for a real FTX themed condom one could use. 

Double the Power

Another interesting aspect of FTX’s upcoming NFT marketplace is that the exchange looks to be run on both the Ethereum and Solana blockchain. Ethereum is the go to for NFTs, as most NFTs are minted, bought, sold, traded, and exchanged on the Ethereum network. Solana is Ethereum’s smaller counterpart, but FTX CEO Sam Bankman-fried has expressed a strong interest in the network. He is one of the founders of Serum, a DEX with an onchain orderbook, which displays the powerful capabilities of the network.

A currently listed item on FTX’s NFT marketplace. 

The use of both protocols could work incredibly well together, depending on what the blockchain allows and how FTX uses them. The addition of an NFT marketplace only shows FTX has no intention of slowing down. 


Significance

With another massive crypto exchange jumping into the NFT space, it goes to show that NFTs are where things are going. FTX is the latest exchange to make their way into the NFT marketplace, which shows tremendous potential for the assets. With more platforms opening exchanges for the masses, it should only increase further exposure of NFTs to the investor world. With NFTs gaining more attention and further outlets to reach investors, it’ll be very exciting to see how graphic designers and artists take advantage! 

About FTX

FTX is a trader-first exchange that offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. FTX strives to develop a platform robust enough for professional trading firms while at the same time being intuitive enough for first-time users.

About NFTs

An NFT is a digital asset which represents real-world objects like art, music, in-game items and videos. They are bought, sold and traded online, typically with cryptocurrency. NFTs have gained notoriety because they are becoming an increasingly popular way to buy and sell digital artwork. NFTs are also generally one of a kind, or at least one of a very limited run, and have unique identifying codes. 

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John Tunney

John Tunney is an accomplished analyst and crypto enthusiast. The UCLA alum has been actively reporting and blogging for 3 years, and has a passion for all things finance.

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