FTX has decided to launch a Native NFT marketplace owned by FTX. The goal behind this is to capitalize on the market’s popularity. Over the past couple of months, the nonfungible token (NFT) ecosystem has caught the world’s attention and it has spread rampantly across the globe. After witnessing the parabolic growth, FTX has shown interest to launch its NFT market. FTX is the latest addition to the list of crypto exchanges that decided to lunch their NFT marketplace.
The current offer is only for U.S customers. FTX will allow users to mine, buy and sell all sorts of NFT tokens across the Ethereum and Solana blockchains. The platform would soon include the deposits and withdrawal options as well. The platform will also have the capability to accept the external NFTs onto it.
In an interview with CNBC Asia, FTX founder and CEO Sam Bankman-Fried said that he has some reservations and second thoughts about the rampant popularity and growth of the NFT marketplace and NFT tokens. He further said that the overwhelming popularity of the nonfungible tokens has clouded the level of vulnerability attached to the NFT marketplace. With the proper guidance and education, investors are vulnerable to the risk factor of this dynamic market. “NFT has the potential of incredibly fast gain. But I could also lead to the bitter end.”
As of this writing, FTX is not the only crypto exchange looking forward to launching its NFT marketplace. Binance, a direct competitor to FTX has also launched its NFT marketplace back in the month of June in collaboration with football players such as Michael Own and Alphonso Davies. Moreover, Lewis Capaldi, a songwriter and Artist Trevor Jones also joined hands with Binance to launch its NFT marketplace.
Another famous name launched it owns NFT hub is OKEx. OKEx is a crypto spot and derivatives exchange, OKEx also allowed users to mint, and trade their NFT tokens via the company’s original exchange. There have been multiple NFT markets that have surpassed $1 billion monthly trade volume. OpenSea is the first NFT marketplace that surpassed $1 billion monthly trade volume.
Moreover, the data shared by DappRadar, showed that the platform’s sales volume for the past 30 days has crossed the $4 billion mark. However, its closest competitors, Axie Infinity and CryptoPunks touched the $790 million and $583million mark, respectively.
In the crypto world, some of the leading crypto exchanges and companies are moving into the NFT marketplace. For the first quarter of financial year 20201, the NFT’s total sales volume touched the $2.5 billion mark. For the first half of 2020 NFts sales volume was S13.7 million. This massive gap points out the newest market trend within the crypto world.