Crypto Exchange FTX Joins the NFT Trend, Launches Non-Fungible Token MarketPlace
Popular crypto exchange FTX is diversifying into the non-fungible tokens (NFTs) scene with the rollout of the FTX NFT marketplace.
FTX Presents Unique NFTs
FTX NFT marketplace features unique tokenized assets that customers can bid on. Some of the NFTs are linked to real-world objects and are “redeemable” for their physical equivalents.
For example, one of the NFT tokens called “SBF Lunch” is redeemable for an in-person lunch or 30-minute Zoom conversation with FTX CEO Sam Bankman-Fried. Currently, the highest price for this NFT is $110,000, with the deadline for the bidding scheduled for June 17.
Other notable NFTs on the marketplace include FTX and FTX.US branded caps, hoodies, t-shirts, and socks alongside other NFTs listed by third parties.
The exchange's NFT Platform runs on both the Ethereum and the Solana blockchain. While Ethereum is the blockchain of choice for most NFT marketplaces, Solana recently joined the party.
FTX created a standalone NFT marketplace called FTX US–which is separate from the global FTX marketplace.
NFTs are unique assets that can be bought and sold like most assets, but they have no tangible form or shape of their own. The tokens themselves are a form of certificates authenticating ownership of the virtual assets. NFTs generated a lot of buzz earlier this year, following the sale of some massive tokens, including the widely reported Beeple Artwork, which sold for $69.3 million at Christie's Auction. At the time of the purchase, Beeple's NFT was regarded as the most expensive NFT sale to date and the third biggest sale of any artwork worldwide.
Crypto Exchanges Rolling Out NFT Platforms
FTX isn't the only exchange trying to take advantage of the NFT craze. Several crypto exchanges have either launched or shown interest in establishing their NFTs lately.
Gemini, the crypto exchange founded by the Winklevoss twins, owns the widely popular NFT marketplace Nifty Gateway—which they acquired in 2019. Another exchange entering the NFT sector is Binance. Binance is planning on rolling out its NFT platform in June. The exchange recently disclosed its business development initiative to onboard “100 Creators” to its forthcoming NFT platform. Leading Indian cryptocurrency exchange WazirX is also expecting to launch its NFT marketplace soon. At the same time, South Korean trading platform Korbit has hopped on the train.