What is FTX: It is a US-regulated cryptocurrency exchange that is now making a marketplace for its users to trade digital collectables on the Solana blockchain
The exchange will allow users to trade, mint, auction and authenticate Solana based NFTs. It also plans to support Ethereum NFTs soon.
Why Solana? FTX founder Bankman-Fried claims one of the reasons influencing their decisions was the low gas and high speed of transactions in the Solana ecosystem. Solanart and Solsea, which are currently the largest marketplaces on Solana both charge a 3% commission. FTX plans to charge 2%.
“With the launch of this platform, we hope to provide both US and global users with a regulated marketplace that is intuitive and responsive to their needs,” said FTX.US president Brett Harrison in a statement.
FTX is different from other NFT marketplaces such as OpenSea in one stark way - Identity. It is open only to users with an FTX account linked to their real-world identity, meaning here you won't be able to log in using an anonymous crypto wallet address.
FTX.US’s marketplace will let the users buy and sell NFTs at fixed prices and will also have an auction system that is similar to how OpenSea works. Users can add funds into their accounts with bank transfers, credit card payments or crypto transactions. NFTs can be purchased in US dollars, Solana (SOL) or ether (ETH).