FTX.US Expands NFT Marketplace to Support Solana Tokens

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FTX.US’s NFT Marketplace has expanded its support for the Solana blockchain, enabling users to trade, deposit and withdraw non-brake items that comply with the Metaplex token standard.

The US-registered FTX branch announced the expanded functionality on October 11, revealing that the market also plans to support Ethereum-based tokens in the near future. The market is open to both US and non-US customers from a long list of jurisdictions, but New Yorkers are unable to sign up for the platform.

Brett Harrison, president of FTX.US, said the company is looking to provide “simpler, safer, and easier tools” for regular users to trade NFT across its marketplace, adding:

“The NFT ecosystem is starting to infiltrate pop culture, but it lacks a platform that provides easy access and exposure to a regular audience.”

In addition to supporting crypto assets, users can buy or bid on NFTs via bank transfers, wire transfers, and credit card transactions. The prices of newly minted NFTs in the market are listed in US dollars, Solana (SOL) or Ether (ETH).

FTX charges a 2% fee on all NFT sales, and does not charge a listing fee.

Both FTX and the company’s US subsidiary initially launched NFT Markets with limited functionality last month. Users can only create or trade minted NFTs using an interface reminiscent of Microsoft Paint, resulting in a flood of hastily stacked graphics depicting cartoonish fish uploaded to the platform.

On October 12, Harrison chirp The extended market functionality is only available on its US platform at this point. Users must submit identification documents and proof of residency to the exchange in order to deposit and withdraw from FTX’s NFT platform.

The platform also states that any NFT collection project that “distributes or announces the distribution of royalties” to NFT holders will be rejected, indicating that FTX.US is wary of regulators classifying NFTs as investment products.

Related: Twitter and TikTok Embrace NFTs: Mainstream Adoption Possible?

NFTs are seeing an increasingly mainstream adoption, as the Texas Democratic Party launched a partnership with Marketplace Front Row to raise funds for progressive political candidates and causes through the sale of non-breeding tokens on October 11.

“NFTs will become a powerful addition to any political fundraising effort, and launching our marketplace will give Democrats across the country a fundraising edge that their peers do not,” said Parker Butterworth, co-founder of Front Row.