FTX launched Solana NFT market for all of the US-based clients as we can see from the tweet posted today by the exchange. In today’s altcoin news, we are reading more about it.

The Solana NFT marketplace has been launched officially as per the latest tweet from the FTX exchange so any NFT piece of collection on the new platform has to first be on the Solana blockchain but there are plans to support ETH-based tokens that are the industry standard. The FTX.US American affiliate of the exchange will allow users to mint, hold, and trade NFTs on the marketplace which is integrated into the FTX platform.

The marketplace will take a 2% fee from the buyers and sellers from each sale or trade along with a $1 fee to mint the NFTs. All tokens on the platform will use the Metaplex Solana protocol which means that it will be unlikely to be compatible with other leading marketplaces unless they get integrated with the technology. Due to the regulations, FTX has a stringent KYC requirement for NFT trading that is not required at other marketplaces like OpenSea. This could possibly deter the artists that want to remain anonymous while promoting their work.

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fTX does support bank transfers and credit card purchases for NFTs with the newly minted tokens being listed in USD, SOL, and ETH. FTX launched Solana NFT marketplace and now founder of the platform Sam Bankman Fried didn’t elaborate on why the system was based on the Solana network. Brett Harrison who is the president of FTX.US Said:

“We decided to create an NFT marketplace on FTX US after becoming immersed ourselves in the NFT ecosystem. The NFT ecosystem has started to infiltrate pop culture, but has been lacking a platform that provides easy access and exposure to the mainstream audience.”

Harrison stated that around 40 of 70 of the verified collections are visible. Solana’s SOL token has been on fire this year and drove the momentum from the FTX exchange that was marketed in the US. SOL slipped slightly today but retreated 5.5% over the past day. SOL is also changing hands for $143 which is down 14.5% over the past week. The token slid 33% from its ATH of $213 but made almost 300% since the start of August. FTT token on the other hand dropped 2% on the day to trade at $53 but then dropped by 37% from its ATH of $84.

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Source: https://www.dcforecasts.com/altcoin-news/ftx-launched-solana-nft-market-for-united-states-based-clients/