September 22, 2021

FTX Rolls Out Exclusive NFT Marketplace  

With an evident aim of capitalizing on the cataclysmic growth of the emerging NFT sector, leading crypto exchange, has rolled out an NFT marketplace. In view of this, FTX joins a horde of crypto exchanges- including OKex- with marketplaces dedicated to the minting and trading of digital collectibles. However, FTX’s newly launched NFT marketplace is exclusively for the US market. 

The NFT marketplace is custodial and according to FTX, will allow US users to mint, buy and sell non-fungible tokens and other collectibles within the same category. Interestingly, it will be a cross-chain marketplace, thereby enabling transfer of NFTs across Ethereum and Solana blockchains. Other features of the novel marketplace include depositing, withdrawing and transferring non-fungible tokens from external sources, but these are yet to be launched. 

FTX Mints Word-Art NFT, To Auction on New Marketplace

In a bid to pilot the new marketplace, FTX minted a word-art NFT has the inscription ‘Test’ written on it. As of press time, 23 bids have been made for the NFT with the highest being $2,100 and an auction duration of 15 hours. 

Meanwhile, FTX founder Sam Bankman-Fried, fondly known as Alameda, the name of his research and development firm, highlighted the negative implications of the sudden growth in the NFT space in two weeks in an interview with CNBC. He noted that investors could be exploited if they are not informed of the likely risks. 

OKex Unveils Custodial NFT Marketplace 

This year has witnessed the emergence of new NFT marketplaces including those from crypto exchanges such as Binance and OKex. Back in June, Binance launched both a custodial and non-custodial NFT marketplaces. It commemorated both launches with a creators’ campaign featuring 100 artists and creators from all over the world including Africa. Its non-custodial marketplace can be accessed through a decentralized application browser like Trust Wallet and Metamask. 

Crypto and derivatives exchange OKex joined the bandwagon last week with a marketplace that enables users to mint and trade collectibles within the platform. Ziliqa has also revealed plans to roll out a marketplace powered by the blockchain.

Until recently, the Ethereum blockchain used to be the most used technology for NFT creation via its ERC721 and 1155 standard for single and collection NFTs, respectively. Lately, we have witnessed the demand for NFTs on the Solana blockchain, which affected the price of the asset as it reached $150 for the first time last week. 

Cardano is also preparing itself for NFT creation capability with the proposed launch of its smart contract feature entitled Alonzo. Alonzo will also introduce DeFi functionality to the largest proof-of-stake blockchain. The latest developments on Solana and Cardano makes the ‘Ethereum Killer’ ring true as both blockchains try to catch up with Ethereum in terms enabling various DeFi activities.