FTX.US announced the expansion of its NFT marketplace in support of the Solana blockchain and also Ethereum-based tokens in the near future. This has enabled users to trade, deposit and withdraw NFTs that conform to the Metaplex token standard. The marketplace is open to both U.S. and non-U.S. customers from a long list of jurisdictions, however, New York residents are unable to sign up for the platform.
FTX.US President Brett Harrison said in a statement;
“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.”
He added that “This should give simpler, safer and easier tools for mainstream users to trade NFTs through its marketplace.”
Certainly, this is great news for US-based users. Perhaps FTX will bring these offerings to other regions eventually. Initially, when FTX.US made its debut, users could only trade NFTs minted from an interface close to Microsoft Paint.
Investments in NFTs
Another key point to consider when it comes to the FTX.US Solana NFT marketplace is the variety of ways tokens can be paid for. While cryptocurrencies seem like the fastest way of funding NFT purchases, many people are yet to embrace these digital currencies. Meanwhile, in some regions of the world increasing government pressure is making such transactions less appealing.
Whether FTX.US had that in mind when deciding on approved payment options isn’t clear. Nevertheless, users can fund accounts with direct bank transfers of traditional currency, credit card payments, or crypto transactions. US Dollars, Solana (SOL), and Ether (ETH) are all accepted.
The platform also outlines that any NFT project of collection that “distributes or advertises the distribution of royalties” to NFT holders will be rejected, suggesting FTX.US is wary of regulators classifying its NFTs as investment products.
Co-Founder of Front Row Parker Butterworth;
“NFTs will become a powerful addition to any political fundraising effort, and launching our Marketplace will give Democrats across the country a fundraising advantage that its counterparts do not have.”
NFTS moves are unarguably evident in various functions, with consistent introduction and exploration in various sectors. These implementations can adversely sprout the growth rate of technology.