FTX and NFT

Sam Bankman-Fried has plans for the Solana ecosystem

Dec. 23 By Ryisan C.

The Solana NFT marketplace has just begun taking strides towards its already fleshed out Ethereum counterpart.With multiple projects on the horizon and some in the past you can tell that there is no stopping the market though there is indeed a visible change in how the projects are managed and what benefits they have for purchasers.

Companies such as Coinbase are in the process of beginning their NFT implementation,you can still sign up for the waitlist on Coinbase at the time of this writing, but before all of those companies there was Sam Bankman-Fried and FTX. FTX came out with their NFT implementation this past October and made the entire process more accessible to the masses.

NFT on FTX

FTX has no listing fees and users have the ability to use their bank account to fund their wallet directly. There have been multiple efforts made by FTX to make trading NFTs more accessible and safer on their platform, though NFTs that offer owners a percentage of profits are not allowed on the platform.

Lately there has been a large effort to further push the NFT platform on FTX with partnerships and even a creation of their own NFT collection with Stephen Curry -The 2974 Collection, which is a hybrid image/video NFT that highlights each 3-pointer made by the outstanding basketball star. This collection currently has a floor price equaling $890 USD (4.71 SOL) and a $2.83 Million USD (15002.91 SOL) volume traded amount.

There is also the further push of NFT on the official FTX NFT US page that has over 11K followers at the time of this writing. On the twitter you can also find giveaways of Solana NFT that show a dedication to building the FTX NFT space.All of these efforts and offers show a true dedication to building the NFT space and that FTX and SBF are completely commited to being the best platform for NFT trade.

Sam enjoying all of the projects on his platform

Clean and Efficient

Upon looking on the platform a user is greeted with a very simple yet eye-catching interface. Navigation is quite easy and clear with each collection represented by an image of one of the assets. You can search via the Solana, Ethereum , and FTX chains for your NFT( I am sure you can guess which chain I searched on). Prices are shown in your normal fiat currency and not the currency of the blockchain for clairty and other stats such as open auctions, no. of items, and volume traded are made clear as well. There has been much attention paid to each collection with logos, websites, twitter and other important information displayed for the user as well. The experience is quite clean and efficient.

Very clean UI

Keep in mind trading of assets on centralized exchanges will not be the same as on decentralized marketplaces like magiceden. Exchanges such as FTX and Coinbase have the benefit of being able to reach larger audiences in more demographics as well as have the ability to pick out the best projects for their platforms thus tightening in the conrol of liquidity. The main issue of working on a centralized platform is the regulations of the US government. With the recent restrictions and rules placed on crypto and NFT trading working on a centralized platform could very well cut into profits being made on those respective platforms.

Either avenue you decide to go NFTs are here to stay and many platforms will have the opportunity to become the main market for NFT trade and collection, there are already many market platforms on the internet such as OpenSea,Digitaleyes, Solsea, Solanart,MagicEden and more but implementation on portable devices such as a mobile phone or pad is sparse at best. FTX has opened up the NFT market to more users with their efforts and the future is bright for artists, collectors, and traders.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Solanews

Solanews

Bringing you the very best in news on Solana and the Solana Blockchain