According to a tweet on the FTX exchange on October 12, the Solana NFT market has been officially launched. All NFT works or collectibles on the new platform must be on the Solana blockchain; however, there are also plans to support Ethereum-based tokens, which are an industry standard.
The North American FTX.US branch of the popular exchange will enable users to mint, hold, verify and trade NFTs in the market that is integrated with FTX’s platform.
The market charges both buyers and sellers a 2% fee for each sale or transaction and a $1 fee for minting or listing NFTs.
Metaplex NFT Only
All tokens on the platform will be using the Metaplex Solana protocol, which means that without the integration of the technology, they are unlikely to be compatible with other leading markets.
Due to US regulations, FTX also has strict KYC requirements for NFT transactions, while other markets like OpenSea do not. This can put off artists who wish to remain anonymous when promoting their work.
FTX supports bank transfers and credit card purchases from NFTs, and the newly minted tokens can be used for listing in US dollars, SOL, or ETH.
Sam Bankman-Fried, the founder of FTX and Solana, did not explain why the system is entirely Solana-based. However, Brett Harrison, President of FTX.US gave his comment on the issue:
“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 about 40 of his 70 verified collections are currently visible.
SOL, FTT Prices Slide
Solana’s native SOL token was on fire this year thanks to the momentum of the FTX exchange, which was actively marketed in the US.
However, according to data from CoinGecko, SOL is down today and down 5.5% in the past 24 hours. SOL is currently exchanging at $143, down 14.5% over the past week.
The token is down 33% from its all-time high of $213 on September 9 but has risen nearly 300% since early August.