FTX NFT Marketplace

FTX, Coinbase to Launch New NFT Marketplace Competing with OpenSea

FTX NFT Marketplace
Cryptocurrency exchange FTX launches an NFT marketplace FTX NFT for American customers, focusing on the Solana NFT projects. FTX NFT will directly compete with OpenSea and Coinbase, which is about to launch an NFT marketplace.

FTX.US’ new NFT marketplace specializes in NFT projects on the Solana blockchain. Popular Solana NFT projects include Aurory and Degenerate Ape Academy.

Moreover, unlike OpenSea, FTX NFT allows customers to pay in credit card, bank transfer. And, NFTs on the FTX NFT platform can be denominated in U.S. dollars. As another advantage, FTX NFT offers a lower fee model. The seller transaction fee is only 2%, which is lower than OpenSea’s 2.5%.

Additionally, to ensure the FTX NFT platform complies with US regulatory compliance standards, FTX NFT requires users to undergo KYC procedures.

Currently, FTX NFT supports Solana-based NFTs. But it plans to be compatible with NFTs on the Ethereum blockchain – which has the largest market share in NFTs – in the next few weeks.

FTX Founder SBF Appoints Alameda New Co-CEOs

Also, FTX NFT will meet Coinbase as its competitor, which plans to launch an NFT marketplace within the year.

As the leading crypto exchange, US-listed Coinbase plans to launch a new NFT marketplace for Ethereum-based NFTs. Coinbase focuses on making NFT transactions easier for mainstream consumers.

In addition, FTX founder Sam Bankman-Fried is stepping back from his quant trading firm Alameda Research. And, Alameda announced the appointment of two co-CEOs: Caroline Ellison and Sam Trabucco. Thereby, SBF can devote 100% of its time and energy to run crypto exchange FTX.

As a crypto trading giant, Alameda recorded a huge profit of 1 billion U.S. dollars in 2021.

Nothing much will change at Alameda now that he and Ellison are formally in control, Trabucco said. The firm, which trades billions of dollars in crypto markets daily, will still focus on generating large returns.

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