FTX Launches Unique NFT Platform for Users

Bob Coiney

September 6, 2021

In the last 24hours, the NFT marketplace at OpenSea has been on a rough tear. Etherscan block explorers confirm that the primary smart contract of OpenSea has consumed more gas than any other on Ethereum.

As it stands, some strange things are going on in OpenSea, and it’s leaving many people in panic. It appears that Ethereum wallets are canceling orders at an alarming rate on the NFT marketplace, and this has affected more than a quarter of the last 1000 transactions. This has affected the OpenSea contract.

The suggested possible explanation for the recent cancellations can be traced to bots.

The NFT marketplace users are left confused about what is happening and in dire need of an explanation of their fate. Opensea is getting lower prices as the Bots beat them down and cancel bids once accepted before execution.

Amid the panic, FTX presents itself as a way out for Opensea users.

FTX is a marketplace launched for trading non-fungible tokens (NFTs). Several NFTs are already listed on the FXT market, hosted on the FTX exchange and the FTX.US exchange websites.

One of the NFTs on the new FTX marketplace is “SBF Lunch,” which is redeemable for an in-person lunch or 30-minute Zoom call with FTX CEO Sam Bankman-Fried. The highest bid for the NFT at the time of writing was $100,000. 

Other NFTs available on the marketplace include FTX and FTX.US branded caps, hoodies, t-shirts, and socks. Several third parties have also listed NFTs.

These tokens appear to be based on Solana and Ethereum. Block explorers for both platforms are available to view on the platform.

Users of the marketplace will be able to buy, sell, and hold NFTs. They will also “soon” be able to withdraw the tokens to their wallets, according to a statement on FTX’s website. FTX will charge a 5% fee to both buyers and sellers of NFTs.

FTX is the latest crypto exchange to enter the NFTs space. In April, crypto exchange Binance said it would launch an NFT marketplace in June. Recently, Binance-owned Indian crypto exchange WazirX and South Korea’s Korbit crypto exchange also launched NFT platforms.

FXT announced that it’s the platform will be open to US and Non – US users. An additional perk is that it will be a cross-chain between Ethereum and Solana blockchain. 

In recent weeks, however, the NFT activity has declined. Weekly NFT trading volumes, weekly users, as well as transactions of NFT platforms are all down, according to The Block Research. The latest announcement from FXT promises to be a major boost for the NFT ecosystem.