While the majority of NFT trading volume happens on the OpenSea marketplace, crypto exchanges are starting to realise they can directly offer a similar service to their millions of users.
FTX is one such exchange, with a rudimental marketplace that is getting ready to open up more broadly. FTX CEO Sam Bankman-Fried tweeted today that its latest evolution is to offer the ability to mint NFTs directly on the exchange.
This means that FTX users can create their own artworks and mint them as NFTs on the exchange, to be sold within its marketplace. This includes U.S. users, via FTX.US.
Bankman-Fried noted that all the NFTs will be cross-chain, across the Ethereum and Solana blockchains.
Currently you can only store and view these NFTs within the exchange. But FTX's marketplace will be expanding to support deposits and withdrawals within a few weeks. This will allow users to sell mainstream NFT projects on the exchange.
Buying and selling NFTs doesn't come cheap though. FTX charges 5% to the buyer and to the seller per sale — a 10% fee in total.
Crypto exchanges Binance and OKEx also offer NFT marketplaces. While OKEx only lets you import OKExChain-based NFTs for now, it plans to add support for Ethereum soon.
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Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.