FTX Launches Marketplace for Solana NFTs But Ethereum Still Leads

Blockonomi

NFTs are attracting more interest around the world and Ethereum is at the center of the trend.

With the goal of targeting the digital economy and digital transformation, many high-tech companies have taken steps to be part of this new hype.

Following a plan to roll out a marketplace to feature Solana-based NFTss, FTX US announced on Monday that the NFTs marketplace has officially gone live. Its initial aim was to feature leading projects on the Solana platform but the company has recently expanded its focus to Ethereum-based NFTs as its revised plan.

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The main objective of FTX NFTss Marketplace is to offer a comprehensive space for NFs minting and facilitate the sale and release of digital collectibles.

Speaking on the firm’s expectations, President of FTX.US. Brett Harrison highlighted that the platform will be able to give users in the United States and throughout the world a regulated marketplace that is accessible and interactive to their requirements.

According to Harrison, authenticity verification and mainstream adoption are the biggest concerns within the NFTs ecosystem despite the fact that the bridge between the non-fungible token (NFTs) collectible industry and our lives is getting closer.

FTX US addresses these issues by working strategically with Solana creators, making available “a variety of assets including USD, SOL or ETH” and ensuring that all NFTs available are authentic.

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A Wave of NFT Marketplaces

NFTss have been in our lives for a few years but interest in NFs has been growing since the beginning of 2021. The tipping point was OpenSea, the leading NFTss market that has recorded a hundredfold increase in sales in half a year.

Jumping on the NFTs bandwagon, FTX NFTss Marketplace is a prominent competitor of OpenSea, not to mention other big guys such as Rarible, Makersplace, Nifty Gateway, the Wax Atomicmarket, Aavegotchi, Foundation, Superrare.co, Hic et nunc, and many more.

NFTs have strongly emerged in digital content with music, movies, arts, and games. NFTss marketplaces will empower the economy of creators, where creators introduce their contents to the public without losing the ownership of these contents.

Ethereum is Leading The NFT Space

Early appearance gives Ethereum a strong advantage in the ecosystem of decentralized applications, which results in diverse NFTss projects.

Almost all of the top marketplace are built on Ethereum’s smart contract platform, which shows the trend of developers still picking Ethereum platform to develop projects.

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As a leading force in the market, OpenSea is tied to Ethereum, although Polygon and Klaytn are also used on the platform. It has done billions of dollars worth of transactions this year.

Other markets also allow the use of alternative blockchains, but Ethereum has dominated the space for the past few months, representing a large percentage of every sector in the NFTs market, including collectibles, and games.

NFTs have been around since 2012, but gained attention in 2017 for the CryptoKitties virtual cat game running on the Ethereum network, allowing players to raise and trade virtual cats with Ether.

The crypto craze earlier this year set the stage for NFTs to become the latest investment trend. Artwork sales also make the media unable to ignore the attraction of NFTs.

Just like the NFTs system, the platform on which the NFTs are powered – the Ethereum blockchain – struggles to keep up with the dizzying advances in the crypto world. Ethereum is using Proof-of-Work, which is said to have a huge impact on the environment.

Ethereum is moving to Proof-of-Stake, leveraging a promise of a bright future and profitable improvements for the global NFT ecosystem.

That said, for the moment, transaction fees on Ethereum are high, and this may be a hindrance to inexpensive NFTs that need low transaction fees to be marketable.

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Author: Nicholas Say


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