FTX.US's NFT Platform Finally Supports Ethereum-Based NFTs
NFT News

FTX.US's NFT Platform Finally Supports Ethereum-Based NFTs

BTC Peers reporter
BTC Peers reporter

The FTX.US NFT platform has announced that Ethereum-based nonfungible coins are now supported. In addition, FTX.US announced that NFTs minted and launched on the Solana ecosystem will be supported on its NFT marketplace in October. This means the platform is not exclusive to Solana as it used to be before; the marketplace is now open to more users.

The New York-based cryptocurrency exchange, on the other hand, is now expanding its NFT base to include works produced and housed on the Ethereum blockchain. According to FTX.US, Ethereum NFTs were launched on its new NFT marketplace for the first time on Wednesday, Dec. 1 2021.

Read Also: Budweiser jumps on NFT trend with beer-themed Ethereum domain NFT

FTX.US has become the first and only NFT marketplace to feature Ethereum and Solana-based NFTs due to this recent breakthrough. Consequently, FTX.US customers may now purchase Ethereum-based NFTs from the marketplace, including Bored Ape Yacht Club, CrypToadz, and Mutant Ape Yacht Club, among others set to roll out in recent times.

Ethereum is still the most popular blockchain for NFTs. The Ethereum blockchain is where a significant percentage of the current NFTs are created and housed. For example, OpenSea and SuperRare, two NFT marketplaces, manufacture and sell their NFTs as ERC-721 tokens.

Also related: NFTs are not inherently flawed, says Ethereum protocol developer

As giants like Binance and Coinbase expand their operations, the NFT industry becomes increasingly competitive. In recent months, FTX.US has been increasing its offerings. In August, the crypto exchange purchased LedgerX to begin offering derivative trading services in the United States. In addition, Coinbase, a significant US exchange, revealed in October that it had started construction on an NFT marketplace. Within a few weeks of its announcement, the crypto exchange had over a million signups for its platforms.

Binance is the world's largest cryptocurrency exchange, and its NFT marketplace is gaining popularity. As additional competitors enter the NFT market in the future, the competition will only become more robust.