The NFT space is getting more competitive as big players enter the market, and FTX.US is now listing Ethereum-based NFTs.
The nonfungible token (NFT) space is opening up, and the demand for digital arts and collectibles is increasing. As a result, NFT marketplaces are starting to expand their base and allow their users to gain more access to the NFTs.
FTX.US’s NFT Platform No Longer Exclusive to Solana
The NFT platform of FTX.US has announced that it now supports Ethereum-based nonfungible tokens. In October, FTX.US revealed that its NFT marketplace would support NFTs minted and launched on the Solana ecosystem.
However, the US-based cryptocurrency exchange is now expanding its NFT base to include the arts minted and hosted on the Ethereum blockchain. According to FTX.US, yesterday was the first time it has allowed Ethereum NFTs to be listed on its new NFT marketplace.
Following this latest development, FTX.US becomes the first and only NFT marketplace to list Ethereum and Solana-based NFTs. As a result, FTX.US’s users can now purchase Ethereum-based NFTs such as Bored Ape Yacht Club, Mutant Ape Yacht Club and CrypToadz from its platform.
Ethereum remains the number one blockchain for NFTs. A large percentage of the existing NFTs are minted and hosted on the Ethereum blockchain. NFT marketplaces like OpenSea and SuperRare mint and sell their NFTs as ERC-721 tokens.
FTX.US has been expanding its services in recent months. The crypto exchange acquired LedgerX in August in a bid to start providing derivative trading services in the United States.
FTX.US’s NFT Platform Faces Stiff Competition
The NFT space is getting more competitive as heavyweights such as Binance and Coinbase are ramping up operations. In October, leading US exchange, Coinbase announced that it has started working on its NFT marketplace. The crypto exchange recorded more than a million signups for its platforms within a few weeks of announcing it.
Binance is the leading crypto exchange in the world, and its NFT marketplace is starting to get traction. The competition in the NFT space will only get tougher as more players enter the industry over the coming years.