FTX.US, the New York-based cryptocurrency exchange, is now expanding its NFT base to include works created and stored on the Ethereum blockchain. According to FTX.US, Ethereum NFTs were initially listed on its new NFT marketplace on December 1, 2021.

The FTX.US marketplace had announced in October last year that only NFTs minted and launched on the Solana ecosystem will be supported on its NFT marketplace. This means that the platform is now no longer unique to Solana and now supports two kinds of blockchain including Ethereum.

FTX.US has become the first and only NFT marketplace to list Ethereum and Solana-based NFTs as a result of this recent breakthrough. As a result, FTX.US users can now purchase Ethereum-based NFTs from the marketplace, including Bored Ape Yacht Club etc.

FTX.US, the US arm of the bigger international FTX crypto derivatives exchange, provides cryptocurrency trading, NFTs, derivatives, payment services, and more. Its mission for the next two years is to build the digital currency ecosystem, provide a platform that inspires loyalty among US traders, and become the market leading US cryptocurrency exchange.

BTC, LTC, ETH, BCH, PAXG, and USDT are all available on FTX.US, which has a substantially larger feature set than any other major US platform. FTX.US offers industry-leading security, including a custom-built hot and cold wallet system, full external backing of all hot wallet funds, and partnerships with top custodians.

FTX.US combines industry-leading banking on-ramps to make depositing and withdrawing fiat money a breeze. In order to aggregate liquidity and convenience of usage, FTX.US has seamlessly combined Stablecoins with USD.

FTX.US offers more than 20 cryptocurrencies, as well as NFT trading, over-the-counter (OTC) trading, derivatives, margin trading (which lets you to borrow money to buy more crypto), FTX Pay, and other products and account choices.

FTX.US’ NFT marketplace distinguishes it from other cryptocurrency exchanges that primarily focus on coin trading. NFTs can be listed using Ethereum or Solana for creators. If you’re looking for NFTs, FTX.US provides a variety of collections to pick from.

Why is Ethereum preferred for NFTs?

In the NFT industry, Ethereum is one of the most popular platforms. It is simple to illustrate ownership history on Ethereum because transaction history and token metadata are publicly available. NFTs become small as all Ethereum objects share the same backend. Also, because Ethereum is constantly online, tokens will be available for trade at all times.

Ethereum is still the most popular blockchain for NFTs. The Ethereum blockchain is where a major percentage of the existing NFTs are created and hosted. OpenSea and SuperRare, two NFT marketplaces, mint and sell their NFTs as ERC-721 tokens. Ethereum allows NFTs to function for a variety of reasons.

It’s easy to prove ownership history because transaction history and token information are publicly verifiable. It’s nearly impossible to “steal” ownership of a transaction once it’s been confirmed. Trading NFTs can be done peer-to-peer without the requirement for platforms that are willing to accept huge commissions. The “backend” of all Ethereum goods is the same.

To put it another way, all Ethereum products can communicate easily with one another, making NFTs transferable across products. You can easily purchase an NFT on one product and sell it on another. You can list your NFTs on several items at once as a creator, and each product will have the most up-to-date ownership information.

NFT Marketplaces and the ongoing competition amongst them

NFTs, or non-fungible tokens, are a relatively new kind of digital assets that allow ownership of something because they are one-of-a-kind or extremely restricted in number. They, like every other cryptocurrency, are a part of the blockchain. It is undeniable that blockchain technology and NFTs can provide the ideal platform for artists and content creators to get compensated for their labour.

Artists don’t have to rely on auction houses or galleries to sell their work any longer. On the other hand, an artist may just sell their work in the form of NFT to a customer. This also aids artists in receiving a larger portion of the income.

NFT marketplaces are trading platforms for NFTs. Minting, which is the process of producing new NFTs is also possible on some systems. These marketplaces are similar to other online marketplaces, except they are tailored specifically for NFTs. They have the NFTs on display for potential purchasers to look at.

Marketplaces can be either curated, requiring some type of verification before listing new NFTs, or open, allowing anybody to post new NFTs. Some of the most famous NFT marketplaces are OpenSea, Rarible, SuperRare, Nifty Gateway etc.

While there are many other sorts of marketplaces, the most popular are global and art-focused platforms. There are also specialised NFT marketplaces that sell non-fungible assets like in-game items, digital collectible cards, and virtual real estate.

As giants like Binance and Coinbase expand their operations, the NFT industry is becoming increasingly competitive. Coinbase, a large US exchange, revealed in October that it had begun construction on its NFT marketplace. Within a few weeks of its announcement, the crypto exchange had over a million signups for its platforms.

FTX.US is attempting to make up for lost time by integrating Ethereum NFTs. It’s beating competitor NFT exchanges on price structure (2% vs. OpenSea’s 2.5%) and subsidising withdrawal fees to entice consumers who might be put off by sky-high Ethereum gas fees.

OpenSea, which allows anybody with a wallet to list any NFT they choose, will maintain its breadth advantage. Before listing, FTX.US intends to thoroughly examine all Ethereum NFT projects to guarantee that they do not violate securities laws or are not counterfeit rip-offs.

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By: Eric Dunne
Title: FTX.US now supports Ethereum on its NFT marketplace
Sourced From: insidebitcoins.com/news/ftx-now-supports-ethereum
Published Date: Mon, 28 Feb 2022 17:36:07 +0000