Ethereum-based NFTs Now Supported by FTX Exchange’s NFT Platform

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Ethereum-based NFTs Now Supported by FTX Exchange's NFT Platform
Ethereum-based NFTs Now Supported by FTX Exchange's NFT Platform

The non-fungible tokens (NFT) space is opening up and the demand for digital art and collectibles is increasing. As a result, the NFT market began to expand its base and give its users better access to NFT.

FTX Exchange’s NFT Platform is No Longer Unique to Solana

According to an announcement on December 1st, FTX Exchange’s NFT platform announced that it now supports non-fungible tokens based on Ethereum. In October, FTX.US announced that its NFT market will support NFTs minted and launched in the Solana ecosystem.

However, the US-based cryptocurrency exchange is now expanding its NFT base to include works of art minted and hosted on the Ethereum blockchain. According to FTX.US, Ethereum NFT was listed on its new NFT market for the first time yesterday.

Following this latest development, FTX.US is the first and only NFT market to list NFTs based on Ethereum and Solana. Hence, FTX.US users can now purchase Ethereum-based NFTs from its platforms such as Bored Ape Yacht Club, Mutant Ape Yacht Club and CrypToadz.

Ethereum is still number one on the NFT blockchain. Much of the existing NFTs are minted and hosted on the Ethereum blockchain. NFT markets, such as OpenSea and SuperRare mint, sell their NFTs in the form of ERC-721 tokens.

FTX.US has expanded its services in the last few months. The cryptocurrency exchange acquired LedgerX in August to begin providing derivatives trading services in the United States.

FTX’s NFT Platform Faces Tough Competition

As heavyweights like Binance and Coinbase step up their activities, competition in the NFT space is getting tougher. In October, the leading US exchange Coinbase announced that it had started work on its NFT market. The cryptocurrency exchange recorded more than 1 million registrations for its platform within a few weeks of its announcement.

Binance is the world’s leading cryptocurrency exchange, and its NFT market is starting to attract attention. As more and more participants enter the industry in the next few years, competition in the NFT area will only get more intense.