Crypto exchange FTX has joined the non-fungible token (NFT) space by launching the NFT market.
The new marketplace will feature unique tokenized assets, allowing customers to bid on the asset of their choice. Some tokens have links to physical items and can be exchanged for their real-world equivalents.
For example, the “SBF Lunch” NFT token can be used for a 30-minute Zoom conversation with FTX Chief Executive Sam Bankman-Fried. Currently, the highest priced NFT on the platform is worth $110,000.
There are also other NFTs listed on the market, including FTX. US branded images and others listed by third parties.
The platform will run on both the Solana and Ethereum blockchain, as announced by the exchange. Ethereum (ETH/USD) has always been the main platform chosen by most NFT platforms, but Solana is also gaining popularity.
Crypto exchanges struggle to launch NFT platforms
This is not the first NFT platform launched by a crypto exchange, and it probably won’t be the last. Many exchanges either showed interest or launched NFT platforms as they tried to capitalize on the growing market.
Founded by the Winklevoss twins, Gemini Exchange owns the hugely popular NFT marketplace Nifty Gateway. The platform was acquired in 2019 and has become the preferred marketplace for many users.
Binance, the world’s largest crypto exchange by market capitalization, also announced plans to launch an NFT market in June.
WazirX, one of the largest crypto exchanges in India, is also looking to open the NFT market. On a similar note, South African brokerage firm Korbit also showed interest.
NFTs continue to attract more attention
The attention given to NFT by crypto exchanges is no surprise, as the non-fungible token space has exploded over the past few months.
In March, digital artist Beeple became the best seller in the industry after Vignesh Sundaresan paid an astonishing $69.3 million for his digital collection at Christie’s unction house. While the rate of activity on marketplaces has declined, it continues to attract the attention of a number of crypto industry carriers looking to capitalize on this frenzy.