Since the year 2020 turned into the year 2021, the non-fungible token (NFT) ecosystem has experienced a significant rise in demand and supply. This is the reason why most of the major cryptocurrency trading exchanges have now started adopting non-fungible tokens.
At present, the growth rate of the non-fungible token industry is parabolic and it is one of the most profitable spaces within the crypto-verse. The latest cryptocurrency exchange that has decided to adopt and explore non-fungible tokens is FTX.
FTX is currently ranked as one of the largest and top cryptocurrency exchanges in the entire cryptocurrency industry. It is making itself known globally by adding more and more jurisdictions and the recent addition is The Bahamas.
The exchange is determined that its users not only get to profit/benefit from cryptocurrencies but also from non-fungible tokens. Therefore, the exchange has announced that it is adopting non-fungible token technology and will be adding its innovation into the sector.
Following the announcement of adopting non-fungible token technology, the FTX exchange has revealed that it will soon be opening up a marketplace for non-fungible tokens. The exchange has clarified that for now, the NFT marketplace would only be accessible for users based in the United State.
Through the non-fungible token marketplace, the users based in the United States will be able to benefit a lot from their new service. The users will reportedly be abler to mint non-fungible tokens. They would also be able to buy the non-fungible tokens from the marketplace, as well as sell non-fungible tokens to earn profits.
One of the best features they will be able to offer their users is the ability to perform cross-chain trades for the non-fungible tokens. For now, the blockchains the users will be able to interact with include Solana and Ethereum blockchains.
FTX has announced that in the upcoming days, it will be launching the depositing and withdrawal facilities through the NFT marketplace. Once the depositing feature has been launched, the users will be able to deposit external non-fungible tokens into the FTX NFT marketplace.
In order to demonstrate its new market for the users, FTX has even released an image that is in the word-art style. There is no particular reason that the particular word-art serves, but only reads “Test”.
This is the first-ever NFT that will be sold through the FTX NFT marketplace. So far, the bid on the particular image has been set to $1,100.
According to the majority of the high-profile investors and the operatives from the cryptocurrency industry, NFT’s growth is just the beginning. The sector has caught the attention of the crypto-industry and mainstream sector alike. Therefore, the sector is only going to grow larger with time and make its name known throughout the world.