Crypto exchange FTX now supports NFT mining

September 6, 2021

in Trading

Reading Time: 2 mins read

With the growing demand for NFTs reaching new heights, the latest crypto firm to dive into the space is FTX, a leading crypto exchange.

According to an announcement made by the firm’s CEO earlier today, users of the exchange can now create their desired artworks and mint them into NFTs.

FTX to support NFT minting

Per FTX CEO Sam Bankman-Fried, its latest move is geared towards the evolution of the firm into a platform that would support the ability to mint NFTs directly.

https://t.co/2AO4Aqvn6u

Make your own NFTs 🔥

e.g. https://t.co/xpD9nPF1ir

— SBF (@SBF_FTX) September 6, 2021

What this means is that users of the exchange would be able to not only use the platform to mint their tokens, they would also be able to leverage on the marketplace of the site to trade their NFTs. Bankman-Fried also revealed that all NFTs on the exchange would support Ethereum and Solana blockchain and that deposits and withdrawals would be supported in a couple of weeks. Already, the company’s website has a test interface that the billionaire CEO has listed his first NFT.

Available information has also shown that the exchange would be charging both buyers and sellers on its platform 5 percent of the cost of the crypto asset. Thus, in total, the exchange would be getting 10 percent.

Leading crypto exchanges like Binance and OKEx already provide NFT marketplaces for their users to buy these tokens.

NFTs Increased Acceptability

A recent report from Cryptoslate has shown that NfTs have continued to enjoy a surge in their acceptance in recent times. According to the report, “OpenSea, the leading NFT marketplace, has seen trading volume increase on its site by over 76000 percent in this year alone. According to DappRadar, the trading volume on the site for August was beyond $4 billion.”

In another report, citing the increased demand for the tokens plus the overall growth of the space, we wrote that “the healthy distribution of NFT minters and rising number of unique buyers point to a genuine, organic growth of the NFT community.”