NFT Storm Brewing for OpenSea as FTX’s New Platform “in a Month”

Major crypto derivatives exchange FTX is “well positioned” to become “a very strong competitor” in the popular and controversial non-fungible token (NFT) market OpenSea, according to Brett Harrison, president of FTX.US.

He Recount Bloomberg that the exchange has a “robust framework” and is therefore “configured for easy expansion” – particularly to include NFTs issued externally.

The exchange already allows their users to create and list NFTs, but the next goal is for them to showcase projects they’ve created through other platforms, with the company building their own platform. NFT, according to the report.

“Our exchange can handle more than NFTs,” Harrison said.

He added that they are “definitely building” their own “competitor OpenSea,” saying their NFT platform is about a month away from being available.

Last July, the FTX operator, FTX Trading Ltd., said it closed a $ 900 million Series B fundraiser with more than 60 investors valuing the company at $ 18 billion, down from a year earlier that number rose to $ 1 billion . The company said at the time that it would look to further expand the network of partnerships it has for its FTX NFT, FTX Pay and FTX Liquidity program lines of business.

In August, it was announced that FTX was teaming up with an entertainment company Fun with dolphins to launch an NFT marketplace for major sports and entertainment brands.

And then earlier in September, the founder and CEO of the exchange, Sam Bankman-Fried, tweeted that the US branch of FTX – which he said both US and non-US users can use – has launched a keystroke platform. NFTs are cross-built on Solana (SOL) and Ethereum (ETH), he said, adding:

“Deposits / withdrawals are opening in the coming weeks. You can also deposit outside the NFTs then!

On Twitter two days ago, Harrison again added that as they “build our NFT market on FTX, we are thinking a lot about fees,” providing a discussion thread on the discussion of FTX NFT’s fee structure and soliciting comments.

Meanwhile, following insider trading accusations, OpenSea confirmed last week that one of its employees had purchased items that they knew needed to be featured on the front page before appearing publicly. – knowing that these items would probably increase in price. The employee had to leave the company.

The NFT unicorn added that she also implemented several policies prohibiting her team members from exchanging collections presented or promoted by the company, among other restrictions.
____
Learn more:
– Blockchain users focus on Dapp Gaming
– NFT insider trading on OpenSea highlights the benefits of decentralization

– Eight-year-old Japanese boy starts building NFT ETH Fortune
– When you buy an NFT you don’t own it completely – Here’s why

– FTX sees ‘explosive growth’ with over 1 million registrations this year
– NBA, MLB, E-sports and now Bündchen and Brady join the FTX marketing team