A new Market Place for all digital artists and a gallery for collectors to show off their prize crypto possessions.
FTX consistently remains one step ahead, promising to be a one stop crypto shop.
What seems like ages ago, NFTs made a huge rise in the crypto space when Jack Dorsey, CEO of Twitter, sold a tweet for (US) $2.9 million. This was just the beginning of a craze which seems to have set the digital art industry ablaze.
The NFT market has since cooled off after a sizeable correction in digital asset markets, but there’s no doubt that NFTs are here to stay and FTX has managed to stay ahead of the pack. FTX now hosts an NFT market place on their Exchange.
So what exactly is an NFT ?
NFT stands for “Non-fungible token”. Non-fungible is the inability for something to be replaced by something identically similar (like two separate paper US dollars – they’re both identical in value). In other words, a “non fungible token” is unique. Digitally, an NFT is a unit of data stored on a blockchain. The data can be certified on that blockchain making it unique, rare, collectible, and valuable. Each NFT has its own unique attributes that have been programmed into its code.
You can read more about NFTs on FTX’s blog here.
Originally NFTs were minted on Ethereum, however many other Blockchains now offer NFT capability such as Solana, which now has a few market places to collect and mint exciting NFTs.
NFTs are designed to give you ownership of assets. There are even smart contracts coded into NFTs which can give the creator built-in, perpetual royalties each time the NFT is sold on to another collector. Can you imagine Banksy receiving a cut of each sale of his art work to different collectors every time they get sold on down the line!?
Digital creators can now market their work directly on FTX and basically start their own online Digital Art shop. There are no listing fees, but on the sale of an asset FTX charge 5%.
The Tech is great and NFTs are a lot of fun! Check out the market place on FTX!
And if you don’t have an FTX account, support Global Crypto by signing up here and even get a discount on your trading and account fees: https://ftx.com/#a=globalcrypto
— SBF (@SBF_Alameda) June 3, 2021