FTX.US Adds Ethereum Collectibles to NFT Marketplace

FTX has launched trading for some of the top non-fungible tokens (NFTs) on the Ethereum network on its U.S. marketplace, aiming to challenge market leader OpenSea and beat rival exchange Coinbase to the market. The rollout will initially focus on popular profile-pic and avatar-type projects, followed by generative artwork and one-of-a-kind items with high volume. This move comes after FTX's underwhelming Solana-based NFT debut, where low user uptake on the Solana blockchain disappointed company officials.

By adding Ethereum NFTs, FTX aims to catch up and attract users by offering a lower fee structure (2% compared to OpenSea's 2%) and subsidizing withdrawal fees to mitigate Ethereum's high gas fees. FTX.US will also take custody of listed Ethereum NFTs, which is different from OpenSea's approach of leaving owners in control until a sale. FTX.US plans to vet all Ethereum NFT projects before listing to ensure compliance with securities laws and to avoid counterfeit items.

FTX.US hopes that by not requiring gas fees for actions like bids, they will encourage more price action and price discovery on the platform, attracting liquidity. While users may eventually be able to use non-custodial wallets like MetaMask for Ethereum and Phantom for Solana to interact with FTX.US NFTs, the platform prioritizes accessibility for now. OpenSea will maintain an advantage in terms of breadth, as anyone with a wallet can list any NFT on their platform, while FTX.US will focus on curated listings.

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