Connect with us

Projects

FTX, a Cryptocurrency Exchange, has Launched the NFT Marketplace for Users in the United States

FTX, a cryptocurrency exchange, has launched a native NFT marketplace to capitalize on the sector’s meteoric rise over the last year.

Published

on

After witnessing the nonfungible token (NFT) ecosystem’s exponential expansion since the beginning of the year, the popular cryptocurrency exchange FTX has become the latest crypto platform to announce the creation of a native NFT marketplace.

The platform, which is only available to clients in the United States, will allow users to mint, purchase, and sell NFTs, which will be transacted cross-chain between the Ethereum and Solana blockchains. In the following weeks, deposits and withdrawals are planned to be available, allowing users to deposit external NFTs onto the platform.

The exchange has produced a word-art style graphic that just states “Test” as a public demonstration of the new capability. The image now has a bid of $1,100 and a time remaining of 19 hours.

FTX founder Sam Bankman-Fried voiced concern about the rapid growth of the NFT industry in an interview with CNBC’s Street Signs Asia two weeks ago, noting that investors could become vulnerable in such a dynamic market if they are not adequately educated on the possible risks:

“It has the potential to result in extraordinarily rapid and massive adoption. It might also leave a sour taste in people’s mouth if there’s a crash and no one knows what caused it.”

FTX isn’t the only cryptocurrency exchange that will enter this market in 2021. Binance, a direct competitor, established its own NFT marketplace in June, collaborating with soccer stars Michael Owen and Alphonso Davies and singer-songwriter Lewis Capaldi and artist Trevor Jones on a unique “100 Creators” project.

Cryptocurrency spot and futures trading OKEx just introduced an NFT hub, which allows users to mint, buy, and trade NFT assets within the exchange’s ecosystem.

Last month, OpenSea became the first NFT marketplace to surpass $1 billion in monthly trading volume.

According to DappRadar’s most recent data, the platform generated a whopping $4 billion in sales volume in the last 30 days, far surpassing its closest competitors, Axie Infinity and CryptoPunks, with $790 million and $583 million, respectively.

According to Dune Analytics, total NFT sales volume increased to $2.5 billion in the first half of 2021, up from $13.7 million in the first half of 2020.

NFT

OpenSea and Kakao’s Klaytn collaborate to expand NFT across Asia

Klaytn, a Singapore-based public blockchain platform, and OpenSea, a non-fungible token (NFT) market, established a cooperation on Friday to support the Asian NFT ecosystem.

Published

on

  • In order to showcase Asian NFT initiatives to a worldwide audience, the alliance involves conference collaborations and ecosystem awards.
  • The largest NFT marketplace in the world supports four blockchains: Klaytn, Polygon, Solana, and Ethereum.
  • The blockchain subsidiary of South Korean internet behemoth Kakao, Ground X, founded the Klaytn Foundation.
  • On its central bank digital currency (CBDC) pilot project, the Bank of Korea collaborates with Ground X.

Continue Reading

Projects

Shopify Expands Online Retailers’ NFT-Gated Options

Brands are able to increase the exclusivity of their shops thanks to the e-commerce platform.

Published

on

The future of e-commerce, according to Shopify, is in NFTs.

As a new option for brands wishing to make their stores more exclusive, the online retail behemoth, which enables small businesses to construct customized e-commerce shops, is providing NFT-gated storefronts, Shopify announced on Wednesday.

In the Shopify introduction video, which includes a skating woman who passes through a pastel portal and transforms into a Doodles NFT, a voiceover urges viewers to “invite their communities into a world that acknowledges and rewards devotion.”

The video explains that token holders can access special shopping opportunities by connecting a cryptocurrency wallet, including early access to drops and limited collections as well as one-of-a-kind experiences and other surprises.

Only individuals with existing NFT collections are able to apply for early access to Shopify’s “gm” shop, which is a gated merchandise store and a play on the Crypto Twitter acronym for “good morning.”

However, those that haven’t received approval yet can still integrate NFT token-gating apps like Shopthru or Single into their Shopify sites.

Shopify announced that it has already collaborated with the Adam Bomb Squad, Doodles, World of Women, Invisible Friends, Superplastic, Stapleverse, and Cool Cats NFT collections to develop token-gated shops as part of its token-gated business launch.

Shopify is introducing “IRL” token-gating in brick-and-mortar stores in addition to online token-gating, which restricts access to certain merchandise to authorized NFT holders exclusively.

Why is this important? The future of Web3 commerce will focus on exclusivity, for one thing. NFTs, which are distinctive blockchain tokens that denote ownership over an asset, are increasingly employed as membership cards, tickets to events, and “keys” to open benefits, despite the fact that they are frequently oversimplified as digital art or “jpgs.”

Additionally, this isn’t Shopify’s first venture into NFTs: The business has been involved with Web3 since last year, when it announced the launch of NFT sales on its platform. Brands can mine and sell NFTs on Shopify to clients using the Ethereum, Polygon, Solana, or Flow platforms.

Continue Reading

Projects

OpenSea, beware—Uniswap is pushing into NFTs

The NFT aggregation platform Genie is being purchased by Uniswap Labs, the organization that created the Ethereum-based decentralized exchange Uniswap.

Published

on

In a Bankless interview on Tuesday, Uniswap founder and CEO Hayden Adams said, “We’re attempting to transfer what we brought to the ERC-20 market to the NFT sector.”

You can buy NFTs—individual blockchain tokens that represent ownership—on a variety of different marketplaces, such as OpenSea, LooksRare, or Coinbase NFT. However, few allow consumers to buy many things at once, and none provide aggregation tools that let traders view listings on competing marketplaces.

According to Uniswap Labs on Twitter, “We see NFTs as another form of value in the burgeoning digital economy, and it’s a no-brainer for us to integrate them.”

The NFT aggregator Gem, which also enables customers to acquire numerous NFTs in a single transaction, was purchased by OpenSea just two months prior to the announcement of its acquisition by Genie. OpenSea intends to incorporate NFT aggregation functions into its primary platform, just like Uniswap.

A new tab dedicated to NFTs will be added to Uniswap’s main website later this year as part of the company’s push into NFTs, according to a statement from the company. Additionally, NFTs will be included in its developers’ APIs and widgets.

Uniswap Labs intends to airdrop an unspecified quantity of the stablecoin USDC to Genie’s early backers as a way to commemorate its acquisition. By April 15th, USDC will be given to everybody who had utilized the platform at least once or owned a Genie Genesis NFT. (The business had earlier tweeted that Genie Gem owners were eligible for the airdrop.)

Uniswap entered the NFT market for the first time in 2019 with Unisocks, an NFT that granted holders access to a real pair of socks.

The largest NFT market, OpenSea, has a floor price for Unisocks of 13 ETH (about $15,300) at the time of writing.

Continue Reading

Trending

bitcoin
Bitcoin (BTC) $ 20,570.00 2.66%
ethereum
Ethereum (ETH) $ 1,171.12 4.04%
tether
Tether (USDT) $ 0.999625 0.08%
chiliz
Chiliz (CHZ) $ 0.119004 17.45%
enjincoin
Enjin Coin (ENJ) $ 0.566803 1.81%
decentraland
Decentraland (MANA) $ 0.936792 1.69%
flow
Flow (FLOW) $ 1.71 0.41%
the-sandbox
The Sandbox (SAND) $ 1.14 6.16%
wax
WAX (WAXP) $ 0.106610 5.26%
ecomi
ECOMI (OMI) $ 0.001312 7.38%
terra-virtua-kolect
The Virtua Kolect (TVK) $ 0.035668 0.07%