By Tyler S - Crypto Broker - 07-09-2021
The world of crypto has extensively grown in the last year, with many people looking to expand their portfolios and start investing in cryptocurrency. Another side of the crypto industry is the NFT marketplace, where artists can sell their digitalised artworks and content to investors.
The NFT industry has been growing at an exponential rate, with crypto artworks selling at high prices. Thanks to smart contracts, the industry is an excellent place for artists to make a continuous profit from their art. Smart contracts allow artists to constantly earn royalties from other investors who buy the artwork for their own collection or to sell it on again.
In recent news, a cryptocurrency exchange has released a new sector on its platform, allowing customers to buy and sell NFTs. A platform where you can buy, sell and exchange crypto, FTX saw a massive opportunity and recently launched its built-in NFT marketplace for its users in the United States.
With the announcement of the new marketplace came a very simple word-art NFT graphic that had nothing but the word "Test" scribbled onto a plain white background. The platform's first NFT graphic is believed to demonstrate to the public FTX's latest feature. In the early AM of today, it's reported on FTX's official Twitter page that the Test NFT had been sold for $270,000.
Reportedly, as of current, the platform's users can only view and upload NFTs to the marketplace. While FTX is still finishing the development of the new feature, they aim to allow users to withdraw and deposit on the platform soon. Once the sector is complete, users will also buy, sell and mint NFTs on the cryptocurrency trading platform. The CEO of FTX has stated in the announcement that in a cross-chain partnership, all NFTs sold on the FTX platform can be found on Ethereum and Solana.