• With FTX’s new platform “a month away”, OpenSea is brewing an NFT storm

  • Major cryptocurrency derivatives exchange FTX is “well-positioned” to become “a very solid competitor” to OpenSea, the popular and controversial marketplace for non-forgeable tokens (NFTs), according to Brett Harrison, president of FTX.US.

    He told us that the exchange has a “robust framework” and is therefore “set up for easy scaling” – especially to include externally minted NFTs.

    The exchange already allows their users to cast and list NFTs, but the next goal is to enable them to bring items they’ve cast through other platforms into the company to build their own NFT platform, the report said.

    “Our exchange can handle more than just NFT,” Harrison was quoted as saying.

    He added that they are “definitely building” their own “OpenSea competitor” and said that their NFT platform is still a month away from being available.

    In July, FTX operator FTX Trading Ltd. said it closed a $900 million Series B round of funding with more than 60 investors, valuing the company at $18 billion, up from $1 billion just a year ago. The company said at the time that it would look to further expand its network of partnerships across its FTX NFT, FTX Pay and FTX Liquidity program lines of business.

    In August, it was announced that FTX had partnered with entertainment company Dolphin Entertainment to launch an NFT marketplace for prominent sports and entertainment brands.

    Then earlier in September, the exchange’s founder and CEO Sam Bankman-Fried tweeted that FTX’s U.S. division – which he said is available to both U.S. and non-U.S. users – had launched a minting platform. He said NFTs are built across chains on Solana (SOL) and Ether (ETH), adding.

    “Deposits/withdrawals open in the next few weeks. When that happens you can deposit outside of NFTs too!”

    In a tweet two days ago, Harrison further added that as they “build our NFT marketplace on FTX, we’re thinking a lot about fees,” offering a thread for a discussion on the fee structure of FTX NFTs and inviting feedback.

    Meanwhile, after accusations of insider trading, OpenSea confirmed last week that one of their employees had purchased items they knew about before they appeared publicly on the front page, and therefore knew that the items could jump in price. The employee had to leave the company.

    The NFT unicorn added that they have also implemented several policies that prohibit their team members from trading in collections referred or promoted by the company, among other restrictions.

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