FTX Token Marks A New High Due To Crypto Exchange’s NFT Launch

Asad Gillani

Last Updated: September 8, 2021 10:00 pm

2 mins read

FTX Token Marks A New High Due To Crypto Exchange's NFT Launch

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Following the launching of an NTF marketplace by FTX crypto exchange, the price of FTT hit a new all-time high. FTT is the native token of the FTX crypto trading platform.

As FTX crypto exchange launches its NFT marketplace for us residents, the native token FTT on Tuesday hits $83. This is a new all-time high for the utility token; FTT gives the holders unique advantages like reduced trading fees. It also allows them access to staking opportunities so they can earn percentage rewards.

According to CoinGecko data, although the token by press time dropped to $75.12, it has gained 12.2% in the past day. FTT has also reached a high of 69% within the week.

The FTX token is in bullish momentum and aims to recover previous losses | Source: BTCUSD on TradingView.com

The high price made the token market cap increase to $8.44 billion, making FTT the 26^th biggest digital asset. This development happened amidst the FXT launch of its marketplace for NFTs (non-fungible tokens).

NFTs are crypto assets you can attach to internet files to prove ownership for artworks, music, concert tickets, and videos.

FTX Launches NFT Platform in the United States

Yesterday, the NFT marketplace of FXT kick-started operation with a wave movement. To correct this, FTX US has raised the minting fee of the new NFT to $500 briefly, then to $10.

Sam Bankman-Fried, before the incident introduced his Test NFT, it was sold initially for $10 on the FTX US. Sam is the CEO and founder of the company, and his Test NFT sold for barely $270,000.

The CEO had expected the NFT marketplace on FXT.com to be ready for launching in a few weeks. However, the NFT marketplace on the website FXT.com is the main platform of the exchange.

The NFT marketplace on FXT.com is similar to the marketplace on FXT.US will be cross-chained natively. In addition, it will support both Solana and Ethereum blockchains.

According to records, FTX is just among the crypto exchanges that explore the non-fungible tokens this year.

In June, the popular crypto exchange Binance had launched an NFT marketplace with a project known as “100 Creators”. Binance NFT platform features exclusive NFTs designed by global leading artists, events, and buy premium.

Earlier this month, another renowned exchange OKEx also trailed the path of introducing its version of the NFT platform.

The platform will be for buying, selling, and even minting NFT across the exchange ecosystem. OKEx is the world’s second-biggest crypto exchange in terms of volume, and each of its NTF is unique and unchangeable.

Featured image from Pixabay, chart from TradingView.com

Asad Gillani

Asad is a freelance writer. He is interested in cryptocurrencies, technology, and in particular the subject of online security. An open supporter of freedom of speech, privacy, and equality for all. On a personal level, he likes to stay socially active, loves playing snooker, cricket, enjoys seafood and loves listening to folk music.

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