The well-known cryptocurrency exchange has entered the NFT market.
On its new NFT marketplace, FTX offers branded clothes, condoms, and a lunch experience with Sam Bankman-Fried.
FTX is branching out into non-financial technologies (NFTs).
The fast-growing cryptocurrency exchange, known for its derivatives offers, just opened a new NFT marketplace, allowing consumers to bid on a range of tokenized assets.
Non-fungible tokens (NFTs) are a type of cryptocurrency that may provide verifiable ownership and scarcity of any asset. NFTs have been widely utilized in digital art, music, and memes, among other things.
NFTs erupted into the public spotlight early this year, albeit the initial excitement has faded. Since the crypto market tanked last month, several NFT-focused cryptocurrency projects have been trading at lows.
That doesn’t seem to have bothered FTX. On its marketplace, the exchange includes several assets that may be exchanged for tangible goods. FTX-branded clothes, condoms, a one-on-one lunch with FTX CEO and founder Sam Bankman-Fried, and a game of League of Legends versus the FTX team (Bankman-Fried, who has built a fortune of $10 billion at the age of 29, is renowned for being a fan of League of Legends) are among the prizes.
The coins were created on Ethereum and Solana, two innovative contract platforms that Bankman-Fried has backed aggressively in recent months.
“NFTs do not necessarily have any intrinsic value. They also might be illiquid. If you buy an NFT, you are not necessarily going to be able to sell it for much later or gain any specific utility from it.”
Despite the message, it doesn’t seem to have deterred bidders: with 13 days left, the lunch encounter with Bankman-Fried is already selling for $110,000. Other sellers have also posted things, many of which have exorbitant prices.
Binance will create a marketplace for NFTs on Ethereum and Binance Smart Chain this month, while Gemini is the brains behind the NFT powerhouse Nifty Gateway.
To boost interest, the exchange, which currently trails only Binance in terms of derivatives trading volume, has made many other significant adjustments recently. It secured a $135 million sponsorship contract with the Miami Heat in March. The FTX Arena will be the new name for the NBA team’s home court.