- Leading cryptocurrency derivatives exchange FTX US tests cross-chain ETH/SOL non-fungible token listing.
- Amidst the rising decentralized finance and non-fungible token activity surge, Solana hit an all-time high of $149.91 earlier this week.
- Analysts expect the altcoin to sustain its price rally and compete with Ethereum for DeFi market share.
FTX exchange shares the first glimpse of a next-generation non-fungible token (NFT) marketplace that supports cross-chain selling.
Sam Bankman-Fried announces the launch of a cross-chain NFT marketplace on FTX US
Ethereum rival Solana’s recent price rally has garnered attention from several traders and analysts. The altcoin has posted 51% gains in the past week. Analysts expect SOL’s current price rally to be a prolonged one.
The spike in NFT activity on Solanart, the marketplace built on the SOL blockchain, was instrumental in driving the altcoin’s price higher. The fastest blockchain network in the world, Solana is capable of processing 50,000 transactions per second at a fraction of the cost of Ethereum’s transaction fees.
FTX team, led by founder and CEO Sam-Bankman Fried, is working on Serum, a project that creates a fully permissionless Decentralized Exchange (DEX) and DeFi ecosystem with trustless cross-chain trading. Serum is powered by the Solana blockchain that offers higher speed and throughput compared to Ethereum.
Sam-Bankman Fried has announced FTX’s latest offering, an NFT marketplace that enables cross-chain selling between Ethereum and Solana. SOL’s NFT market share is increasing consistently as creators prefer the technologically superior and low-cost network.
All NFTs will be cross-chain ETH/SOL!
— SBF (@SBF_FTX) September 6, 2021
Deposits/withdrawals opening up in the next couple weeks.
You'll also be able to deposit outside NFTs then!
The FTX US website currently features a testing interface where Fried has listed his test NFT for sale. According to the crypto billionaire, creators can make their own NFTs, list them for trade on FTX’s platform, and the exchange plans to open deposits and withdrawals within the next couple of weeks.
Interestingly, traders have the option to deposit “outside NFTs,” digital art, and collectibles that they have purchased on other platforms like peer-to-peer marketplace OpenSea or Solanart. This is an exciting feature for NFT traders, given that the ecosystem is currently plagued by low liquidity.
Overall, this development is expected to have a bullish impact on Solana’s price in the following weeks. Pseudonymous cryptocurrency analyst @SmartContracter has predicted that Solana is likely to hit another all-time high.
im almost immune to $SOL ath's now but looks like another LTF abc done and another ath is looming. pic.twitter.com/kEnrrxphP5
— Bluntz (@SmartContracter) September 5, 2021
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.