FTX opens cross-chain NFT trading between Ethereum and Solana, boosting SOL price rally
- 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
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
