SOL price nears $200 after FTX's Solana-enabled NFT marketplace goes live

SOL price nears $200 after FTX's Solana-enabled NFT marketplace goes live

Solana (SOL) bulls have largely ignored its overvaluation risks as the blockchain asset goes after another milestone price level.

The SOL/USD exchange rate almost reached $200 on Sept. 7 as investors continued to treat Solana as a long-term competitor to Ethereum, the world’s leading smart contracts platform.

More bullish evidence came on Monday after Sam Bankman-Fried (SBF), the CEO of crypto derivatives platform FTX, announced Solana’s integration into their upcoming nonfungible token (NFT) marketplace.

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On Sept. 6, SBF revealed that the new marketplace would enable NFT creators and owners to trade their digital arts cross-chain using Solana and Ethereum. The platform would also make it possible to trade NFT collections from rivaling marketplace OpenSea on FTX.

The NFT marketplace went live on Monday and is hosted by FTX.US, a United States-regulated cryptocurrency exchange backed by FTX. That enables U.S. users to mint and trade NFTs via FTX.

NFT boom behind Solana rally

NFTs exist on blockchains, the public ledger technology that keeps track of who

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