After Users Spam Marketplace With Fish, FTX Charges for NFT Submissions

 111 Interactions,  4 Today

FTX’s new non-fungible marketplace is off to an unusual start.

After customers bombarded the exchange with images of fish, FTX.US temporarily increased the cost of minting an NFT on its new non-fungible token marketplace to $500.

“Due to the massive number of submissions, too many of which were just a picture of a fish, we are now charging a one-time $500 fee to submit NFTs,”  said FTX founder and CEO Sam Bankman-Fried.

The charge has since been reduced to $10 and FTX will refund all the $500 dollar fees paid to mint NFTs on the exchange. “Hopefully this reduces (fish-related) spam while also making it affordable,” said Bankman-Fried. FTX also charges a 5% fee to buyers and sellers for each trade.

Aside from fish, the new marketplace, which permits cross-chain selling on Ethereum and Solana, debuted with NFL football players’ plays. The virtual trading cards look and feel like the NBA Top Shot NFTs produced on the Flow blockchain, and are comparable to the NFL football cards that went viral on Ethereum earlier this year.

See also  Report: State-backed digital currencies have the potential to threaten financial markets.

KogoCrypto was unable to locate any examples of fish on FTX’s new marketplace. A $2,100 bid has been placed on a sketch of the word “Test” coined by Bankman-Fried.

Some of the NFTs are listed at exorbitant prices. A wooden figure of Charlie Brown and Snoopy is on the market for $15 million, while clips of NFL players Earl Campbell, Marcus Allen, and Doak Walker are on the market for $25 million.

Despite the fact that the exchange is housed in FTX.US, anyone can use it. Customers, however, cannot currently withdraw the NFTs; they can only display them.

The $10 fee is still far less than the one-time fee charged by the Ethereum-based NFT exchange OpenSea to initialise wallets. This changes according to the price of gas; at the moment, it costs several hundred dollars.


Subscribe to our newsletter


Leave a Reply

Your email address will not be published. Required fields are marked *