FTX’s NFT Listing Service Disrupted by Fishby Timothy Craig
The exchange has implemented a $500 fee to deter spammers.
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Leading crypto exchange FTX has launched an NFT listing service. However, due to a large number of spam submissions, the exchange is now charging a $500 fee.
Users List NFTs on FTX
FTX is hoping to capitalize on the recent NFT hype, but it isn’t going as planned.
CEO Sam Bankman-Fried announced in a tweet Monday that FTX has launched an NFT listing service . Users can now make their own NFTs and list them for sale on the exchange’s marketplace. All NFTs on FTX will be cross-chain compatible, meaning that users can transfer them to both Ethereum and Solana, the two leading blockchains for NFT creation.
However, hours after the feature went live, Bankman-Fried took to Twitter again to inform users that there would now be a one-time $500 fee to list NFTs due to excessive amounts of spam.
The FTX CEO said he decided to implement a fee “due to the massive number of submissions, too many of which were just a picture of a fish.”
In response, many would-be NFT creators complained about the high price, pointing out that minting an NFT directly on Ethereum would cost less in gas than what FTX is now charging. Bankman-Fried addressed the cost in a follow-up tweet, assuring users that the exchange is working on a pricing system that makes listing NFTs cheaper while reducing spam.
FTX is quickly moving up the ranks of centralized crypto exchanges. The Hong-Kong based exchange made headlines in July when it closed a Series B funding round, which valued the company at over $18 billion. Since then, FTX has continued its aggressive advertising campaign, recently striking a 10-year, $17.5 million naming rights deal for the University of California’s football field.
Disclaimer: At the time of writing this feature, the author owned BTC, ETH, and several other cryptocurrencies.
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