FTX Introduces One-Time NFT Submission Fee Because of Too Many “Pictures of Fish”

By Prashant Jha
Published September 6, 2021 Updated September 6, 2021
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FTX Introduces One-Time NFT Submission Fee Because of Too Many “Pictures of Fish”

By Prashant Jha
Published September 6, 2021 Updated September 6, 2021

FTX.US launched an NFT marketplace for US customers earlier today with cross-chain NFT minting support. The platform allows US customers to submit their NFTs for free, but that prompted many to spam the platform with pictures of fish. Sam Bankman-Fried took to Twitter to announce that the platform would now charge a one-time fee of $500. He said,

“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. Hopefully, this will reduce spam.”

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The NFT marketplace was launched earlier today with cross-chain support for Solana ($SOL). The platform would be available to both US and Non-US customers. The deposit and withdrawal services would open up in the next couple of weeks and it would allow users to migrate their collectibles from any other blockchain onto the FTX.US.

NFT Marketplace Competition Heats Up in the US

Non-Fungible Tokens (NFT) popularity has hit the roof with some of the early digital collectibles raking in millions for the 2017 collectibles such as CryptoPunk and ETH Rocks. OpenSea is currently leading the NFT marketplace game with more than 90% in market share and its daily trading volume is breaking records each day. The transaction volume crossed over $3 billion in August.

FTX.US has managed to make a place for itself on the back of the success of its parent company FTX. The parent company closed the biggest funding round in crypto last month with over $900 million. The platform aims to replicate the success of its derivative and spot market in the NFT arena as well and its regulatory background can make it a favorite of NFT investors.

The success of the exchange is also reflected in the price of the native token FTT. The exchange token has risen over 18% in the past 24-hours rising to ATH of $73.59.

Source: CoinMarketCap
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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Prashant Jha
991 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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