This a a huge failure on FTX’s part. New artists and talented artists will not be able to afford to get in.
Shortly after the debut of its new NFT marketplace, FTX.US introduced a fee to mint tokens on the platform after users spammed the crypto exchange with pictures of fish.© Provided by Benzinga
What Happened: FTX’s founder and CEO Sam Bankman-Fried announced that the exchange had imposed a $500 fee to submit NFTs in an attempt to reduce the spam.
1) 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.https://t.co/46FabjTVfy
— SBF (@SBF_FTX) September 6, 2021
After some amount of backlash from the crypto community, FTX lowered the charge to $10 and said it would refund the $500 already spent by users to mint their NFTs on the platform.https://products.gobankingrates.com/pub/84d1cf40-924a-11eb-a8c2-0e0b1012e14d
“Hopefully this reduces (fish-related) spam while also making it affordable,” commented Bankman-Fried.
It is worth noting that FTX’s marketplace is a cross-chain platform, facilitating the creation and trade of NFTs between the Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL) blockchains.
Just 24-hours since its launch, the new NFT marketplace had several high-value listings including short clips of NFL players such as Earl Campbell, Marcus Allen and Doak Walker.
Deposits and withdrawals for NFTs will reportedly be introduced within the next few weeks when users will also be able to deposit external NFTs as well.
FTT Price Action: FTX’s native token FTX Token (CRYPTO: FTT) has seen a massive rally in recent weeks. After trading at $46.78 on Aug. 31, FTT is trading at $68.49 at publication Tuesday. SOURCE FTX’s Introduced A $500 Submission Fee After Its New NFT Marketplace Was Spammed With Pictures Of Fish (msn.com)