.png)
Crypto exchange FTX's NFT marketplace launch ends up being spammed
Sep, 13 2021
|
0
- Share
-
-
-
Popular cryptocurrency exchange FTX has
announced the launch of its marketplace to enable NFT creators and owners to
trade their NFTs, thereby becoming the latest crypto platform to
do so.
Recently, Sam Bankman-Fried, the founder and
CEO of FTX announced that users can list, buy and sell non-fungible tokens on
the platform. This is available not only to those located in the US but Non-US
users can also avail the services offered by FTX. The most interesting part of
the launch is that all NFTs will be cross-chain compatible with Ethereum/
Solana.
In a series of tweets, the founder tweeted
all NFTs will be traded cross-chain ETH/SOL and the deposits/withdrawals will
soon open up.
Non-fungible tokens act as proof of
ownership for the type of digital assets like artwork, music, video, or concert
tickets.
NFTs currently are at the peak of the hype,
selling digital artworks as high as $1.14 billion in the OpenSea marketplace.
Ethereum is currently the most popular chain
among the non-fungible token platform. Whereas, Solana has attracted
enthusiasts to the ecosystem, offering high throughput with lower commissions
on transactions. Ethereum uses proof-of-work(PoW) and Solana runs on a proof-of
-stack(PoS) mechanism, which is less energy intensive.
FTX US is a U.S regulated cryptocurrency
exchange platform that's built to grow the digital currency ecosystem by
offering traders a platform and aim to become a market-leading US
cryptocurrency exchange.
FTX has made the sign-up process extremely
easy. The founder of FTX uploaded a handwritten word “Test” NFT by “artist” SBF
item to test out the new auction functionality, which currently has the highest
bid of more than $2000.
Soon after the new marketplace took off, the
users started spamming with images of fish, which led the company to charge its
users $500 to list their own NFT.
“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 Sam Bankman-Fried.
The charges for Non-fungible token
submission have been reduced later to $10 per NFT from $500 entry fees, which
is far cheaper than other marketplace like OpenSea.
“Hopefully this reduces fish-related spam
while also making it (NFT creation) affordable,” said Bankman- Fried. FTX will
refund $500 that is paid by the users to create their token.
Besides this, there will be a 5% charge,
which will be levied on the buyers and sellers for each trade.
It’s quite surprising to note that Sam Bankman-Fried
had earlier expressed concerns over the NFT space being vulnerable to
the investors:
“It could lead to just incredibly fast and giant adoption. It
could also lead, frankly, to sort of a sour taste in people’s mouth if there’s
a crash, and no one ever quite figured out what it was.”
|
0
- Share
-
-
-
Pavan A
CBW - External Analyst
INDIA
Editor’s Choice
Robinhood Delists Cardano, Polygon and Solana Following SEC Labeling Them As Securities
Following this week's accusations filed by the US Securities and Exchange Commission against two significant cryptocurrency exchanges, the brokerage business Robinhood has chosen to delist few firms;
