{"id":9352,"date":"2021-09-06T21:40:34","date_gmt":"2021-09-06T20:40:34","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=9352"},"modified":"2021-09-06T21:40:45","modified_gmt":"2021-09-06T20:40:45","slug":"ftx-exchange-increases-the-cost-of-minting-nfts-on-its-new-marketplace","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/ftx-exchange-increases-the-cost-of-minting-nfts-on-its-new-marketplace\/","title":{"rendered":"FTX exchange increases the cost of minting NFTs on its new marketplace"},"content":{"rendered":"\n
FTX.US have increased the charges for NFT submissions<\/a> on its marketplace after users spammed the platform with fish pictures.<\/h5>\n\n\n\n
\"FTX<\/figure>\n\n\n\n

After users bombarded the exchange with fish pictures, FTX.US temporarily increased the cost of minting an NFT on its new non-fungible token marketplace to $500.<\/p>\n\n\n\n

\u201cWe are now charging a one-time $500 fee to submit NFTs due to the enormous volume of submissions\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, many of which were merely a photo of a fish,\u201d stated FTX founder and CEO Sam Bankman-Fried.<\/p>\n\n\n\n

Since then, the fee has been reduced to $10, and FTX has agreed to refund all $500 fees paid to mint NFTs on the exchange.<\/p>\n\n\n\n

\u201cHopefully, this will cut down on (fish-related) spam while also making it more affordable,\u201d Bankman-Fried said. FTX also charges buyers and sellers a 5% commission on each trade.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Aside from fish, the new marketplace, which supports cross-chain sales on Ethereum and Solana<\/a>, debuted with NFL football players' plays.<\/p>\n\n\n\n

The virtual trading cards look and feel like the NBA Top Shot NFTs that are built on the Flow blockchain, and are similar to the NFL football cards that went viral on Ethereum earlier this year.<\/p>\n\n\n\n

On FTX's new marketplace, A $2,100 bid has been placed on a Bankman-Fried drawing of the word “Test.”<\/p>\n\n\n\n

Some NFTs are listed at exorbitant prices. A $15 million wooden statue of Charlie Brown and Snoopy is on the market, as are $25 million clips of NFL players Earl Campbell, Marcus Allen, and Doak Walker.<\/p>\n\n\n\n

Despite the fact that the exchange is hosted on FTX.US<\/a>, anyone can use it. Customers, on the other hand, can't take the NFTs yet; they can only see them.<\/p>\n\n\n\n

The $10 fee is still a bargain compared to OpenSea, an Ethereum-based NFT exchange that charges a one-time fee to set up wallets. This is dependent on the cost of gasoline, which is currently several hundred dollars.<\/p>\n","protected":false},"excerpt":{"rendered":"

FTX.US have increased the charges for NFT submissions on its marketplace after users spammed the platform with fish pictures. After users bombarded the exchange with fish pictures, FTX.US temporarily increased the cost of minting an NFT on its new non-fungible token marketplace to $500. \u201cWe are now charging a one-time $500 fee to submit NFTs […]<\/p>\n","protected":false},"author":12,"featured_media":9373,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[4261,788,4262,470],"class_list":["post-9352","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-ftx-exchange","tag-marketplace","tag-minting","tag-nfts"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/09\/FTX-exchange-increases-the-cost-of-minting-NFTs-on-its-new-Marketplace.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/9352","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=9352"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/9352\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/9373"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=9352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=9352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=9352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}