Crypto exchange on the fast track: FTX enables NFT creation

Things are going well for crypto exchange FTX this year. Now investors can also buy and create NFT on FTX.

On September 6, Sam Bankman-Fried, the founder of crypto exchange FTX, tweeted that it would now be possible to create your own NFT on the exchange. This innovation is no accident. Because NFT are currently booming as never before. And there is no end in sight. Because the fabulous price increases and the media attention are luring more and more investors into the market. Did it look like DeFi tokens were going to become the hottest iron in this year’s crypto furnace. But now the NFT industry is drawing more and more of the spotlight. It seems that the US crypto exchange FTX has also realized this and has developed the new service accordingly. Especially NFT fans and FTX users should be happy about this news.

Fish NFT Spam

Apparently, the rush for the new NFT feature was great. At least, Sam Bankman-Fried announced on Twitter that, among other things, a flood of digital artwork flooded the FTX exchange. This often involved the same image of a fish – spam, in other words. In response, Friedman announced via Twitter that he was introducing a flat fee for creating NFT to prevent spam postings of this nature in the future:

Now it costs a flat $10 per NFT to mint them, with no upfront cost. We’ll refund all 500 paid. Hopefully this reduces (fish-related) spam while making it affordable.

Insight into the NFT collection

The crypto exchange FTX offers various NFT artworks for sale on their website. Prices range from small US dollar amounts to several million.

The image shown above is an example of the NFT collection on offer and was created by Kim Jung-soo and has the resonant name: “Azelia”. The image description states:

Kim is considered the contemporary artist who can best express Korean emotions such as affection or nostalgia. He is famous for his unique collection of oil paintings centered on azaleas. These are pink flowers from the heather family that have a special cultural significance in Korea, being used in many songs and poems as a symbol of permanence and immutability.

Things are also getting rosy when it comes to price: you’ll have to plunk down US$777,777 for this NFT work of art.

FTX exchange expands

Meanwhile, business is booming for FTX. Just on August 31, the crypto exchange announced it had acquired LedgerX – a provider of crypto options and futures. To that end, the crypto exchange is lining up an increasingly long and prestigious queue of partnerships behind it. Among others, it was able to win the seven-time Super Bowl winner, Tom Brady, for a cooperation.