NFT platform for US customers
In a tweet, FTX exchange co-founder Sam Bankman-Fried made official the launch of the non-fungible token platform (NFTS) for US-based customers.
The idea behind this new feature is to be able to create NFTs directly from FTX.US. In concrete terms, this means that each user will be able to create their own digital assets via the platform and then sell them on the marketplace.
In the beginning, the storage and viewing of NFTs will only be possible via the platform. Of course, this will evolve in the future.
Also, it is interesting to note that the NFTs created will be cross-chain according to the statements of Sam Bankman-Fried:
“All NFTs will be cross-chain on Ethereum and Solana! Deposits and withdrawals will be open in the next two weeks.”
However, even if this launch is to take advantage of the craze around NFTs, the fees remain high. Indeed, for buying and selling, FTX takes a 5% commission from the buyer and seller.
A half-hearted launch
The launch of this new feature was also illustrated by the creation of an NFT by Sam Bankman-Fried.
The NFT depicts an image on a white background with the word ” Test “. As soon as it was released, the NFT received several offers and finally sold for nearly $270,000.
– SBF (@SBF_FTX) September 7, 2021
In addition to this craze around the historic NFT, the platform has been flooded with NFTs depicting a fish image on its platform.
So, to avoid this massive number of creations (not to say spam) the company has decided to briefly increase the cost of creating an NFT to around $500.
“Due to the massive number of submissions, too many of which were just a picture of a fish, we now charge a one-time fee of $500 to submit NFTs,” said Sam Bankman-Fried.
Since then, the fee has been reduced to $10, and the platform has decided to refund people who had to pay $500 to create their NFT.
Get a crypto news recap every Sunday And that’s it.
What you need to know about affiliate links. This page presents assets, products or services related to investments. Some of the links in this article are affiliate links. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to provide you with original and useful content. There is no impact on you and you can even get a bonus for using our links.
Investments in crypto-currencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, by any damage or loss caused as a result of the use of a good or service highlighted in this article. Crypto-asset related investments are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
About the author: Anthony Bassetto