Leading cryptocurrency exchange FTX has launched an NFT listing service. However, the exchange is now charging a $500 fee due to the high volume of spam submissions.
Users listing NFTs on FTX
FTX wanted to be the first centralized cryptocurrency exchange to capitalize on the NFT hype, but it didn’t go as planned.
CEO Sam Bankman-Fried announced in a tweet Monday that FTX has launched its NFT listing service. Users can now make their own NFTs and list them for sale on the exchange’s marketplace.All NFTs on FTX will be cross-chain compatible, meaning users can move them to Ether and Solana, the two main blockchains where NFTs are created.
However, hours after the feature went live, Bankman-Fried again took to Twitter to inform users that there will now be a one-time $500 NFT listing fee due to an excessive amount of spam.
The FTX CEO said he decided to implement the fee “because of the sheer volume of submissions, too many of which were just a picture of a fish.”
In response, many wannabe NFT creators complained that the price was too high, noting that the cost of gas for casting NFTs directly on Ether would be lower than what FTX is charging now.Bankman-Fried addressed the issue in a follow-up tweet, assuring users that the exchange was working on a pricing system that would make it cheaper to list NFTs while reducing spam.
FTX is rapidly ascending the status of centralized cryptocurrency exchanges. The Hong Kong-based exchange made headlines in July when it closed a Series B funding round that valued the company at more than $18 billion. Since then, FTX has continued its aggressive advertising campaign, most recently landing a 10-year, $17.5 million naming rights deal with the University of California football stadium.