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FTX's US arm has introduced a $500 fee to users who want to launch and mint their own NFTs through its digital art marketplace.
The NFT marketplace for crypto exchanges was inundated shortly after its launch with fish images.
Sam Bankman-Fried stated Monday that "hopefully this will reduce spam".
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After being overwhelmed with fish pictures and crypto exchange FTX, a $500 fee was introduced to allow people to create their own non-fungible tokens on the newly launched NFT marketplace.
As interest continues to rise in digital collectibles, the company opened the marketplace Monday. It allows people to create, show and sell their work directly on the US exchange.
Sam Bankman-Fried founder and CEO of FTX tweeted, "Make your own NFTs."
After receiving a flood, the FTX boss took to Twitter to announce that the company had received a $500 one-time fee.
Bankman-Fried stated that due to the large number of submissions (too many of which were only a picture of fish), we now charge a $500 one-time fee to submit NFTs.
"Hopefully, this will reduce spam."
Bankman-Fried submitted his submission to show the new feature. It was an image of words and simply said: Text. At 8:40 AM ET, the highest bid was $1,500. ET Monday morning, the highest bid was $1,500. There are only 16 hours left.
The crypto exchange stated that users don't need to be located in the US to access the marketplace. The exchange currently allows users to store and view NFTs. The marketplace will soon support withdrawals and deposits.
The FTX boss stated in tweets that NFT payments will be cross-chain compatible between ethereum, solana. The platform will allow token trading across both blockchains using smart contracts and applications that can connect to two chains.
The ethereum blockchain has encoded most NFTs. It is nearly impossible to modify or remove the NFT stored on a blockchain. This makes it a permanent record about the purchase.
FTX is now the latest cryptocurrency exchange to enter NFT marketplaces. Binance launched its NFT marketplace in April while OKEx launched it in September.
As NFTs are increasingly recognized in the wider market, this trend will continue. According to DappRadar data, NFT sales volume increased 200% to $2.5 Billion in the first half 2021.
CNBC heard last month from Bankman-Fried that tokens are more popular than people understand them and that many people don't know where the future of the assets is headed.
NFT strategies and projects are being built by a variety of large players, including DJs and artists. Insider was told by Ivan Soto Wright, founder and CEO, of MoonPay, a crypto payments infrastructure company.
Soto-Wright stated that he expects NFTs will develop beyond digital and reach real-life applications such as providing proof to ownership for tickets and properties.
Read more: A senior commodity strategist discusses the bullish signs that point to ether hitting $5,000 and why this gives him confidence for bitcoin reaching $100,000
