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FTX.US Launches NFT Minting Platform

Sam Bankman-Fried, whose crypto exchange is the latest to try to get a piece of the booming NFT market, sold his “Test” NFT for $270,000.

Sep 6, 2021 at 10:00 a.m. UTC
Updated Sep 7, 2021 at 7:46 p.m. UTC

Crypto derivatives exchange FTX launched a minting platform for non-fungible tokens (NFTs) on its U.S. version today, the exchange’s founder and CEO, Sam Bankman-Fried, tweeted.

  • “Make your own NFTs,” he tweeted, followed by a fire emoji, the link to the minting platform and an NFT he minted as an example.
  • The NFTs will be built cross-chain on Solana and Ethereum, Bankman-Fried said. Deposits, including those of NFTs not built on FTX.US, and withdrawals will open up in a couple of weeks, he tweeted.
  • The move deepens the exchange’s competition with NFT-focused platforms like OpenSea and Rarible, which have seen their daily trading volumes soar in recent months, as well as Binance, the world’s largest crypto exchange.
  • FTX’s U.S. and global sites previously included NFT marketplaces, but did not allow users to mint their own tokens. To list NFTs, creators would have to get in touch with the exchange.
  • A few NFTs have already been minted on the FTX.US platform, including one that asks whether NFTs are a “tulipmania,” referring to a speculative market bubble in the Netherlands in the 17th century.
  • The platform subsequently introduced a one-time fee of $500 after being spammed by pictures of a fish.
  • Bankman-Fried’s test NFT sold for $270,000 around 06:15 UTC (2:15 a.m. ET) on Tuesday, according to the FTX.US site.
  • The latest bid on Bankman-Fried’s example NFT is $1,100 at the time of writing. The work is the word “Test” written on a white background.
  • In July, FTX was valued at $18 billion after a $900 million funding round.

UPDATE (SEPT. 6, 14:52 UTC): Adds introduction of one-time fee.

UPDATE (SEPT. 7, 07:31 UTC): Adds Bankman-Fried’s test NFT sold.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Eliza Gkritsi is a CoinDesk news reporter based in Asia.

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