FTX founder announces platform's new NFT minting feature, hand-drawn "Test" sold for $270,000

FTX exchange launched its own NFT auction house in early June and announced a free NFT minting feature on 9/6. However, this move allowed some users to upload and issue NFTs without restrictions. Founder SBF urgently announced an increase in one-time minting fee to $500, but later reduced it to $10 due to user backlash.

FTX founder Sam Bankman-Fried SBF announced this news on Twitter. FTX and FTX US will simultaneously launch the minting feature and will also support cross-chain integration with Ethereum and Solana in the future. Despite the bumpy rollout of the NFT minting feature, dominating headlines in major media outlets seems to be another successful marketing move for FTX.

https://t.co/2AO4Aqvn6u

Make your own NFTs 🔥

e.g. https://t.co/xpD9nPF1ir

— SBF (@SBF_FTX) September 6, 2021

Massive Fish Photos Overload

Shortly after the news was released, SBF announced that the minting fee would be increased to $500 due to an excessive amount of junk images, most of which were "fish."

Subsequently, SBF announced another adjustment to the fee, reducing it to $10 and refunding users who had previously paid the $500 minting fee. He hopes to reduce a large amount of junk activity while making the fee affordable for users.

He emphasized that in addition to the minting function, the deposit and withdrawal function of NFT tokens will also be opened in the coming weeks, allowing users to transfer NFTs from external platforms such as Opensea to FTX for trading.

SBF's Hand-Drawn "Test" Sold for 270,000

In addition to a large number of bizarre fish photos, SBF's hand-drawn NFT "Test" was also sold for $270,000, initially reported by foreign media with a bid of only $2,100.

Twitter user Holger commented:

If there's one thing I've learned in the past few weeks, it's that this SBF's hand-drawn "Test" NFT on the FTX platform will be worth millions one day.