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FTX Introduces One-Time NFT Submission Fee Because of Too Many “Pictures of Fish”

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FTX Introduces One-Time NFT Submission Fee Because of Too Many “Pictures of Fish”

FTX.US launched an NFT marketplace for US customers earlier today with cross-chain NFT minting support. The platform allows US customers to submit their NFTs for free, but that prompted many to spam the platform with pictures of fish. Sam Bankman-Fried took to Twitter to announce that the platform would now charge a one-time fee of $500. He said,

“Due to the massive number of submissions, too many of which were just a picture of a fish, we are now charging a one-time $500 fee to submit NFTs. Hopefully, this will reduce spam.”https://twitter.com/SBF_FTX/status/1434861452469456896?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1434861452469456896%7Ctwgr%5E%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fcoingape.com%2Fftx-introduces-one-time-nft-submission-fee-because-of-too-many-pictures-of-fish%2F

The NFT marketplace was launched earlier today with cross-chain support for Solana ($SOL). The platform would be available to both US and Non-US customers. The deposit and withdrawal services would open up in the next couple of weeks and it would allow users to migrate their collectibles from any other blockchain onto the FTX.US.

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NFT Marketplace Competition Heats Up in the US

Non-Fungible Tokens (NFT) popularity has hit the roof with some of the early digital collectibles raking in millions for the 2017 collectibles such as CryptoPunk and ETH Rocks. OpenSea is currently leading the NFT marketplace game with more than 90% in market share and its daily trading volume is breaking records each day. The transaction volume crossed over $3 billion in August.

FTX.US has managed to make a place for itself on the back of the success of its parent company FTX. The parent company closed the biggest funding round in crypto last month with over $900 million. The platform aims to replicate the success of its derivative and spot market in the NFT arena as well and its regulatory background can make it a favorite of NFT investors.

The success of the exchange is also reflected in the price of the native token FTT. The exchange token has risen over 18% in the past 24-hours rising to ATH of $73.59.

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Source: CoinMarketCap

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NFT Euphoria Remains Male-Dominated: Bloomberg

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A new study reveals how underrepresented female digital artists are amidst digital collectibles craze

One of the most overhyped attempts to bring equality into the digital collectibles segment ended in a dramatic scandal. Here’s why it is crucial for the future of the NFT segment.

Men are responsible for at least 79% of all NFT art sales

According to the Art Tactic NFT Art Market Report 2021 shared by Bloomberg Equality, women are behind only 1 out of 20 NFT sales in the ongoing digital collectibles craze.

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Fame Lady Squad, a label of NFT creators that promotes itself as a first-ever female digital art collective, was actually run by men. Despite this fact, the legend allowed it to raise $1.5 million from VCs and angel investors.

After an uproar, the fraudsters agreed to transfer all governance in the project to a group of women. But the fact is: the entire NFT segment remains male-dominated.

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The mentioned report also indicated that in 16% of cases, the gender of the creator remained unknown. Another aspect of the weak position of female digital artists is that they earn less than men.

“In another five years, it will get better”

Grimes, the musician, remains the only artist in the top 10 of NFT sellers by revenue. Bloomberg calculated that the net amount of secondary NFT sales amassed $3.5 billion in the first nine months of 2021.

This inequality in digital art has been inherited from its “classic” form: 87% of artists showcased in the top museums are men.

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Kelly LeValley Hunt, one of the first female CEOs in the NFT segment, shared that often she is the only female speaker at conferences about digital arts and tokenization. At one conference, male attendees asked her if she knew what NFT was:

I still get asked silly questions. Hopefully in another five years, it will get a bit better.

As covered by U.Today previously, socialite and businesswoman Paris Hilton is one of the most active promoters in the NFT segment.

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Ethereum (ETH) Receives First NFT from Cosmos-Based Blockchain: Details

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In an unmatched experiment, non-fungible tokens were activated on four blockchains before landing on Ethereum’s OpenSea.

IRISnet has facilitated the transfer of a non-fungible token from permissioned distributed network WenChang Chain that was built using the Cosmos software development kit on Ethereum’s largest NFT marketplace.

NFT bridge is established between Cosmos-based WenChang Chain and Ethereum

According to the official announcement shared in Cosmos’ main blog, its software development kit was utilized for the first-ever NFT travel between four blockchain networks.

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Transferred tokens were minted as digital avatars to fine art Chinese paintings. They represent famous traditional Chinese artwork by Rongbaozhai (Studio of Glorious Treasures), well-known since the 17th century.

First, the NFTs were minted at WenChang Chain, one of the decentralized platforms that belong to BSN Open Permissioned Blockchains, an ecosystem of hybrid distributed networks. The tokens were registered through IP.PUB, which is a Digital Artwork Registration Platform supported by China Promoting Minority Culture & Art Association.

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Then, the tokens were sent to IRITA Hub and IRIS Hub, two networks operated by IRISNet, Cosmos-based cross-platform interoperability protocol.

Why is this transfer crucial for IBC instruments?

The transfer became possible thanks to the Terse Inter-Blockchain Communication protocol (TIBC). IRIS Hub seamlessly connects TIBC to Ethereum.

Right now, all NFTs from the experiment are available for sale on OpenSea, the largest Ethereum-based marketplace for non-fungible tokens.

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This experiment is unique due to various features. First of all, it demonstrates Cosmos’ role in connecting permissioned and permissionless blockchains, e.g., Ethereum and BSN. Then, it shows that Chinese state-backed bodies are still interested in blockchain usage despite a severe crack-down on crypto.

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NFT and Crypto Communities Facing Malware Campaign on Discord

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Threat actors are targeting crypto and NFT Discord communities

A malware campaign that specifically focuses on cryptocurrency- and NFT-related Discord communities has been uncovered, according to a report by Bleeping Computer.

Malicious actors are abusing the popular chart service with the help of a crypter called Babadeda, which means “Grandma-Grandpa” in the Russian language.

Cybersecurity firm Morphisec was the first to discover the new malware distribution campaign earlier this week.

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Criminals typically attempt to cajole users into downloading fake software, copying popular blockchain games such as “Mines of Dalarna.”

Mines of Dalarnia
Image by blog.morphisec.co

Based on an HTML object of one of the decoy sites, Morphisec determined that the malware campaign is operated by people from a Russian-speaking country.

Threat actors are impersonating the websites of some of the most prominent companies within the NFT industry, including OpenSea and Larva Labs.

Those who started installing the malware typically see a fake error, which is used as a deception technique, while the installer does its job in the background.

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Cybercriminals are likely to go after victims’ crypto wallets and NFTs.

Discord’s malware problem

It is not surprising that Discord has become the target of threat actors since it has become home to plenty of cryptocurrency users where they can communicate via publicly accessible channels or private messages.

It is not just crypto: Sophos revealed that Discord accounted for 4% of all malware downloads as of July.

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Earlier this month, Discord shelved its plan to integrate the Ethereum network after facing severe backlash from the anti-crypto segment of its customer base.

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