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Latest Events in the Crypto Industry

SBF’s TEST NFT Sells for $270K on FTX Marketplace as FTT Surges to ATH

As reported yesterday, FTX allowed users to mint custom non-fungible tokens (NFTs) on their exchange.

Interestingly, once that was done, users flooded the platform with drawings of fish so much that the images were too many SBF was forced to implement a paywall. Initially, he wanted to charge a one-off fee of $500, but the community reacted rather sharply, and the fee was reduced to $10.

In any case, once the platform went live, SBF created the first NFT and put it up for sale. It was a hand-written “TEST” image with literally nothing else on it but these words.

The following day and that same ‘TEST’ NFT sold for a whopping $270,000.

In all fairness, it is indeed ‘extra rare’ as there’s no other NFT of this kind – it’s a 1 of 1 piece.

FTT Surges to a New All-Time High

The launch of the NFT minting platform by FTX also had a beneficial effect on its native cryptocurrency – the FTT token.

At the time of this writing, it’s trading at around $75, up 4.1% in the past 24 hours. However, it’s up over 60% over the past week, and it managed to surge to a new all-time high at around $83 earlier today.

Chart by trading view