I thought gas was fixed at a given point in time. What’s the gas on a $2.3M NFT sale?
Yeah, that thread Hue posted gets into this as well, also mentioning that just as with casino chips, trading stuff for a lot of money is easier when it says “x eth” than if it has an actual dollar sign there.
But at the most simple level, NFTs have given me, for the first time, a visceral understanding of the most basic innovation of crypto: What it means to digitally own a unique digital object.
Sometimes an NFT is indeed just a JPEG, but it turns out a JPEG is a lot easier to get attached to, and care about, than a stock ticker that you can easily buy back if you sell (even if the ticker is backed by an actual company).
This is something that it’s hard to understand if you don’t experience it, which is why I wanted to join up and dabble in this in the first place - it’s hard to understand without doing. You do start to become attached to stuff you own and covet nicer stuff. If I weren’t intending to make money at this I would remind myself of the pointlessness of it and, you know, the impermanence of all things, but since I do intend to make money, I can indulge a bit in the fun of collection and trading. It’s also apparent to me though that this is not the intention of everyone in NFTs. Some people feel this joy of ownership and collection more intensely than I do and that’s all they’re in it for.
Gas is dependent on computing power consumed and therefore doesn’t vary with the price of the NFT (which is why Ethereum is no good for trading low-priced items, which may well contribute to the high prices of NFTs). The gas on the last NFT I bought was $42, at a base rate of about 80 gwei which is roughly average. If I’m doing my math correctly, OpenSea’s cut was around $19, but will obviously be a lot higher for higher-priced NFTs, since that is a percentage, I think 2%.
Edit: And the base rate of gas (that is, what a unit of computing power goes for) is demand-dependent and therefore cannot be predicted at any given time, but the price in the last block gives a pretty good indication of what the price in the next block will be.
So on a $2.3M NFT sale, open sea gets 2% and the gas is still $42 or whatever, right?
Yeah. I don’t know how things work at that level really but I would assume quite a few sales are negotiated privately.
Edit: But there’s also the creator royalty on transfers, which was 10% for the last NFT I bought.
Have you dumped any NFTs at higher prices than you purchased and if so, how long did it take or usually take for your NFTs to do so? If not, i understand, buy and hold is where it’s at.
Yo peeps I want to launder some money to michigan athletes legally through these nfts.
I just need a wallet for this right?
i’m sure you can buy those with fiat
But then how do I show off or resale my nfts when JJ is a super bowl mvp
(The article goes into a bit more detail so the number would be $1bn and then get the other 75% from traditional sources)
Let’s just say for sake of argument that the NFL owners were all on board and NFL ownership rules didn’t prevent this happening.
The DAO raises $1bn in whatever crypto currrency then what?
according to the faq they’ll be on ethereum and can trade on opensea. i doubt they’ll ever get any action but i hate football so maybe i just don’t know. collect what you love, it might work out you never know
Need an NFT Ogre Battle
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Feel free to check out my OpenSea profile, click the Activity tab to see what I bought and sold stuff for. You can filter by collection on that page.
The main buy and hold I have is three OnChainMonkeys which I bought for an average of something like 1.4 ETH each, the floor on that collection is 2+ ETH now plus we got airdropped one dessert per monkey and they’re going for 0.8ish so all told I could flip all that for a profit of idk, something approaching 4 ETH after fees if I wanted to, but I’m holding.
Everything else I’ve ever bought was speculative, I had decent wins on Metroverse and Pixels Farm (haven’t sold the latter yet as I’m hoping it will go up moar) and ate small losses on Dreamland Genesis and Cryptobots, although eventually going plus on those isn’t beyond the realms of possibility. Everything else has been whatever, although obviously there’s RivermanDAO which I understand is going for millions, but I’m never selling that so the price doesn’t matter to me.
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There needs to be a NFT price guide that eloquently shows the “raw value” of key NFTs to help eliminate any confusion on whether an mfer with magenta or periwinkle colored hair is more valuable.
There are lots of these. For example Rarity Sniper is free, there are also ones like FreshDrops and NftNerds which have more features. The memberships for the latter two are also NFTs, by the way, so you can trade them.
Yeah I ninja deleted that before your reply because I was like wait, I don’t think this is right heh.
Eventually one of these companies it going to produce a game that lives up to its trailers, and it may fundamentally change the video game industry when it happens.
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Shit. Well it’s over i guess. Everyone on the discord is massively over leveraged. You guys were right, it’s all wash trading. We found out too late because we didn’t watch that YouTube video, and now we are in too deep and there are no greater fools left. We’ve been trying to convince you all this time to join so you can buy our bags but it looks like that isn’t happening.
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I’m assuming the seller would want $ so how would the DAO convert $1bn worth of coin to $ and what effect would that have on the coin?
All this bullshit is basically a decade-long journey for crypto bros to figure out why bank regulation exists.
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