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Tax evasion is what i think is happening here, like in art. Person owns 20 paintings. Person 1 sells 1 painting at auction to person 2, establishing a high pric
by dustingetz 5y ago
Tax evasion is what i think is happening here, like in art. Person owns 20 paintings. Person 1 sells 1 painting at auction to person 2, establishing a high price. Now he has 19 comparable paintings which can be donated to an art museum and get a tax writeoff which is anchored to the priced painting as a comp. Next year the buyer/seller swap roles, so they don't care about the price, they actually want as outrageous a price as possible.
- twox2 5y agoThis is really not it for the most part it. The thing is there are a bunch of people that are really really rich and they're creating this NFT economy powered by cryptocurrency. The high ticket NFT sales are a way of shoveling tens of millions of dollars into this economy to fuel it's growth. If they succeed it's a cheap land grab for them, if they fail they won't miss the money they "lost" on NFTs, because they really are that rich.