3 ms·
I think a huge portion of these are opportunistic and semi-fraudulent (in concept, if not in law). Person A and B are friends. A makes a bunch of NFTs. Person
by vineyardmike 5y ago
I think a huge portion of these are opportunistic and semi-fraudulent (in concept, if not in law).
Person A and B are friends. A makes a bunch of NFTs. Person B agrees to buy NFT_1 for BIG_SUM. They settle "off books" for the payment... really what happens is Person A agrees NFT_2 is worth BIG_SUM and swap.
Person A now sells NFT_3 to public, and tries to convince public its worth BIG_SUM++ since other pieces sold for BIG_SUM in past.
Person A: Profit off NFT_3 sale
Person B: Profit by selling NFT_1 in open market for BIG_SUM++.