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I believe opensea also takes a 2.5% cut, which would make this relatively costly.
by xur17 5y ago
I believe opensea also takes a 2.5% cut, which would make this relatively costly.
- guynamedloren 5y agoAs long as they eventually find the greater fool, the 2.5% cut is just the cost of doing (pumping) business.
- danielvf 5y agoA friend of mine in the NFT business says that OpenSea's relatively high fee is one of the things that makes the site work, by putting a real cost onto wash trading at scale.
- bagels 5y agoIf you mint a series of, say one hundred monkey pictures, and you buy one from yourself for $10k, you now have $1m in monkey pictures. The 2.5 points on a 10k transaction to create $1m is worth it.
- xur17 5y agoYou only have $1M if you can convince someone else to buy the rest at the "market price". Otherwise you have -$10k.
- bagels 5y agoThis is true, except you have only lost the $250 in fees. Some people are able to, some people are not.
- cwackerfuss 5y agoAnd NFT traders are savvy to duplicated projects being illegitimate. There is only value in the verifiably legitimate project. If you bought a bored Ape that was "right click + save"d and published on OpenSea, it would be worthless.
- bagels 5y agoI was referring to the actual bored ape nft. And all the other scams following the same pattern.