3 ms·
NFT was just all fake volume... Sell an NFT to yourself for $1m, boom, you now own a $1m asset. Then list it for $100k for the next sucker.
by carabiner 3y ago
NFT was just all fake volume... Sell an NFT to yourself for $1m, boom, you now own a $1m asset. Then list it for $100k for the next sucker.
- capableweb 3y agoHow do you sell yourself a NFT to yourself if you don't already have $1,000,000? Something is clearly missing from your line of thinking here.
- mmastrac 3y agoBitcoin loans? You just need it long enough to make a wash trade.
- wpietri 3y agoThere seem to be a lot of people out there with paper cryptocurrency gains who are happy to use them for absolutely anything that will make more money.
- andy81 3y agoThe normal method is to generate a collection of a 10k NFTs and sell back and forth between your own accounts for $100 each. The hope is that some sucker will buy them for $10, thinking that it's a bargain.
- AnthonyMouse 3y ago> How do you sell yourself a NFT to yourself if you don't already have $1,000,000? Installment plan.
- IanCal 3y agoMany people with a million dollars would like to have a million dollars and another hundred thousand dollars.
- vagab0nd 3y agoYou use a flashloan.
- furyofantares 3y agoSome people do have a million dollars.
- TacticalCoder 3y ago> NFT was just all fake volume... Sell an NFT to yourself for $1m, boom, you now own a $1m asset. aka "wash trading" (which predates NFT and crypto): https://en.wikipedia.org/wiki/Wash_trade https://en.wikipedia.org/wiki/Wash_trade
- junofan 3y agoHow does that work for larger collections? If there’s a market, won’t the market find a price?
- bandrami 3y agoEventually. The problem is the volume of non-wash trades on a lot of crypto is so embarrassingly low as to not do any real price discovery.
- throwitaway156 3y agoThis is how the free market works, however. You can sell yourself a pencil for 1mil and it will be technically valued at 1mil in the public market, but good luck selling that to someone else. Same applies to NFTs, just a bit more marketing (edit: and dumb hype i should add) is involved.
- not2b 3y agoNo, because your $1 million pencil was never on the market; your hypothetical self-sale was a fake transaction. With NFTs it was often deceptively represented that someone paid $1 million, disguising the fact that these were bogus self-sales.
- swalsh 3y agoIn real life, it doesn't work that way.